; and (B) with respect to the Federal Home Loan Mortgage Corporation, the Federal Home Loan Mortgage Corporation Act ( 12 U.S.C. 1451 et seq.). (2) Director The term Director means the Director of the Federal Housing Finance Agency. (3) Enterprise The term enterprise means— (A) the Federal National Mortgage Association; and (B) the Federal Home Loan Mortgage Corporation. 102. Termination of current conservatorship; mandatory receivership Upon the expiration of the 5-year period beginning upon the date of the enactment of this Act, the Director shall, with respect to each enterprise, immediately appoint the Federal Housing Finance Agency as receiver under section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 and carry out such receivership under the authority of such section. 103. Limitations on enterprise authority (a) Portfolio limitations Subtitle B of title XIII of the Housing and Community Development Act of 1992 ( 12 U.S.C. 4611 et seq.) is amended by adding at the end the following new section: 1369F. Restriction on mortgage assets of enterprises (a) Restriction No enterprise shall own, at any time, mortgage assets in excess of $250,000,000,000. (b) Definition of mortgage assets For purposes of this section, the term mortgage assets means, with respect to an enterprise, assets of such enterprise consisting of mortgages, mortgage loans, mortgage-related securities, participation certificates, mortgage-backed commercial paper, obligations of real estate mortgage investment conduits and similar assets, in each case to the extent such assets would appear on the balance sheet of such enterprise in accordance with generally accepted accounting principles in effect in the United States as of September 7, 2008 (as set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board from time to time