DailyFinance  23 min ago  Comment 
Filed under: Lifestyle, Pets A local Lowe's in Texas is making headlines after it hired both a veteran AND service dog as its employees. Clay Luthy is a disabled Air Force veteran, and since returning home, struggled to find a job. His...
DailyFinance  Dec 5  Comment 
Filed under: News, Crime CLAY COUNTY, Mo. (WDAF) -- A mother says a 22-year-old man raped her 12-year-old daughter in her own home while the girl's parents were sleeping. Now police are searching for that suspect. Clay County prosecutors...
OilVoice  Dec 1  Comment 
Chevron Corporation (NYSE:CVX) today named Clay Neff president of Chevron Africa and Latin America E ...
Insurance Journal  Nov 30  Comment 
Two companies that operated a now closed aerospace plant argue that groundwater pollutants threatening to contaminate the city of Bethany’s municipal water supply are a result of the city’s 67-year-old clay sewer pipes, not the shuttered...
DailyFinance  Nov 15  Comment 
Filed under: News, Race, Controversy The jobs of a mayor and a non-profit higher-up are in question due to a racist Facebook post about Michelle Obama, reports ABC News. After Donald Trump's White House win, Pamela Ramsey Taylor, the...
New York Times  Nov 14  Comment 
You know all about the cuneiform written by scribes thousands of years ago. Of course, you do. A museum staff member created a modern take on the language, in the form of cookies.
The Economic Times  Nov 8  Comment 
Ford said, “There is no magic formula, it is about two people. People have to work at relationships... Trust is important, communication is very important.”
The Hindu Business Line  Nov 8  Comment 
DailyFinance  Oct 28  Comment 
Filed under: News, Discovery What looks like a lump of clay is actually one of the most amazing breakthroughs scientists have made in years. Though the artifact was found the swamps of southeast England in 2004, scientists just now...
Mondo Visione  Oct 25  Comment 
The FCA has today banned two individuals from performing any function in relation to any regulated activity in the financial services industry. On 22 November 2013, Richard Aston Clay (‘Mr Clay’) and Kathryn Joy Clark (‘Ms...
Automotive World  Oct 13  Comment 
Modelling clay is a favourite of many children, who can craft, re-craft and recycle the pliable material over many years. While a bit more advanced, Ford has employed a similar idea with the clay it uses to model future vehicles: craft, re-craft...


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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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