ARMs have been around for several decades, with the option to take out a long-term house loan with fluctuating interest rates first becoming available to Americans in the early 1980s. Previous attempts to introduce such loans in the 1970s were thwarted by Congress, due to fears that they would leave borrowers with unmanageable mortgage payments. However, the deterioration of the thrift industry later that decade prompted authorities to reconsider their initial resistance and become more flexible.