In “A More Promising Road to GSE Reform,” Jim Parrott, Lewis Ranieri, Gene Sperling, Mark Zandi, and Barry Zigas proposed combining Fannie Mae and Freddie Mac into a single government corporation required to sell all noncatastrophic credit risk to the private market. In this paper, the authors discuss the economic and social challenges that policymakers face in maintaining broad access to credit for creditworthy borrowers, how the challenges are met in the current system, and, finally, how they would be met in their recent proposal.