WASHINGTON -- Senators expressed bipartisan outrage over the Obama administration's poor progress on stemming foreclosures, which continue to mount at an alarming monthly pace.

Senators, speaking at a Banking Committee hearing Thursday, were at times harshly critical as they grilled two senior officials over the tepid results of the administration's $75 billion foreclosure prevention effort.

"If you can't tell us what you're headed to -- what you're goal is in terms of the number of properties you're going to deal with each month -- we'll be flailing around with this two years from now," Sen. Mike Johanns (R., Neb.) said. "It will be regarded as a failed program -- a costly failed program."

Senate Banking Chairman Christopher Dodd (D., Conn.) called it "disgraceful" that so many borrowers were still losing their homes despite the urgency of stabilizing the housing market for healing the broader economy.

"I'm hoping that, with the stakes this high, somebody can explain to me why nothing has changed," Mr. Dodd said in opening remarks at the hearing.

Treasury's Assistant Secretary for Financial Stability Herbert M. Allison and Department of Housing and Urban Development Senior Advisor William Apgar made up the first panel of witnesses at the hearing. A slate of banking industry officials are set to testify shortly.

Mr. Allison defended the administration's effort, saying the program had just gotten off the ground and was already making strides. "We are encouraged by the level of improvement we've achieved in the last ten weeks," he said.

He admitted, however, that the problem was getting worse. Under questioning, Mr. Allison estimated that several hundred thousands of people were going into foreclosure each month. "As unemployment is rising, the number is accelerating," he said.

Mr. Apgar said the administration is mulling ways to help the unemployed avoid foreclosure, aside from boosting unemployment benefits. The ideas are still being formulated and "I have nothing further to say on that," he said. "All options are under review because we have to get a program that works."