Garn-St. Germain Depository Institutions Act

(redirected from Garn-St. Germain Act)

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.
References in periodicals archive ?
The book's introduction "Original Sin" begins with President Ronald Reagan in the Rose Garden of the White House signing the Garn-St.
The Reagan Justice Department guidelines and the Garn-St.
Federal Reserve Bank of Chicago, "Leveling the Playing Field-A Review of the DIDMCA of 1980 and the Garn-St.
If they do not, pursuant to an amendment by Senator Timothy Wirth, a Colorado Democrat, the strict loan-to-value criteria that existed prior to the Garn-St.
In 1982, flying in the face of everything known about banks, bankers, and human nature when they are placed in the vicinity of a huge sum of money, Congress passed the Garn-St.
However, following the ardent support for deregulation in the Monetary Control Act of 1980 and the Garn-St.
To the media, slavishly covering the signing of a new bill--as they did in broadcasting images of President Reagan's White House signing of the the 1982 Garn-St.
American banking today is passing through a revolution brought about by widespread deregulation of financial services in the 1980s, beginning with the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) and the Garn-St.
It doesn't help that both the Democrats and Bush like to finger the Garn-St.