Clusterstock  Mar 25  Comment 
Isiah Whitlock, Jr., who played corrupt State Senator Clay Davis on HBO's "The Wire," is apparently tired of being stopped on the street by strangers who ask him to repeat his catchphrase from the enormously popular show. And now, he's ready to...
TechCrunch  Mar 25  Comment 
 Dollar Shave Club started out as a subscription razor service (in fact, it’s how I get my razors), but over the past couple of years the startup’s been expanding its lineup with products like butt wipes and “post shave balm.” Today...
Southeast Farm Press  Mar 20  Comment 
Patricia McDaniels, University of Tennessee He first sold certified oat and wheat seeds some 57 years ago, and George Clay of Pelham, Tenn,, has been farming ever since. He has been named the Tennessee Farmer of the Year by University...
Motley Fool  Mar 14  Comment 
The Mini Metal Maker is no longer just a prototype. In this interview, inventor David Hartkop shows off the production version and shares his plans to bring the 3D printer to market.
Insurance Journal  Mar 12  Comment 
Westfield, Ohio-based banking and insurance organization, Westfield Group, has selected Edward J. Largent III to succeed James R. Clay as company leader, president and CEO. The transition will occur July 1, 2015. Clay will remain as chairman of...
Forbes  Feb 21  Comment 
Nintendo’s newest iteration in the Kirby series, Kirby and the Rainbow Curse, takes place in unique world of clay that feels like an interactive clay-animation film.
Forbes  Feb 19  Comment 
Companies looking to diversify their workforce should reach out to historically black colleges, said Roy L. Clay Sr., a black computer science pioneer.
NPR  Jan 29  Comment 
The Cleveland Clinic has seen its Medicare penalties go down, while those paid by hospitals that serve many of Cleveland's poorer residents have gone up.




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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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