Garn-St. Germain Depository Institutions Act(redirected from Garn St. Germain Act of 1982)
Garn-St. Germain Depository Institutions Act
Legislation in the United States allowing federal savings and loan associations to offer adjustable-rate mortgages.. The Act was passed to encourage homeownership by making loans available to more persons. However, it is considered to have contributed to the savings and loan crisis, whereby a large number of S&Ls failed in the late 1980s. The Act was passed in 1982.