The Senate has approved an amendment by Sen. Christopher S. Bond, R-Mo., that requires lenders to provide better consumer disclosures on adjustable-rate mortgages with teaser rates. 

This is GREAT news for everyone!  Not only will the loan officer be exonerated for all the wrong doing of even suggesting an arm product and the client will be forced to read the fine print.  As we all know, it is the mortgage offficer who always takes the heat when a client goes "belly-up", "upside-down" or "underwater" because the client did not know (understand) that ARM's adjust after a number of years.  Now the public, realtors, Wall Street will hopefully stop pointing fingers.  We can all assume that people who take out mortgages are adults who know how to read - at least, the closing attorney should know how to read.  Now, hopefully, the fine print and not so fine print will be read because it will have to be signed off on.  AND, we mortgage brokers won't be held responsible  for suggesting a loan program that works and is a good one for SO many people!