Garn-St. Germain Depository Institutions Act

The bill, whose full title was "An Act to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans," was a Reagan Administration initiative.

The bill is named after its sponsors, Congressman Fernand St. Germain, Democrat of Rhode Island, and Senator Jake Garn, Republican of Utah. The bill had broad support in Congress, with co-sponsors including Charles Schumer and Steny Hoyer. The bill passed overwhelmingly, by a margin of 272-91 in the House.

Title VIII, Alternative Mortgage Transactions, allowed Adjustable rate mortgages

References

Further reading

• Cornett, Marcia Millon; Tehranian, Hassan (1990). "An Examination of the Impact of the Garn-St. Germain Depository Institutions Act of 1982 on Commercial Banks and Savings and Loans". Journal of Finance 45 (1): 95–111.

External links

• Bill summary and status
• Full text of bill