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 SchumerThe Hill's 12:30 Report — Sponsored by Delta Air Lines — GOP centrists in striking distance of immigration vote Schumer: Trump should take Kim Jong Un off 'trip coin' Overnight Finance: Trump signs repeal of auto-loan policy | Justices uphold contracts that bar employee class-action suits | US, China trade war 'on hold' MORE (N.Y.), Jack ReedJohn (Jack) Francis ReedOvernight Defense: Pompeo lays out new Iran terms | Pentagon hints at more aggressive posture against Iran | House, Senate move on defense bill Defense bill moves forward with lawmakers thinking about McCain Overnight Defense: Trump aide's comment mocking McCain sparks outrage | Haspel gets another 'no' vote | Pompeo floats North Korea aid for denuclearization MORE (R.I.), Tim JohnsonTimothy (Tim) Peter JohnsonSenate GOP rejects Trump’s call to go big on gun legislation Court ruling could be game changer for Dems in Nevada Bank lobbyists counting down to Shelby’s exit MORE (S.D.), Tom CarperThomas (Tom) Richard CarperOvernight Energy: Reporters barred from Day 2 of EPA summit | Dems blame Trump for gas price increases | Massachusetts to get new offshore wind farm Dems question whether administration broke law with citizenship question on census Senate panel unanimously approves water infrastructure bill MORE (Del.), Robert MenendezRobert (Bob) MenendezThe Hill's Morning Report: Can Trump close the deal with North Korea? Senate must save itself by confirming Mike Pompeo Poll: Menendez has 17-point lead over GOP challenger MORE (N.J.), Daniel Akaka (Hawaii), Sherrod BrownSherrod Campbell BrownTrump on collision course with Congress on ZTE Pa. health secretary: 'Sustainable funding' needed to attack opioid crisis The Hill's Morning Report — Sponsored by PhRMA — How long can a Trump-DOJ accord survive? MORE (Ohio), and Robert CaseyRobert (Bob) Patrick CaseySenators offer tax bill aimed at helping first responders McConnell: Midterms will be 'very challenging' for GOP Trump congratulates 'special guy' Barletta on win in Pennsylvania 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.