Mortgage help for homeowners nationwide and tax relief for some recipients sailed through the House on Wednesday after President Bush lifted his veto threat.

The tax relief in the giant housing rescue bill is expected to win Senate approval this week and be signed into law soon.

The bill includes $300 billion to provide more affordable mortgages to troubled homeowners, nearly $4 billion in grants to help communities fix up foreclosed properties and a $7,500 tax credit for first-time home buyers.

White House spokeswoman Dana Perino said the president believes the bill is too important, given the housing crisis, to trigger a lengthy veto fight. The legislation is designed to help 400,000 homeowners facing foreclosure and prevent financially struggling mortgage giants Fannie Mae and Freddie Mac from collapsing.

This is sorta good news for homeowners, but will it be enough?