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...
Yahoo  Oct 4  Comment 
Immediately following Google’s Pixel phone announcement, the company dished on its highly anticipated virtual reality headset, aptly named Daydream. “We love virtual reality. With VR you can feel viscerally like you’re in another world —...
Forbes  Oct 4  Comment 
In a new book, innovation expert Clay Christensen looks at how companies succeed. First lesson: Discover what job consumers are hiring your product to do.
Red Orbit  Oct 3  Comment 
A group of archaeologists has uncovered an approximately 8,000-year-old figurine at Çatalhöyük, a Neolithic location in central Turkey. The statue, made from recrystallized limestone, is an uncommon find in a place where clay figurines,...  Sep 29  Comment 
LONDON (dpa-AFX) - KAZ Minerals PLC (KAZ.L) announced the completion of construction and the commencement of commissioning works at the Bozshakol clay plant. The Group said the ramp up of the main sulphide concentrator is progressing in-line with...
New York Times  Sep 23  Comment 
At the Windward School in Manhattan, children with learning disabilities learn to connect words to their meanings through multiple senses, including shaping letters out of clay.
The Hindu Business Line  Sep 2  Comment 
In an initiative that is both environment-friendly and convenient for customers, will take orders for clay Pillaiyar idols from customers and deliver the same at their doorsteps. Further,...
The Hindu Business Line  Sep 2  Comment 
This Vinayagar Chaturthi, you can buy clay Ganesha idols online and have it delivered to your home. Chennai-based e-commerce start-up has tied up with a clay idol vendor for this. Fur...
New York Times  Aug 16  Comment 
Julius Peppers, Clay Matthews, James Harrison and Mike Neal have declined to participate after a news report linked them to performance-enhancing drugs.


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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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