The House of Representatives passed a housing aid plan to provide $300 billion in refinanced mortgages for struggling homeowners.

The measure would let debt-ridden homeowners refinance into fixed-rate, government-backed mortgages they could afford. Congressional analysts say it could help as many as 500,000 borrowers and cost $2.7 billion over the next five years.

The White House calls it a burdensome bailout that would open taxpayers to inappropriate risk and reward those who helped cause the housing crisis. President George W. Bush said he'll veto the bill -- with support from 39 Republicans passed 266-154.

Supporters say the legislation will prevent neighborhoods around foreclosed homes from sliding into blight. They also contend that lenders and investors would be taking a loss on every loan, and that the borrower would be paying higher-than-usual premiums to the FHA to insure the loan and would share equity in their home with the government.

Earlier Thursday, the House passed a bill that would send states $15 billion to buy and fix up foreclosed properties. Bush said he'll veto that bill as well. It passed 266-154 with support from 39 Republicans.

That bill passed 239-188, which most Republicans opposed. It would provide loans and grants to areas hit hardest by the housing crisis.