TechCrunch  Oct 7  Comment 
 Some downsizing is on the cards for Gilt Groupe, the fashion flash-sales site that has been valued at $1.1 billion. TechCrunch has learned that the company is cutting 45 jobs, including its CMO Clay Cowan and head of international business...
Forbes  Sep 22  Comment 
After undergoing extensive room and space renovations in 2015, San Francisco’s historic Palace Hotel is open for business and what a spectacular treat it is. The rooms are an inspired blend of modern lines and colors with shades of steel blue...
Euromoney  Sep 22  Comment 
The island’s biggest lenders are pushing hard into Asia, snapping up regional banks in a quest for growth and higher returns. Back at home, though, the island’s banking sector remains as moribund as ever, hobbled by too small a market and...
Insurance Journal  Sep 15  Comment 
Kinsale Insurance Co. has formed a new Management Liability Division. The division’s initial products are employment practices liability (for-profit/non-profit) and directors & officers liability (non-profit only). According to Clay Rhoades,...
The Hindu Business Line  Sep 10  Comment 
Eco-friendly festivity says it is ushering in the festive season with eco-friendly Ganesha idols. The idols, crafted from natural and water soluble clay like Multani...
New York Times  Aug 27  Comment 
A cache of clay tablets provides an unusual look at an ancient but strikingly familiar-looking economy — and confirms a modern truth about trade.
Forbes  Aug 26  Comment 
A new Mycenaean-era palace found near the later site of Sparta has revealed examples of the earliest known Greek writing, preserved in clay hardened by a fire.  Aug 12  Comment 
WASHINGTON (dpa-AFX) - Astronomers using NASA's Chandra X-ray Observatory and the 6.5-meter Clay Telescope in Chile have identified the smallest supermassive black hole ever detected in the center of a galaxy. This oxymoronic object could...
NPR  Aug 7  Comment 
Many sumo wrestlers adhere to a rigid diet centered around a traditional Japanese dish called chanko-nabe. Champions say they count on the stew's balanced nutrition paired with lots of rice to win.
Clusterstock  Aug 7  Comment 
Tesla is scheduled to show us prototype designs of its much-anticipated mass-market vehicle, the Model 3, in early 2016. All we know at this point is that it will most likely be two types of vehicle, a small sedan and a compact SUV. Our friends...


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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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