12 2 STA T . 2 76 1 PUBLIC LA W 11 0– 2 89—J UL Y3 0 , 2008 ‘ ‘ (B)actingb a sedupo nasuit , c l ai m ,o r cause o f action purc h ased from, assigned b y , or other w ise con v eyed by such receiver or conservator . ‘‘( 2 ) ACTIONSAD D RE SSED. —P aragraph ( 1 ) applies in any civil action for gross negligence, including any similar conduct or conduct that demonstrates a greater disregard of a duty of care than gross negligence, including intentional tortious conduct, as such terms are defined and determined under applicable S tate law. ‘‘( 3 ) N O L I M ITATION.—Nothing in this subsection shall impair or affect any right of the Agency under other applicable law. ‘‘(h) D AMA G ES.— I n any proceeding related to any claim against a director, officer, employee, agent, attorney, accountant, appraiser, or any other party employed by or providing services to a regulated entity, recoverable damages determined to result from the improvi - dent or otherwise improper use or investment of any assets of the regulated entity shall include principal losses and appropriate interest. ‘‘(i) L IMITED-LI F E R EG U LATED E NTITIES.— ‘‘(1) O RGANI Z ATION.— ‘‘(A) PUR P OSE.— T he Agency, as receiver appointed pursuant to subsection (a)— ‘‘(i) may, in the case of a F ederal H ome Loan Ban k , organi z e a limited-life regulated entity with those powers and attributes of the Federal Home Loan Bank in default or in danger of default as the Director determines necessary, sub j ect to the provisions of this subsection, and the Director shall grant a temporary charter to that limited-life regulated entity, and that limited-life regulated entity may operate subject to that charter
and ‘‘(ii) shall, in the case of an enterprise, organize a limited-life regulated entity with respect to that enterprise in accordance with this subsection. ‘‘(B) AUT H ORITIES.— U pon the creation of a limited- life regulated entity under subparagraph (A), the limited- life regulated entity may— ‘‘(i) assume such liabilities of the regulated entity that is in default or in danger of default as the Agency may, in its discretion, determine to be appropriate, e x cept that the liabilities assumed shall not exceed the amount of assets purchased or transferred from the regulated entity to the limited-life regulated entity; ‘‘(ii) purchase such assets of the regulated entity that is in default, or in danger of default as the Agency may, in its discretion, determine to be appropriate; and ‘‘(iii) perform any other temporary function which the Agency may, in its discretion, prescribe in accord- ance with this section. ‘‘(2) C HARTER AND ESTA B LISHMENT.— ‘‘(A) TRANSFER OF CHARTER.— ‘‘(i) FANNIE MAE.—If the Agency is appointed as receiver for the Federal National M ortgage Association, the limited-life regulated entity established under this subsection with respect to such enterprise shall, by Ap p licab ili ty.
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