As always in Photoshop there is more than one way!
You can create a pattern of the background image at a different intensity and then apply that to a layer style.
-Open background
-change lightness / saturation to get the fill required for the text
-Ctrl + A to select all
-select edit / define pattern and give the pattern a name
-Type the 2 lines of text on 2 different text layers
-On one of the text layers add layer fx and add an inside white stroke of desired width AND also select pattern overlay and select your newly created pattern (add drop shadow if required)
-Copy the fx from that layer to the other text layer (hold down alt while dragging the fx from one layer to the other)
-Text is still fully editable
Example
This is done with CC2015.5 but I am fairly sure it will work with earlier versions as well
Short video of what to do (including my slight mistakes!!

)
https://youtu.be/fxcZxf8swDo
EDIT - Just realised I should have said that the background image should be duplicated before making the changes and keep the original background as the bottom layer and use the faded one as the pattern.
EDIT NO 2! - as a result of later posts in this thread I have realised that I have neglected to mention that you need to UN-check the "Link to Layer" box in the pattern Overlay box in order for this to work properly.