FiercePharma  Mar 21  Comment 
Seattle Genetics officially has the first-line Adcetris nod in advanced classical Hodgkin lymphoma that it’s been gunning for. Now, it’ll be up to the company to capitalize on what CEO Clay Siegall has called “the biggest market opportunity...
Forbes  Mar 1  Comment 
Louis XIII and Pharrell challenge the world to stop global warming by commissioning Pharrell to create song that will not be release until 2117. The track was laid down on a record made of clay from the Cognac region. Thus if the sea level...
Bulk Transporter  Feb 6  Comment 
The Board of Directors of the International Liquid Terminals Association (ILTA) selected Kathryn Clay as the new president of the International Liquid Terminals Association. She had been vice-president for policy at the American Gas Association since
The Hindu Business Line  Jan 22  Comment 
A political witch-hunt would not have harmed the Aam Aadmi Party as much if it had managed to live up to its own lofty ideals
Forbes  Jan 19  Comment 
Memo to Clay Shirky and Jeff Jarvis: the gatekeepers are back.
The Hindu Business Line  Jan 1  Comment 
Israeli archaeologists unveiled on Monday a 2,700-year-old clay seal impression which they said belonged to a biblical governor of Jerusalem. The artefact, inscribed in an ancient Hebrew script as ...
Clusterstock  Dec 18  Comment 
In 2000, the Clay Mathematics Institute announced the Millennium Prize problems. These were a collection of seven of the most important math problems that remain unsolved. Reflecting the importance of the problems, the Institute offered a $1...
WA Business News  Dec 11  Comment 
The Environmental Protection Authority has recommended conditional approval for Tellus Holdings to develop a clay mine and waste storage facility at its proposed Sandy Ridge project in the Goldfields.
NPR  Nov 28  Comment 
Farmers in Peru's Andean highlands have been consuming clay for centuries. Scientists now think it may have allowed them to eat wild potatoes, which are rich in toxic chemicals.




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Clayton Holdings (CLAY)operates in the non conforming mortgage industry. There are three main business divisions. The first provides due diligence services for creators of MBS. In that role CLAY will review loans put in a pool and verify that the loans conform or do not conform to the pool's specifications. The second provides surveillance of MBS pools. In that role CLAY will look for patterns it has recognized in the past as consistent with fraud. If a fraudulent or non conforming loan is discovered the owners of the pool can put the loan back to the issuer. The company has been able to cover its fees by 3 or 4 to one ratio. The third is as a special servicer. In early 2007 the company received a special servicer designation from S&P. At the time only seven special servicer designations existed and nearly all were to subsidiaries of large financial institutions.


Subprime lending

A major issue is regarding the work outs, i.e. when the lender compromises with the borrower to avoid default and repossession. Many non traditional loans, such as ARMs or interest only loans, were packaged together and sold in a security. As such, the security owns the loan and not the bank. There is specific language in the securitiztions that prohibits working something out with the borrower. Thus when the billions of dollars of ARMs renew from late 2007 to 2008, many will result in default and repossession that would have been able to be worked out.

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