New York Times  Apr 12  Comment 
Investors have been energized by the electric-car maker’s upbeat outlook for delivering its mass-market model. Now its chief, Elon Musk, must deliver.
DailyFinance  Apr 11  Comment 
Filed under: Entertainment, Celebrity, Deaths Former MTV reality star Clay Adler is dead at 27 after an apparent suicide. Read more...   Permalink | Email this | Linking Blogs | Comments
Japan Today  Mar 30  Comment 
Tim Barlow pushes a green stamp onto the edge of an unfinished plate, leaving behind the words "Made in England." It's still a piece of unglazed gray clay, a far cry from the gleaming decorated disc of Wedgwood Jasperware it will become, but...
MarketWatch  Mar 13  Comment 
Under Armour Inc. said Monday that Clay Dean is joining the company as chief innovation officer. He'll be responsible for global strategy and collaboration between the design, marketing, product and category management teams. Dean joins from...
Forbes  Mar 3  Comment 
Clayton Christensen, famous for his Harvard work on disruption and the innovator's dilemma, is stirring the pot again. In a series of Utah talks, he spelled out ways that big companies can rekindle growth, and took stock of some of tech's biggest...
Wall Street Journal  Feb 25  Comment 
Play-Doh will soon be squeezed out of a factory in the U.S. again, as Hasbro brings manufacturing of the popular moldable clay back to America, where it hasn’t been made since 2004.
DailyFinance  Feb 12  Comment 
Filed under: News, US, Crime A central New York woman was arrested for allegedly stealing more than $14,000 in quarters from coin-operated laundry machines at her former workplace, State Police said. Alisha Russell, 37, was arrested on...
DailyFinance  Feb 1  Comment 
Filed under: Sports, NFL, NFL News HOUSTON (Reuters) - Riding a fast track to the NFL's showcase game, Atlanta Falcons tackle Jake Matthews is proud to be representing his storied family in Sunday's Super Bowl in his hometown of Houston. He...
DailyFinance  Jan 26  Comment 
Filed under: Entertainment, TV, TV News When the beloved "Nashville" moved from ABC to CMT, it brought along a fresh new face to join the show for its fifth season: Joseph David-Jones. For the rising star, who recently starred in "The...
The Hindu Business Line  Jan 13  Comment 
A traditional pongal celebration is not complete without Tamils offering pongal made in new clay pot, sugarcane, wearing sarees and dhotis to the Sun god. You will often notice sugarcane in bundles...




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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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