Variable Rate Mortgage Act of 1979

[AI summary unavailable — showing source text] Variable Rate Mortgage Act of 1979 - Authorizes any federally chartered savings and loan association whose home office is in California to make, purchase, or participate in, variable rate mortgages secured by real estate located in California. Requires both federally chartered and federally insured State chartered associations in California to: (1) comply with specified limitations on interest rate adjustments; (2) grant every borrower the option to chose between a standard and variable rate mortgage accompanied by a comparison of the terms and payment schedules of each instrument; and (3) limit the principal amount of variable rate mortgages purchased or made in any year to 50 percent of the principal amount of all home mortgage loans purchased or made in such year. Terminates the authority of federally chartered associations to deal in variable rate mortgages, and the applicability of this Act to State chartered insured associations on December 31, 1982. Directs the Office of Consumer Affairs and the Council on Wage and Price Stability to conduct studies and submit their findings to the Congress on the effects of variable rate mortgages on consumers and inflation.…