Senate Banking Committee Chairman Chris Dodd (D-Conn.) and other Democrats on the committee today called on President Bush and Treasury Secretary Henry Paulson to use some of the $700 billion to help prevent foreclosures, pressing the president for swift action.

"The fact remains that the Administration has not dedicated the time, attention or resources needed to address the cause of the crisis -- the historic levels of foreclosure," the senators wrote in a letter to Bush and Paulson.

The group of senators--comprised of Dodd, Charles SchumerCharles (Chuck) Ellis SchumerJuan Williams: The politics of impeachment Texas Republicans slam White House over disaster relief request Dem rep: Trump disaster aid request is 'how you let America down again' MORE (N.Y.), Jack ReedJohn (Jack) Raymond ReedArmy leader on waiver report: 'There's been no change in standards' 15 Dems urge FEC to adopt new rules for online political ads Monopoly critics decry ‘Amazon amendment’ MORE (R.I.), Tim JohnsonTim JohnsonCourt ruling could be game changer for Dems in Nevada Bank lobbyists counting down to Shelby’s exit Former GOP senator endorses Clinton after Orlando shooting MORE (S.D.), Tom CarperThomas (Tom) Richard CarperDemocrats scramble to contain Franken fallout  Pruitt to testify on EPA agenda at House, Senate hearings Senate confirms top air regulator at EPA MORE (Del.), Bob MenendezRobert (Bob) MenendezSenate ethics panel resumes Menendez probe after judge declares mistrial Judge declares mistrial in Menendez bribery case Menendez jury deadlocked, ordered to keep trying MORE (N.J.), Daniel Akaka (Hawaii), Sherrod BrownSherrod Campbell BrownScott Garrett poses real threat to EXIM Bank, small businesses Class warfare fight erupts over tax bills Senators Hatch, Brown have heated exchange on GOP tax plan MORE (Ohio), and Bob CaseyRobert (Bob) Patrick CaseyThe GOP tax bill will be a health care burden on American families Democrats scramble to contain Franken fallout  GOP campaign committees call on Democrats to return Franken donations MORE (Pa.)--proposed the administration modify existing mortgages to help keep homeowners in their homes.

The administration has focused too narrowly on shoring up financial institutions as it implements the bailout, the senators alleged.

"Rather, it has focused almost exclusively on the symptoms of the crisis -- financial arteries clogged with bad mortgage-backed debt and housing-related losses undermining the capital positions of our financial institutions," they wrote.

The committee examined the administration's use of the bailout fund in an oversight hearing last week.