Ed Perlmutter: “I support this bill, and I appreciate the work that my friend Mr. Watt has performed. But with respect to this…”

“I support this bill, and I appreciate the work that my friend Mr. Watt has performed. But with respect to this amendment, I have to oppose this amendment. One of the things that Mrs. Biggert talked about was five principles that she saw in this bill. There is also a sixth principle of real estate and financing, and that is certainty. And what I fear is by making this the greater of actual damages or triple damages, triple being the amount of money that the mortgage originator made, at least he can figure out what that is. Actual damages really does just set the prelude for a lawsuit or a major controversy. So I support this bill. I don't support the amendment. And I am going to urge a ``no'' vote on the amendment.”