Financial crisis of 2007–2008 and Garn–St. Germain Depository Institutions Act

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Difference between Financial crisis of 2007–2008 and Garn–St. Germain Depository Institutions Act

Financial crisis of 2007–2008 vs. Garn–St. Germain Depository Institutions Act

The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s. The Garn–St Germain Depository Institutions Act of 1982 (enacted October 15, 1982) is an Act of Congress that deregulated savings and loan associations and allowed banks to provide adjustable-rate mortgage loans.

Adjustable-rate mortgage

A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

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Chuck Schumer

Charles Ellis Schumer (born November 23, 1950) is an American politician of the Democratic Party serving as the senior United States Senator from New York, a seat he was first elected to in 1998.

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Commodity Futures Modernization Act of 2000

The Commodity Futures Modernization Act of 2000 (CFMA) is United States federal legislation that officially ensured modernized regulation of financial products known as over-the-counter derivatives.

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Depository Institutions Deregulation and Monetary Control Act

The Depository Institutions Deregulation and Monetary Control Act of 1980 (often abbreviated DIDMCA or MCA) is a United States federal financial statute passed in 1980 and signed by President Jimmy Carter on March 31.

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Deregulation

Deregulation is the process of removing or reducing state regulations, typically in the economic sphere.

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Dodd–Frank Wall Street Reform and Consumer Protection Act

The Dodd–Frank Wall Street Reform and Consumer Protection Act (commonly referred to as Dodd–Frank) was signed into United States federal law by US President Barack Obama on July 21, 2010.

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Financial regulation

Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system.

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Gramm–Leach–Bliley Act

The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, is an act of the 106th United States Congress (1999–2001).

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Milken Institute

The Milken Institute is an independent economic think tank based in Santa Monica, California.

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Savings and loan association

A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings, deposits, and making mortgage and other loans.

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Savings and loan crisis

The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of 1,043 out of the 3,234 savings and loan associations in the United States from 1986 to 1995: the Federal Savings and Loan Insurance Corporation (FSLIC) closed or otherwise resolved 296 institutions from 1986 to 1989 and the Resolution Trust Corporation (RTC) closed or otherwise resolved 747 institutions from 1989 to 1995.

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United States Senate Committee on Banking, Housing, and Urban Affairs

The United States Senate Committee on Banking, Housing, and Urban Affairs (formerly the Committee on Banking and Currency) has jurisdiction over matters related to banks and banking, price controls, deposit insurance, export promotion and controls, federal monetary policy, financial aid to commerce and industry, issuance of redemption of notes, currency and coinage, public and private housing, urban development, mass transit and government contracts.

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