Subject: File No. S7-34-11
From: Nathan Weber

September 1, 2011

For us individual investors, this will just reduce our ability to have an alternative to poor interest bank/bond rates and volatile stock markets. More regulation will reduce dividends to fairly stable companies and increase costs. These mortgage REITS are not the same as a mutual fund and have already higher taxes for investors owning shares. Further regulation is not going to do anything positive. This does not fix "marked to market" which was the real problem earlier. Do not change the status of investment act or tax treatment, or regulations for REITS.

-Small time investor with common sense