Subject: File No. S7-34-11
From: David L Hicks
Affiliation: Retired

September 22, 2011

I am retired and living off of the returns I receive from my IRA. I receive no pension and no social security at this time. The dividends I receive from my investments are the bulk of my income. In the past, retirees were able to enjoy income from CDs and longer term treasuries. In todays market, one can expect to see less than 1% from CDs and maybe 2% from a longer term treasury. I am forced to own dividend producing stocks, ETFs, bond ETFs and REITS to produce income. I own several mortgage REITS because of the dependable income they provide. To my limited knowledge, mortgage REIT companies are not speculating with futures or holding large amounts of sovereign debt. They are limited in scope to a market they understand and perform at a high expectation. I would be very upset to see another source of income diminish because of additional and/or unnecessary rules and regulations. I see no reason to lump mortgage REITS in with the banking industry.
Dave Hicks