Fed extends credit to last independent Wall Street banks

Senator Charles Schumer of New York said the rescue was needed but had to be carried out in an open, transparent way and provide some relief for homeowners as well.

“We have to do something about the mortgage crisis, not just foreclosures but the price of housing, which is affecting everyone on Main Street,” the influential Democrat told Fox television.

Senate Banking Committee Chairman Chris Dodd agreed that a “clean and simple” bill was necessary, but also called for changes to the proposal to ensure accountability and assistance for homeowners.

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