Subject: File No. S7-35-11
From: tom f olson
Affiliation: none

September 17, 2011

This proposal would be an "overreaching" that seems to be common after the financial crisis. Why not inform prospective buyers of these REITS that they are purchasing a highly leveraged investment. I'm sure that hedge funds and private equity companies will still offer these investments to affluent purchasers. Applying this ivestment act solely against the publicly traded REITS would seem to be a form of class warfare against small investors. Investors should be informed of the risks of a highly leveraged investment but still be allowed to buy it.