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FIDELITY FEDERAL SAV. & LOAN ASSN. v. DE LA CUESTA

No. 81-750.

458 U.S. 141 (1982)

102 S.Ct. 3014

73 L.Ed.2d 664

FIDELITY FEDERAL SAVINGS & LOAN ASSOCIATION ET AL. v. DE LA CUESTA ET AL.

Supreme Court of United States.

Decided June 28, 1982.

Attorney(s) appearing for the Case

Ernest Leff argued the cause for appellants. With him on the briefs was Andrew E. Katz.

Deputy Solicitor General Shapiro argued the cause for the Federal Home Loan Bank Board et al. as amici curiae urging reversal. With him on the brief were Solicitor General Lee, Carter G. Phillips, Maud Mater, Gary S. Smuckler, and Marilyn Nathanson.

Robert E. Boehmer argued the cause for appellees. With him on the brief was John D. Meyer.*

JUSTICE BLACKMUN delivered the opinion of the Court.

At issue in this case is the pre-emptive effect of a regulation, issued by the Federal Home Loan Bank Board (Board), permitting federal savings and loan associations to use "due-on-sale" clauses in their mortgage contracts. Appellees dispute both the Board's intent and its statutory authority to displace restrictions imposed by the California Supreme Court on the exercise...

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