Garn-St. Germain Depository Institutions Act

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A federal law, enacted in 1982, that deregulated savings and loan institutions and allowed banks flexible financing products, such as adjustable rate mortgages. The bill's title explains its purpose "An Act to Revitalize the Housing Industry by Strengthening the Financial Stability of Home Mortgage Lending Institutions and Ensuring Availability of Home Mortgage Loans". However, the bill has been credited with opening the door to the savings and loan crisis of the late 1980s.

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