WASHINGTON -- Senate Banking Committee Chairman Chris Dodd is urging the Bush administration to focus its attention on a strategy to help homeowners facing foreclosure.

In a letter sent to the president Thursday evening, Dodd criticized the administration for failing to "dedicate the time, attention or resources" needed to address the historic levels of foreclosure that were the root cause of the nation's economic crisis.

"We are aware of recent news reports that progress is being made within your administration to adopt a program to reduce foreclosures," he said. "While we certainly hope that these reports are true, they have been circulating for over a week without confirmation."

Dodd said that the Treasury Department must "act decisively, aggressively and swiftly" to reduce foreclosures.

Eddie Lazear, chairman of the president's Council of Economic Advisers, disputed Dodd's assertion that foreclosures are the root of the problem.

"The cause is the credit market difficulty, and we think that it's important to get at that directly," Lazear told reporters at the White House on Thursday.

Lazear also noted that the administration is considering a variety of ideas to help homeowners beyond efforts that it launched last summer.

Time magazine reported this week that agencies within the Bush administration are struggling to agree on a far-reaching new plan that would rescue homeowners with mortgage woes.

Participants in the talks, including officials from the Treasury Department, the Federal Deposit Insurance Corp. (FDIC), the Department of Housing and Urban Development (HUD) and other agencies are focusing on two possible plans, the magazine reported.

FDIC chairwoman Sheila Bair is backing a plan that would make $50 billion available for banks to guarantee troubled mortgages for millions of Americans struggling with their house payments.

Another plan would expand existing housing assistance programs run by the Department of Housing and Urban Development, according to Time.