With the numbers of foreclosures escalating in the country, long-term help for distressed borrowers is apparently on the way – with the Obama administration most likely to announce a new campaign on Monday, whereby mortgage companies would be pressurized to reduce payments for the delinquent homeowners.

The growing incidence of foreclosure casualties is glaring evidence of the fact that the government’s $75 billion taxpayer-financed effort, which was largely aimed at curtailing foreclosures and help nearly 4 million floundering homeowners, is virtually breaking down.

Going by the preliminary data pertaining to the government’s loan modification effort, only a fraction of homeowners received permanent modifications; while only about 650,000 homeowners had their mortgage payments adjusted for the time being.

According to the information forwarded by a Treasury Department spokeswoman, under the government’s forthcoming initiative, more resources will be made available to the borrowers.

As part of the new measure, the government will also team up with organizations to offer homeowners assistance. Furthermore, the plan also calls for increased transparency and accountability on the part of loan servicers.

Saying that the institutions moving too slowly to lower mortgage payments permanently will be publicly named, Michael S. Barr, the Treasury’s assistant secretary for financial institutions, remarked: “The banks are not doing a good enough job. Some of the firms ought to be embarrassed, and they will be.”