Subject: File No. S7-34-11
From: Ramzi Lakkis, MBA

September 8, 2011

I am an investor in AGNC, a REIT that invests in MBS using a high leverage. REIT status offers investors a high dividend since the companies have to distribute at least 90% of their revenue. I also believe in social investment, and these MBS buyers offer more liquidity to the mortgage market, allowing new loans to be generated and more people to realize their dreams and afford owning their homes. I think buying the shares of the REIT instead of buying the MBS direclty offers a protection, as the manager engages in owning swaps to protect against some changes in the interest that would be unfeasible for me to realize on individual level. Without the current leverage, much of the scale of economy will be lost in affording such protections. I would recommend no change to the current status, bearing the risk that comes naturally from levereaged investment, which is stated clearly most of the time.