In the March 2016 brief, “A More Promising Road to GSE Reform,” Jim Parrott, Lewis Ranieri, Gene Sperling, Mark Zandi, and Barry Zigas proposed to merge Fannie Mae and Freddie Mac into a government corporation that pushes its credit risk into the private market. In this brief, the authors discuss the three primary alternatives: the multiple guarantor model, the utility model, and the mutual model.