Subject: File No. S7-35-11
From: Philip Cuthbertson
Affiliation: Private Investor

September 7, 2011

To insert existential risk to an asset class that so many depend on for income, and at a time when zero interest rates are killing savers, is unpardonable. What makes this so bizarre is the precipating cause seems to be the issuance of equity in order to buy RMBS. We have enough problems with housing without withdrawing the marginal buyer. The cold wind coming from the beuracrats in Washington on just about everything explain much of the current malaise we are suffering through. Thanks for adding to it.