The Treasury is committed to spending the full $50 billion in bailout funds it budgeted for mortgage modifications but will consider changes to make the program more effective, a senior Treasury official said on Thursday.

Herbert Allison, Treasury assistant secretary for financial stability, in testimony prepared for delivery to the House of Representatives Oversight and Government Reform Committee, said the Treasury would continually evaluate expenditures in its Home Affordable Modification Program, or HAMP.

"Treasury set aside $50 billion in TARP funds for HAMP. We remain committed to stabilizing the housing market and using the full $50 billion budget to reach and assist at-risk homeowners," Allison said in his remarks, a copy of which was obtained by Reuters.