Subject: File No. S7-35-11
From: David H Olson
Affiliation: none

September 1, 2011

Why are you assailing mortgage REITS? This forms the only safe and beneficial source of investment income that my 85 year old mother has. She is hardly an investment guru, and at her age has low risk tolerance. However, she's been earning 14% in NLY (and paying taxes on that income as ordinary income) and making a safe return that sustains her in her home and provides her some independence.

I am astonished at this proposal. I fail to see how the country benefits, or how individuals benefit by this. It seems designed to eliminate investment competition for banks that would love to sell my mother CDs at 2%. I can see no other purpose.

I will, of course, be writing to both of my Senators and my Representative as well as President Obama about this travesty that you're proposing.

You should be ashamed.