The Reagan Reverie (“Revolution?”) continues: Republican (fascist/socialist) President Reagan—ostensibly an advocate of State sovereignty—signs the Alternative Mortgage Transaction Parity Act, which preempts state statutes that restrict lenders from writing adjustable-rate (the interest charge varies with market interest rates), balloon payments (requiring a large principal payment at the end of the loan), and negative amortization loans (loans in which the balance of the loan increases as payments are made).
[added 11/27/2022]
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
Alternative Mortgage Transaction Parity Act of 1982 – Wikipedia
en.wikipedia.org/wiki/Alternative_Mortgage_Transaction_Parity_Act_of_1982
Ronald Reagan – Remarks on Signing the Garn-St Germain Depository Institutions Act
www.presidency.ucsb.edu/ws/index.php?pid=41872&st=&st1=
Subprime crisis impact timeline – Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Subprime_crisis_impact_timeline