Sec. 114. Enterprise portfolio limitations
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The Housing and Community Development Act of 1992 ( 12 U.S.C. 4611 et seq. ) is amended by striking section 1369E ( 12 U.S.C. 4624 ) and inserting the following new section: No enterprise shall own, as of any applicable date in this subsection or thereafter, mortgage assets in excess of— as of December 31, 2013, $550,000,000,000; or as of December 31 of each year thereafter, 80 percent of the aggregate amount of mortgage assets that the enterprise was permitted to own pursuant to this section as of December 31 of the immediately preceding calendar year.
For purposes of this section, the term mortgage assets means, with respect to an enterprise, assets of such enterprise consisting of mortgages, mortgage loans, mortgage-related securities, participation certificates, mortgage-backed commercial paper, obligations of real estate mortgage investment conduits and similar assets, in each case to the extent such assets would appear on the balance sheet of such enterprise in accordance with generally accepted accounting principles in effect in the United States as of September 7, 2008 (as set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board from time to time; and without giving any effect to any change that may be made after September 7, 2008, in respect of Statement of Financial Accounting Standards No. 140 or any similar accounting standard). .
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