(RECAP: Tight mortgage lending conditions have largely shut out the millions of borrowers with credit scores below 640. In response, the FHA, which insures low-down-payment loans, has taken on the tricky task of trying to expand access to credit without increasing the rate of default. This month the agency announced that it would lower mortgage insurance premiums for borrowers who commit to housing counseling. Borrowers who complete counseling before closing on a home will receive a 0.5 percentage-point reduction in their upfront insurance premium. Their annual premiums would also be reduced by 0.1 percentage points. And borrowers who participate in post-closing counseling and show a record of timely payments for two years receive an additional 0.15 percentage-point reduction.)