Subject: File No. S7-34-11
From: Steven Papell

October 4, 2011

Regarding the regulation of mortgage reits.... please consider the impact of any new regulations on the housing market and the economy and investors who own mortage reits in their portfolio (like me!). Substantive changes in mortgage reit regulation, if they are to be made, should be phased in gradually for existing reits, so that investors are not unduly hurt. Thanks for reading my comment! Steve Papell