The Joint Center for Housing Studies (JCHS) of Harvard University released a new paper GSE Reform: None or Mostly Done? Author Don Layton argue that while Congress has yet to pass comprehensive reform of the government-sponsored enterprises (GSEs), almost all of the major flaws of the pre-conservatorship GSEs have been successfully addressed while the companies have been in conservatorship. Further, these incremental reforms can easily be carried forward and completed to apply to the GSEs upon an exit from conservatorship, even if that exit is done only by administrative means.