PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 285 "(H) STATE SECURITIES.—Investments in obligations issued by any State or political subdivision thereof (including any agency, corporation, or instrumentality of a State or politi- cal subdivision). A Federal savings association may not invest more than 10 percent of its capital in obligations of any one issuer, exclusive of investments in general obliga- tions of any issuer. "(I) PURCHASE OF INSURED LOANS. —Purchase of loans se- cured by liens on improved real estate which are insured or guaranteed under the National Housing Act, the Service- men's Readjustment Act of 1944, or chapter 37 of title 38, United States Code. "(J) HOME IMPROVEMENT AND MANUFACTURED HOME LOANS.— Loans made to repair, equip, alter, or improve any Real property, residential real property, and loans made for manufactured home financing. "(K) INSURED LOANS TO FINANCE THE PURCHASE OF FEE ^ SIMPLE.— Loans insured under section 240 of the National Housing Act. "(L) LOANS TO FINANCIAL INSTITUTIONS, BROKERS, AND DEALERS. — Loans to— "(i) financial institutions with respect to which the United States or an agency or instrumentality thereof has any function of examination or supervision, or "(ii) any broker or dealer registered with the Securi- ties and Exchange Commission, which are secured by loans, obligations, or investments in which the Federal savings association has the statutory authority to invest directly. "(M) LIQUIDITY INVESTMENTS. —Investments which, when made, are of a type that may be used to satisfy any liquidity , requirement imposed by the Director pursuant to section 6.
" (N) INVESTMENT IN THE NATIONAL HOUSING PARTNERSHIP CORPORATION, PARTNERSHIPS, AND JOINT VENTURES.— Invest- ments in shares of stock issued by a corporation authorized to be created pursuant to title IX of the Housing and Urban Development Act of 1968, and investments in any partner- ship, limited partnership, or joint venture formed pursuant to section 907(a) or 907(c) of such Act. " (O) CERTAIN HUD INSURED OR GUARANTEED INVEST- MENTS. — Loans that are secured by mortgages— "(i) insured under title X of the National Housing Act, or "(ii) guaranteed under title IV of the Housing and Urban Development Act of 1968, under part B of the National Urban Policy and New Community Develop- ment Act of 1970, or under section 802 of the Housing and (Community Development Act of 1974. "(P) STATE HOUSING CORPORATION INVESTMENTS. —Obliga- tions of and loans to any State housing corporation, if— "(i) such obligations or loans are secured directly, or indirectly through an agent or fiduciary, by a first lien on improved real estate which is insured under the provisions of the National Housing Act, and "(ii) in the event of default, the holder of the obliga- tions or loans has the right directly, or indirectly through an agent or fiduciary, to cause to be subject to
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