In the year since Treasury Secretary Timothy Geithner announced the Obama administration’s options for reforming the housing market, the administration has said and done nothing to indicate which option it prefers or how its plan will be implemented. In early February, however, Geithner reported to the Financial Stability Oversight Council that the administration wants to make progress on housing finance reform this year, winding down government-sponsored enterprises Fannie Mae and Freddie Mac and bringing private capital back into the market. For any such plan to be credible, it must do much more than wind down the government-sponsored enterprises. The Federal Housing Administration creates competitive obstacles to the revival of the private securitization market that are at least as serious as the government-sponsored enterprises, and 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.