I think Rich did well. I think he would have done even better if he spoke more. My impression was that his counterpart came across as himself – a salesman-like, former attorney. Mr. Sterling effectively filibustered Rich, particularly in the beginning of Part 2, where it seemed like he took 3-4 minutes to make a single point.
Rich came across as professional, courteous, and knowledgeable of the subject matter. One suggestion I have would be for Rich to be a bit more confrontational, although I sense this is not in his nature. You might think that you are fighting the former attorney's fight by doing this, but I think you will do quite well. Nobody knows the subject matter better than you and I can see that when you get "fired up" a bit, you actually stop thinking about every word you are going to say and you just talk…which is a good thing. The "to a man" comment you made about those you have spoken to about ARMs is an example.
Another suggestion would be to read up more on Mr. Sterling to see some of his (and his agencies) past work, and point out irregularities in it. I think he may have a bit of an advantage in that he can read your blog and get an idea of your tactics and arguments. Why not do the same against him, if you haven't done so already? Rich has the advantage of the host, who is also a renter, being on his side. I might also point out the fact that Mr. Sterling was in Colorado, not California during the last housing bubble. Were you, Rich?