Updated from 3:04 p.m. EST

Financial stocks were mixed in trading despite the wider market rally Wednesday, as investors remained skeptical of the government's efforts to rescue the sector.

The Obama administration launched its "

Making Home Affordable

" program, in which the government will work with lenders to modify the loan terms for up to 4 million homeowners, and the second will refinance up to 5 million homeowners into more affordable fixed-rate loans.

Wells Fargo

(WFC) - Get Report

and

JPMorgan Chase

(JPM) - Get Report

pledged their support for the program.

Citigroup

(C) - Get Report

and

Bank of America

(BAC) - Get Report

last month signaled support after the administration sketched a broad outline.

Wells Fargo shares were down 9.4% to $9.66. JPMorgan was off 8.1% to $19.30. BofA shares were down 1.4% to $3.59. Citi was down 7.4% to $1.13.The NYSE Financial Sector Index was climbing 1.6% to 2,342.

Goldman Sachs

(GS) - Get Report

rose 4.1% to $85.47. Morgan Stanley was up 6.7% to $19.40.

This article was written by a staff member of TheStreet.com.