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.
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.
Federal Reserve Bank of Chicago, "Leveling the Playing Field-A Review of the DIDMCA of 1980 and the Garn-St.
This was undoubtedly true in the case of saving and loan associations after the passage of 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.