Subject: File No. S7-35-11
From: LIONEL M GIGUERE
Affiliation: NONE

October 5, 2011

-Most reits acquire fanne mae,gennie mae,and freddie loans for there portfolios that are government loans.There is no risk to there investors because of there loans they should be allowed higher debt to equity ratios of holding these loans.The investore pays the taxes on their dividens.The taxes to the reits should be minimal of any.