Section 1268.3 - Asset requirementAssets that qualify as AMA shall be limited to the following:
(a) Whole loans that are eligible to secure advances under § 1266.7(a)(1)(i) ,(a) (2)(ii), (a)(4), or (b)(1) of this chapter, excluding:(1) Single-family mortgage loans where the loan amount exceeds the limits established pursuant to 12 U.S.C. 1717(b)(2) , unless the loan is guaranteed or insured by an agency or department of the U.S. government, in which case the limits in 12 U.S.C. 1717(b)(2) do not apply; and(2) Loans made to an entity, or secured by property, not located in a state;(b) Whole loans secured by manufactured housing, regardless of whether such housing qualifies as residential real property under applicable state law;(c) State and local housing finance agency bonds; or(d) Certificates representing interests in whole loans if:(1) The loans qualify as AMA under paragraphs (a) or (b) of this section and meet the nexus requirement of § 1268.4 ; and(2) The certificates:(i) Meet the credit enhancement requirements of § 1268.5 ;(ii) Are issued pursuant to an agreement between the Bank and a participating financial institution to share risks consistent with the requirements of this part; and(iii) Are acquired substantially by the initiating Bank or Banks.