Don Layton authored a new paper with Harvard Joint Center for Housing Studies, What Should We Do with the GSEs? Common-Sense Reform Recommendations for the Biden Administration. Layton concludes that the new administration, if it is to successfully address the GSE question, must follow one of two possible paths in the next twelve to twenty-four months. The first possible path is to leave the companies in long-term conservatorship – which has worked, and continues to work, unexpectedly well – and then possibly revisit the question of conservatorship exit in a few years. The second possible path is to additionally implement, via administrative means, the early years of a long-term transition to the utility model. Layton was the CEO of Freddie Mac from May 2012 until June 2019.