Subject: File No. S7-14-11
From: Joyce Jones

March 31, 2011

I welcome the idea that banks should have 'skin in the game'. Of course they should .. if this mandate had been in place prior to the Mortgage Meltdown, it would not have happened.

My only objection is that banks would be required to only retain a 5% stake .. while asking home buyers going forward to make 20% down payments. Not fair, in my opinion. If a home buyer is required to risk losing his 20% down payment, then the banks should risk losing 20% of their investment.

More fair and more balanced would be to have the bank retain a 10% stake .. and the home buyer should be required to make a 10% down payment.

This would help strengthen the housing market by making homes more affordable for more people, and by building in bank accountability.