Help is on the way for struggling homeowners: President Bush (web|news|bio) has put pen to paper, signing a massive housing bill.

Two years after buying a home they say they were assured they'd be able to refinance, Michigan residents Chris and Sherry Wilson are trying to find a way to avoid foreclosure.

Now the Wilson's, and homeowners nationwide like them, may be able to turn to Washington for much needed assistance.

It's being regarded as the most significant housing legislation in decades --- after signing the housing reform bill Wednesday morning, President Bush said it will give confidence to thousands of homeowners.

The bill includes $300 billion to help 400,000 families cancel mortgages and refinance them with a fixed rate. It also gives tax credits of up to $7,500 for first time home-buyers.

"We're in a very rough time and whatever the government can do to help, especially with the housing crisis, I think it's a good thing," said Gaithersburg resident, Maria Abasi.

But one of the most controversial provisions is the temporary financial lifeline to the two lending giants that own nearly half of all home mortgages: Fannie Mae and Freddie Mac. Critics say a bail out for irresponsible lending practices is not the solution.

Temple Hills resident Barry Wilson says, "If it's going to bail out the common man; I'm all for it. But bailing out big companies, I don't know about. That's a little touchy..."

Foreclosures are up by more than 120 percent from last year and existing home sales are at at 10-year low. Some say the bill is a step in the right direction, but not a permanent fix.

"It may help us take care of part of the problem. Something may yet be needed to help work our way through this, but it was important for the government to act," said Henry Cisnero, former secretary for the U.S. Department of Housing and Urban Development.

The legislative compromise follows weeks of debate, including criticism of a bailout for Freddie and Fannie.  Sen. Jim Bunning (R-KY) said in mid-July, "When I picked up my newspaper yesterday, I thought I woke up in France. But no, it turned out it was socialism here in the United States of America."

Others say the bill is a good first step. Former Housing and Urban Development Secretary Henry Cisneros said, "It may help us take care of part of the problem, and something may yet be needed to help work our way through this, but it was important for the government to act."

One group that won't be helped by the bill is those already in foreclosure. The bill also doesn't mean the end to further bank failures:  on Friday, two additional west coast banks were taken over by federal regulators. But it could mean the worst is behind us. 

The rescue plan will kick in fall 2008.