qualified thrift investments
(i)The term “qualified thrift investments” means, with respect to any savings association, the assets of the savings association that are described in clauses (ii) and (iii). (ii)The following assets are described in this clause for purposes of clause (i): (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. (III)Securities backed by or representing an interest in mortgages on domestic residential housing or manufactured housing. (IV)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, for the 10-year period beginning on the date of issuance of such obligations. (V)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 entered into on or after, for the 5-year period beginning on the date of issuance of such obligations. (VI)Shares of stock issued by any Federal home loan bank. (VII)Loans for educational purposes, loans to small businesses, and loans made through credit cards or credit card accounts. (iii)The following assets are described in this clause for purposes of clause (i): (I)50 percent of the dollar amount of the residential mortgage loans originated by such savings association and sold within 90 days of origination. (II)Investments in the capital stock or obligations of, and any other security issued by, any service corporation if such service corporation derives at least 80 percent of its annual gross revenues from activities directly related to purchasing, refinancing, constructing, improving, or repairing domestic residential real estate or manufactured housing. (III)200 percent of the dollar amount of loans and investments made to acquire, develop, and construct 1- to 4-family residences the purchase price of which is or is guaranteed to be not greater than 60 percent of the median value of comparable newly constructed 1- to 4-family residences within the local community in which such real estate is located, except that not more than 25 percent of the amount included under this subclause may consist of commercial properties related to the development if those properties are directly related to providing services to residents of the development. (IV)200 percent of the dollar amount of loans for the acquisition or improvement of residential real property, churches, schools, and nursing homes located within, and loans for any other purpose to any small businesses located within any area which has been identified by the appropriate Federal banking agency, in connection with any review or examination of community reinvestment practices, as a geographic area or neighborhood in which the credit needs of the low- and moderate-income residents of such area or neighborhood are not being adequately met. (V)Loans for the purchase or construction of churches, schools, nursing homes, and hospitals, other than those qualifying under clause (IV), and loans for the improvement and upkeep of such properties. (VI)Loans for personal, family, or household purposes (other than loans for personal, family, or household purposes described in clause (ii)(VII)). (VII)Shares of stock issued by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association. (iv)The aggregate amount of the assets described in clause (iii) which may be taken into account in determining the amount of the qualified thrift investments of any savings association shall not exceed the amount which is equal to 20 percent of a savings association’s portfolio assets.