For any housing finance reform plan to be credible, it must do much more than wind down the GSEs. Because of the Dodd-Frank Act a number of formidable legal obstacles now exist that must be cleared away before a private securitization market will come back. If the administration is serious, its plan must address all these issues.

No serious observer of the Federal Housing Administration (FHA) believes its financial future is bright. But few recognize just how troubled this government agency really is.

Canada's government-financing operation looks superior to the one in the United States in candor, as well as credit performance, as it achieves equivalent home ownership levels.

The fundamental flaws in the housing finance provisions of the DFA cannot be repaired by regulation; they should be repealed and replaced by a plan developed at AEI.

Independent bodies like the Financial Accounting Standards Board need a system of check and balances.