Page:United States Statutes at Large Volume 103 Part 1.djvu/375

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 347 "(B) PoRTFOUO ASSETS. —The term 'portfolio assets' means, with respect to any savings association, the total assets of the savings association, minus the sum of— "(i) goodwill and other intangible assets; "(ii) the value of property used by the savings associa- tion to conduct its business; and "(iii) liquid assets of the type required to be main- tained under section 6 of the Home Owners' Loan Act, in an amount not exceeding the amount equal to 10 percent of the savings association's total assets. "(C) QUALIFIED THRIFT INVESTMENTS.— "(i) IN GENERAL.—The term 'qualified thrift invest- ments' means, with respect to any savings association, the assets of the savings association that are described in clauses (ii) and (iii). " (ii) ASSETS INCLUDIBLE WITHOUT LIMIT. —The follow- ing assets are described in this clause for purposes of claused): "(I) The aggregate amount of loans held by the savings association that were made to purchase, refinance, construct, improve, or repair domestic residential housing or manufactured housing. "(II) Home-equity loans. "(Ill) Securities backed by or representing an interest in mortgages on domestic residential hous- ing or manufactured housing. (IV) EXISTING OBLIGATIONS OF DEPOSIT INSUR- ANCE AGENCIES. —Direct or indirect obligations of the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation issued in accordance with the terms of agreements entered into prior to July 1, 1989, for the 10-year period beginning on the date of issuance of such obligations. " (V) NEW OBLIGATIONS OF DEPOSIT INSURANCE AGENCIES. —Obligations of the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the FSLIC Resolution Fund, and the Resolution Trust (Corporation issued in accordance with the terms of agreements en- tered into on or after July 1, 1989, for the 5-year period beginning on the date of issuance of such obligations, "(iii) ASSETS INCLUDIBLE SUBJECT TO PERCENTAGE RESTRICTION.— The following assets are described in this clause for purposes of clause (i): "(I) 50 percent of the dollar amount of the resi- dential mortgage loans originated by such savings association and sold within 90 days of origination. "(II) Investments in the capital stock or obliga- tions of, and any other security issued by, any service corporation if such service corporation de- rives at least 80 percent of its annual gross reve- nues from activities directly related to purchasing, refinancing, constructing, improving, or repairing domestic residential real estate or manufactured housing.

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