New York Times  Dec 18  Comment 
Mr. Siegelman was denied bail by Judge Clay D. Land on the grounds that his appeal was unlikely to change his 2006 bribery conviction.
The Australian  Dec 18  Comment 
BORAL and CSR have been given a surprise green light by the competition watchdog to merge their clay brick businesses.
WA Business News  Dec 18  Comment 
BusinessWeek  Dec 4  Comment 
Ed Lowe built an empire on a type of clay that masks the smell of cat pee
New York Times  Dec 3  Comment 
Attendance has nearly tripled at Jacksonville’s Museum of Contemporary Art since the City Council president, Clay Yarborough, last week denounced as pornographic a photograph showing a nude pregnant woman reclining on a love-seat.
OilVoice  Nov 24  Comment 
An Eyre Peninsula mineral exploration company has been awarded 36000 to find innovative uses for clay minerals that could benefit local gas drilling programs and potentially create a new supply chai
MarketWatch  Nov 11  Comment 
Those who come off a string of successes often do stupid things, says Mark Hulbert.
OilVoice  Nov 11  Comment 
Cunningham Energy LLC has announce plans for four additional new shallow horizontal oil wells to be drilled in Clay County West Virginia. The newly planned horizontal program will be drilled from the
Forbes  Nov 10  Comment 
Three speakers at the Drucker Forum 2014 show the way: Roger Martin & Rick Wartzman
OilVoice  Nov 3  Comment 
The directors and management of StrataX Energy Ltd. TSX VENTURESXEASXSXA are pleased to provide an update on the Burkett 534 HOR well located in Clay County Illinois. Following the installat




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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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