PURCHASED MORTGAGE SERVICING RIGHTS.

SEC. 1208. PURCHASED MORTGAGE SERVICING RIGHTS. Section 475 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 1828 note) is amended— (1) in subsection (a)(1), by inserting “(or such other percentage exceeding 90 percent but not exceeding 100 percent, as may be determined under subsection (b))” after “90 percent”; (2) by redesignating subsections (b) and (c) as subsections (c) and (d), respectively, and by inserting after subsection (a) the following new subsection: “(b) Authority To Determine Percentage by Which To Discount Value of Servicing Rights.—The appropriate Federal banking agencies may allow readily marketable purchased mortgage servicing rights to be valued at more than 90 percent of their fair market value but at not more than 100 percent of such value, if such agencies jointly make a finding that such valuation would not have an adverse effect on the deposit insurance funds or the safety and soundness of insured depository institutions.”; and (3) in subsection (c), by striking “and” and inserting “, ‘deposit insurance fund’, and”.