The US Congress approved a massive housing market rescue bill on Saturday, offering emergency financing to mortgage titans Fannie Mae and Freddie Mac, and setting up a $300-billion fund to help hundreds of thousands of troubled homeowners.

Approved by the Senate in a 72-13 vote, the election-year rescue bill was passed by the House of Representatives on Wednesday. President George W. Bush was expected to sign it promptly, amid doubts about how much it would help.

With foreclosures at record levels, home sales sluggish and property values down, the US is in its deepest housing slump since the Great Depression.