Capital Assistance Act of 1982

Capital Assistance Act of 1982 - Amends the National Housing Act and the Federal Deposit Insurance Act to authorize the Federal Savings and Loan Insurance Corporation and the Federal Deposit Insurance Corporation to increase or maintain the capital of a qualified institution by making periodic purchases of capital instruments from such institution.

Requires such an institution to have: (1) a net worth of at most three percent of its assets; (2) losses for two consecutive quarters; (3) a prospect of solvency for more than six months; and (4) investments in residential mortgages or mortgage-backed securities equal to at least 20 percent of its assets.

Sets forth the initial capital instruments that the Corporations may purchase. Allows the Corporations to establish criteria which, with respect to ranges of net worth, calculation of losses, and percentage of losses to be met by purchases of capital instruments, differ from such criteria set forth by this Act.

Prohibits any such assistance from being provided to a qualified institution if the Corporation determines that providing such assistance would be costlier than liquidating such institution.