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 SchumerOvernight Tech: FCC begins rolling back net neutrality | Sinclair deal puts heat on regulators | China blames US for 'Wanna Cry' attack Sasse dominates Twitter with Schumer photo, 'reefer' caption The Democrats can be great again, here’s how MORE (N.Y.), Jack ReedJack ReedDem senators push for probe of Sessions over Comey firing Overnight Finance: Trump floats tying tax reform, infrastructure | Trump trade rep confirmed | Dems raise concerns over banking regulator | House to kick off tax reform hearings Overnight Regulation: Senate GOP looking at how to repeal ObamaCare insurer rules | Dems raise concerns over bank regulator 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 CarperTom CarperDems seek damage assessment after Trump's meeting with Russians Overnight Energy: Senate panel advances regulatory reform bills Heitkamp breaks with Dems on regulations MORE (Del.), Robert MenendezRobert MenendezThe Mideast-focused Senate letter we need to see Taiwan deserves to participate in United Nations The way forward on the Iran nuclear deal under President Trump MORE (N.J.), Daniel Akaka (Hawaii), Sherrod BrownSherrod BrownOvernight Finance: Trump moves to begin NAFTA talks | Dems press Treasury chief on taxes, Dodd-Frank | Biz leaders want tax changes to be permanent Mnuchin mum as Dems press for answers on tax reform, Dodd-Frank Sherrod Brown looks to defy Trump trend in Ohio MORE (Ohio), and Robert CaseyBob CaseyDem lawmakers voice shock, outrage on Comey memo Ryan tweet on classified info resurfaces after bombshell Trump report Grassley rips ‘Nixonian’ talk about Comey firing: ‘Suck it up and move on’ 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.