What the bill would do

Key provisions of the housing rescue plan approved Thursday by the House:

* Offer up to $300 billion in refinanced, federally insured mortgages for homes facing foreclosure. To qualify, lenders would have to write down the principal of the original mortgage to 85% of the home's current appraised value. Borrowers would have to meet strict criteria, including that they occupy the home, can document their income and can pay high mortgage insurance premiums. If the home is sold within five years, some or all of the proceeds would return to the government. This program would cost $2.7 billion over five years and prevent about 500,000 foreclosures.

* Permanently raise to $729,750 the conforming loan limit for government-secured mortgages (through Fannie Mae, Freddie Mac and the FHA) in high-cost regions.

* Include a $7,500 tax credit for first-time home buyers to be repaid over 15 years.

* Provide taxpayers who do not itemize a $350 credit ($700 for joint filers) for property taxes.

* Provide $230 million for financial counseling for struggling homeowners.

* Tighten oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Bank system.

* Offer some protection from lawsuits for mortgage servicers who rewrite securitized mortgages.

* Give states $10 billion in municipal bond authority to generate capital for mortgage refinancing and building low-income rental housing.

Source: Times research