Returning to the “originate-and-hold model” or replacing the GSEs with a financial market utility are a couple of the ideas being floated around in two recent essays published on the Housing Finance Policy Center’s new Housing Finance Reform Incubator. Patricia Moser, director of a new initiative on central banking and financial policy at Columbia University, said that the proposed utility would be a regulated private firm mutually owned by lenders, focused exclusively on securitization of standardized residential mortgages. “The utility pools mortgages into pass-through securities and provides a credit guarantee,” she said, adding that it would allow mortgage credit markets to function or restart even in times of market,,,