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WASHINGTON (Reuters) - U.S. President George W. Bush on Wednesday signed into law a housing rescue plan passed by Congress as foreclosures rise and property values slump, including emergency backstop credits for the big mortgage lenders.

Despite opposition to a provision that offers $4 billion in grants to states to buy up foreclosed properties, Bush reversed his opposition to the bill because it included numerous other key housing reforms.

"We look forward to put in place new authorities to improve confidence and stability in markets, and to provide better oversight for Fannie Mae and Freddie Mac," said White House spokesman Tony Fratto.

"The Federal Housing Administration will begin to implement new policies intended to keep more deserving American families in their homes," he said.

(Reporting by Jeremy Pelofsky; Editing by Theodore d'Afflisio)
http://www.reuters.com/article/topNews/idUSN3042756820080730