Subject: File No. S7-14-11
From: Brian T Blanchard
Affiliation: President, Blanchard Enterprises, Inc.

April 4, 2011

This would disqualify about five million potential home buyers, resulting in 250,000 fewer home sales and 50,000 fewer new homes being built per year. Such a drastic cutback would have a disproportionate impact on minorities and low-income families who are struggling to achieve the dream of homeownership. This sharp dilution of mortgage market competition would further diminish mortgage credit availability and drive costs higher. I vote NO on your 20% down proposal.