(RECAP: When it comes to taking out a mortgage, two factors can stand in the way: the price of the mortgage (as in the down payment and the interest rate), and the borrower’s credit profile. On Monday, the head of the agency that oversees the mortgage giants Fannie Mae and Freddie Mac outlined – in very broad terms – how he plans to make it easier for borrowers on both fronts. Mel Watt, director of the FHFA, did not give exact timing on the initiatives. But most of them are designed to encourage the industry to extend mortgages to a broader swath of borrowers.)