June 14, 2011
SEC,
Thank you for your hard work trying to protect investors and thank you for considering my comments.
Please do not exclude the value of an investors primary residence from the new net worth calculation. This is not required by the Dodd-Frank Act so please do not do it.
This penalizes investors like me who own a home and have no loan against it. Why are you penalizing us versus an investor who rents his primary residence or an investor who has a large first mortgage?
Owning a home does not make me less financial literate than someone who does not own a home. I have an MBA from a top tier school and a deep understanding of financial markets. Owning a home is a good financial decision for me as it gives part of my portfolio exposure to the real estate market, helps my local economy and government, and improves my quality of life.
I am currently able to invest in hedge funds but if you exclude my primary residence I will not be able to invest in the future. This would be bad for me as investing in hedge funds gives me another option to diversify my portfolio.
Please do not penalize and hurt home owners by excluding their primary residence from the net worth calculation.
This is not required by the Dodd-Frank Act so please please do not do it. It will only hurt individual investors who happen to be home owners as it would take away their opportunity to invest in hedge funds.
Excluding an investor's primary residence from the net worth caculation is not fair to home owners and is not required by the Dodd-Frank Act so please do not make this change. It will only hurt small investors like myself.
Thanks