Thought I would take a shot at this.
1) The images below are the original image
2) Layer Stack
3) Resulting Image
All I did was make all the background text (adjust kerning and line spacing and a good bold font - I should have removed all spaces between words yet did not)
Made that a Smart Object
Added underlying white Layer
Added the Original Image above with Blend set to Hard Mix
Then I applied Gaussian Blur to the Text Smart Object just to the amount that gave a good effect
Then on top added a curves adjustment Layer clipped to the portrait image.
The whole goal was to solely adjust the boldness of the Text via the portrait and Hard Mix Blend. Came close I think
The white speckles are just the white space between the words so that could be fixed very easily by removing the white space
I also played with just adding part of the original image for background yet that is optional and not shown above.
Just for grins I pulled out the white space to see how it changed and here it is:
One last version where I took out commas and periods in the text. Looks a bit better