PURCHASED MORTGAGE SERVICING RIGHTS.

SEC. 475. PURCHASED MORTGAGE SERVICING RIGHTS. (a) In General.— Notwithstanding section 5(t)(4) of the Home Owners’ Loan Act, each appropriate Federal banking agency shall determine, with respect to insured depository institutions for which it is the appropriate Federal regulator, the amount of readily marketable purchased mortgage servicing rights that may be included in calculating such institution’s tangible capital, risk-based capital, or leverage limit, if— 105 STAT. 2387 (1) such servicing rights are valued at not more than 90 percent of their fair market value; and (2) the fair market value of such servicing rights is determined not less often than quarterly. (b) Definition.— For purposes of this section, the terms “appropriate Federal banking agency” and “insured depository institution” have the same meanings as in section 3 of the Federal Deposit Insurance Act. (c) Effective Date.— The amendments made by this Act shall take effect at the end of the 60-day period beginning on the date of the enactment of this Act.