Colorado: Barney Frank

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While packed with carrots encouraging mortgage lenders to modify troubled loans, President Barack Obama’s plan to stem the foreclosure crisis still awaits its stick: the empowerment of bankruptcy judges to alter the terms of primary mortgages.

(Photo/the truth about../Flickr)

That controversial measure, which will require Congressional action, is viewed by housing advocates as crucial to keeping families in their homes. Obama this week reiterated his support for the idea, but even the advocates warn that the bankruptcy provision by itself is no panacea for the foreclosure crisis.

“Bankruptcy reform alone won’t solve the problem,” said David Berenbaum, executive vice president of the National Community Reinvestment Coalition.

Newly-minted Sen. Mark Udall (D-Col.), has scheduled a press call this afternoon to announce his plans to introduce legislation to end the abusive practices of credit card issuers. This isn’t enormous news — as a member of the House, Udall had strongly supported the lower chamber’s version of the Credit Cardholders Bill of Rights, sponsored by Rep. Carolyn Maloney (D-N.Y.), and he has vowed since the election to introduce the same bill in the Senate.

But his push in the Senate is interesting for several reasons.

Until now, most of the efforts to rein in the credit card industry have been limited to the House.