By now, the Obama administration was supposed to have a plan to reform Fannie Mae and Freddie Mac, the "government-sponsored" mortgage finance enterprises (GSEs) that have been under federal control -- and absorbing $126 billion in federal cash -- for the past 19 months. But last week Treasury Secretary Timothy F. Geithner told the House Financial Services Committee that all he can promise is a "public comment" period starting April 15, in which the various housing interest groups -- and there are a lot of them -- can submit their ideas. Thereafter, at an unspecified "time of greater market stability," legislation can be drafted, introduced and passed. In short, after a year of discussion, Mr. Geithner promises more discussion.