All Rise! Martin Andelman From The Mandelman Matters Blog Has Now Entered The Court of Public Opinion With His Podcast With Impac Mortgage President William Ashmore
June 29th, 2013
Written by John Wright
“This is going to be the biggest year in the sale of non-performing loans in history. And most of the sales of non-performing loans – what that owner wants — is to liquidate the properties.” — Impac Mortgage President William Ashmore
The very controversial Martin Andelman from the Mandelman Matters Blog has recently and historically produced and posted a series of very controversial back to back podcast interviews with bank executives. I say — “controversial” — because it has not only been said that these interviews have raised the interest of many who face foreclosure – but – ultimately – might have raised the eyebrows of some of the more well-known and aggressive Rogue Mortgage Warriors around the internet. That is based on the fact that – unfortunately — Martin Andelman – a well-known homeowner advocate and high profile blogger on the internet — has now been accused by some of these Internet Rogue Mortgage Warriors for secretly working for – none other than – THE BANKS!
Therefore — Ladies and Gentleman of The Court of Public Opinion — I present to you the case set before this court — which alleges that “the accused” — Martin Andelman — from the Mandelman Matters blog – secretly works for the banks. This allegation has been made regarding the fact that “the accused” dared to dispute or disagree with “some” or “all” of the claims set forth by some very well-known Rogue Mortgage Warriors regarding certain banking activities. It is important to mention that the majority of the “accusers” in this complaint are “vendors” who wish to sell a competing foreclosure remedy or idea to struggling homeowners for a fee.
This case will now be heard by the Honorable Judge John Wright of the Court of Public Opinion on June 29th, 2013.
All Rise! The Honorable Judge John Wright has entered The Court of Public Opinion! Please remain standing until he has entered the courtroom!
Judge John Wright: Please be seated. I have read the complaint. The complaint clearly spells out that “the accused” – Martin Andelman — who started the Mandelman Matters Blog in 2008 — received his undergraduate education while majoring in economics with his MBA at Pepperdine University. He completed a specialized master’s program at the University of Missouri–Kansas City Bloch School of Business. The complaint also clearly spells out that “the accused” was the featured speaker at the American Bar Association Conference on Consumer Financial Services in front of 200 to 300 banking attorneys. This is along with the fact that he was also the featured speaker at the Ninth Circuit Judicial Conference — where — for the record — he had spoken about the Great Foreclosure Crisis and the Causes of The Greatest Economic Crisis our nation has seen since the Great Depression. These judges were simply there to learn from “the accused” — Martin Andelman — in which the complaint states that some of the judges felt that “the accused” seemed to like ice cream a little too much to be the average guy not secretly working for the banks. Please see exhibit A below. The evidence presented is a film that was apparently inspired in 2011 by the true story of Mr. Andelman and his ice cream addiction.
However – it is the consideration of this impressive resume set forth in the complaint that has compelled The Honorable Judge John Wright of The Court of Public Opinion to recognize that “the accused”– Martin Andelman – certainly does not have a reputation of being stupid. This is even if he does have a reputation of liking ice cream a little more than the average struggling homeowner who faces foreclosure. Nevertheless — even considering — the question before The Court of Public Opinion is not if “the accused” is stupid — but — instead — if “the accused” — Martin Andelman — must work for the banks simply because he dared to disagree with the less educated and experienced concerning Residential Mortgage Backed Securities and banking procedures. He now stands before the Honorable Court of Public Opinion.
