The Washington Post reports the Obama administration scolded the heads of the country’s largest banks, telling them to help more distressed homeowners under the president’s foreclosure prevention plan. Here’s more: In a two-page letter, Treasury Secretary Timothy F. Geithner and Shaun Donovan, secretary of the Department of Housing and Urban Development, acknowledge that the government program, known as Making Home Affordable, has yet to gain traction since being launched in March. “We believe there is a general need for servicers to devote substantially more resources to this program for it to fully succeed and achieve the objectives we all share,” the letter said. The letter, which was sent to the chief executives of the 25 lenders that have signed up for the program so far, suggests the entire scheme isn’t working well. The Post reports that more than 270,000 homeowners have been offered modifications, but it is unclear how many mortgages have been changed. Recall the target is to help 4 million homeowners. However, the shame factor could kick in: the Post says the administration will begin issuing monthly reports by Aug. 4 stating how many mods each lender has done. Lenders and servicers will also be judged by how long it takes borrowers to get help over the phone and the accuracy of the information they are provided

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