The U.S. House of Representatives passed a foreclosure-prevention package, but the bill is likely to get a Presedential veto, if it gets by the Senate.

The bill, sponsored by House Financial Services Chairman Barney Frank (D-Mass), passed in a 266-154 vote, with 39 Republicans voting for the measure. The bill would allow the FHA insure up to $300 billion in loans if lenders agree to reduce the mortgage principal to no more than 85% of a home's appraised value.

The Congressional Budget Office estimates that as many as 500,000 borrowers would take part in the plan.