Additionally – after careful consideration of the above – the Honorable Judge John Wright has rendered his decision that this court will accept whatever “the accused” — Martin Andelman — has to say — as “expert testimony” on the topic of Residential Mortgage Backed Securities (RMBS’) and Collateralized Debt Obligation (CDO) and Tranches and Loan Pools and Loan Servicing and Mortgage Insurance. However – on the other hand — all other testimony submitted to The Court of Public Opinion by “the accusers” will not be considered or accepted as “expert testimony” on the above topics. It will instead be considered as an “opinion.” The Honorable Judge John Wright has made this decision based on the fact that the majority – if not all – the claims of “the accusers” come from mostly mortgage brokers and real-estate agents and homeowners who do not have nearly the qualifications or resume of “the accused” – Martin Andelman – from the Mandelman Matters Blog. Nevertheless – even considering that “the accused” will be considered an “expert” — the Honorable Judge John Wright of The Court of Public Opinion has decided that this forum will except all evidence submitted by both the “expert” and “non-expert” — where — for the record — feelings and theories will not be considered evidence by this court. This evidence can be submitted by both parties in the comment section at the bottom of the page of this forum.
The Honorable Judge John Wright of The Court of Public Opinion acknowledges that Martin Andelman – “the accused” – would like to qualify President William Ashmore of Impac Mortgage to be considered by this court as expert and professional and creditable witness testimony concerning Mortgage Backed Securities.
Judge John Wright: “Mr. Andelman – please address The Court of Public Opinion for why they should consider that Mr. Ashmore is expert and professional and creditable witness testimony.
Martin Andelman: “Yes — Your Honor. Thank you. William Ashmore is the co-founder and President of Impac Mortgage Holdings Inc. Mr. Ashmore is a true “technical expert” in the securitization of Residential Mortgage Backed Securities (RMBS”), Collateralized Debt Obligations (“CDOs”), and pretty much anything else that you might think of that is related to mortgages and the mortgage meltdown that began in 2007.
Since co-founding Impac in 1995 — Bill has been personally – no — intimately involved in securitizing tens of billions of dollars in mortgages — so as you’d imagine — he knows the difference between a tranche … and a trench. He knows how the ratings agencies rated bonds AAA that later were downgraded to BBB and below. He understands what Credit Default Swaps are “swapping” — and all the different types of insurance that many people have come to believe “paid off their loans” — at least once.
Okay — so here’s a unbelievable opportunity to not only learn from a C-Suite securitization professional — but also from one of the two mortgage banking executives that didn’t take a dime of taxpayer money — and protected bondholders and shareholders by going around servicers to modify loans for borrowers when no one else would do the same. Here a link to my story about Impac Mortgage in case you missed it: IMPAC… Here’s A Story You Haven’t Heard Before.
William Ashmore — President of Impac Mortgage – will answer questions about the ins and outs of mortgage backed securities and the meltdown that began in 2007.”
Mr. Andelman then submits transcripts of part of the testimony of Impac President William Ashmore.
- William Ashmore: “The longer you keep the borrower in the property – or – the longer you keep the REO from being sold – that security does not take a hit. It only takes a loss when you sell the REO.”
- William Ashmore: “When securitizations were completed there were still trailing documents that had to be collected and delivered into the Trustee. When things blew up there were millions of loans that were with companies that went out of business. So their so called document fault departments were gone.”
- William Ashmore: “There has been litigation that I have seen where they do not know who the actual bond holders are until the bond holders come and register themselves with the court. So I think that it is a correct statement that says there are in some instances you do not know who that bond holder is. You know that somebody registered to say, ‘Mr. Trustee – send my payments to this bank account’ — but you don’t necessarily know who owns it.“
- William Ashmore: “This is going to be the biggest year in the sale of non-performing loans in history. And most of the sales of non-performing loans – what that owner wants — is to liquidate the properties.”
For the record — the Honorable Judge John Wright has qualified President William Ashmore of Impac Mortgage as “expert” and “professional” and “creditable” witness testimony.
The Full Testimony of Impac Mortgage President William Ashmore:
Therefore — Ladies and Gentleman of The Court of Public Opinion – you may now submit your evidence that you might feel will dispute Martin Andelman at the bottom in the comment section. Please remember that “feelings” and “theories” will not be considered evidence. This is even though you are welcome to share your feelings.
My name is John Wright! AND I AM FIGHTING BACK!
All Rise! .The Honorable Judge Wright has left The Court of Public Opinion!
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