the gsc has all but eliminated low down payment transactions for an average credit score borrower.ccess to a homeowning at a reasonable price is difficult to attain using a loan for an average credit score or borrowing. , adverse market fees, mortgage insurance, all of the additions have produced a report says,t a applies no risk-taking. today, they are virtually printing money. profits are sucked entirely into the treasury and this is all coming at the cost of homeownership. this is a classic case of overcorrection and it is gone too far. it is not an exaggeration. there is data to support this. i want to give you one variable just released that we shared with a group of ceos in a closed-door meeting yesterday. if you look at purchase loansctions, conventional , not johnnie mae, the denial rate of purchase applications was 51% for 2012 african-american borrowers. half of all african american borrowers were denied access to purchases on actual applications , for conventional, non-jumbo mortgages. some people should not have been able to borrow for mortgages. no doubt. part of the b