Subject: File No. S7-34-11
From: Byron L O'Steen

September 6, 2011

It seems to me that this exercise is fallout from the financial crisis. MREITS support capital formation for housing while providing a attractive investment for income seeking individuals. I support regulation of companies whose failure can jeopardize the US or global economy, but MREITS are clearly not "to big to fail" as numerous failures have shown. So as a current shareholder in several MREITS, I would prefer that the SEC allow me the freedom to fail and not change the rules under which MREITS currently operate.