I have been engaged foreclosure cases as an expert witness and person of interest to the court for 10 years. Please see the attached CV and work related experience which is substantially related to non-agency closed whole loan “flow” and “bulk” origination’s and sales. My track record includes sub servicing and warehouse lending on a timeline that extends from 1985 through present
During this time I was continually involved in the subprime market and always viewed as an outspoken critic against predatory lending. The need to protect the consumer is a requirement to protect the tax payer. For the court to allow the current madness of sanctioning predatory lending by manipulating the short-term debt commercial paper markets is puzzling. I am concerned it sends the wrong message to future generations of business and graduate school students looking to enter the business world soon.
I am a proficient underwriter and I can affirm having purchased and sold over one billion as a principal. My pooling and servicing trading experience is exclusive to non agency private label mortgage products. I have purchased and sold to all the major name participants. This type of background is offered for testifying in cases with emphasis on general secondary and capital markets trading vehicles. 3. Therefore I represented myself and this testimony that I offer the honorable court for purposes of qualifying to testify the above entitled matter.
In this type of attorney client engagement made prior or subsequent to the engaging the matter, I offer my unbiased opinions expressed from personal firsthand experience.
The aggregator originates closed whole loans under a purchase and sale agreement with a commercial bank such as CitiBank N.A. My work aggregating loans under these pooling and servicing arrangements is covered in the attached CV that details my 10 years with FDIC thrift and subprime mortgage REITS as well as working as a principal for whole loan aggregator’s.
My experience includes an accounting background and five years working as a CFO for a leading market maker and seller. This experience is critical in the analysis of the matter from a basis in assets held perspective. In these endeavors I delivered to the same customers who purchased closed whole loan assets for conversion into securities under the same capital markets platform that exist today
I have testified in a variety of cases all related to mortgage lending and for the most, part I have testified for the plaintiffs in wrongful foreclosure claims. Cases I have testified in include the Graupner v Select Portfolio Services and successor Wells Fargo Bank N.A. case that was heard in the California Superior Court and later brought before the Justices for California Appellate Court where I was deposed for two days. In the Graupner matter the Court of Appeals decide to remand the case back to the trial court. Please see the attached listing of cases I was engaged to testify in or retained to advise counsel of the devisees and instrumentalities used by the lender and collaborate to foreclose.
I will submit my personal and professional references that account for my first hand knowledge gained from experiences as a trading professional in the role of a tax payer corporation and acting chief operating officer or while a principal partner for two different REITS . Hence, the court is asked to consider the expert’s testimony from a perspective of a qualified person whose participation in these endeavors , education and training form the basis for a valuable professional opinion. In it, I have prepared my analysis based on the facts in this matter as well as having taken a macro view towards the US banking sector as a whole.
Therefore the submission of my affidavit is for purposes of serving the court testimony, including all professional and personal opinions, views and firsthand account of instances and related events. The representations and acknowledgements are alleged as fact while asserted “solely” as a lay person.
My analysis and findings, perspectives and conclusions are prepared to address the controversies in the mortgage lending sector. This analysis principally addresses controversy surrounding the matter herein the above entitled matter while offering substantive conclusions need to form a valid opinion. Every effort is used to remain unbiased in addressing merit for arguments brought in claims or otherwise demonstrate the lack of support therein. It is all for purposes of addressing convoluted and abstract subject matter that is deep into Generally Accepted Accounting Rules. Also for reporting by tax payers under the Internal Revenue Service , for “IRC” provisions for reporting earnings by the tax payer, corporation and affiliated entities including the known formation of a Taxable REIT Subsidiary, other subsidiaries and parties held to collaborate to create a mortgage secondary market.