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.
Insurance Journal  Aug 2  Comment 
An eastern Kentucky man accused of stealing 10 vehicles in a crime spree spanning less than two weeks has been arrested. Clay County Sheriff Kevin Johnson tells the Lexington Herald-Leader that the series of crimes allegedly committed by Timothy...
Red Orbit  Jul 25  Comment 
New research has revealed that a mysterious Stone Age object is not a musical instrument or piece of artwork, as previous theories have said, but rather a tool for making rope. Rope was essential to Paleolithic life and archeologists have...
The Economic Times  Jul 21  Comment 
Axis Bank is analyzing purchase transactions to automatically offer a combination of forex cards, travel insurance and an international telephone sim card to customers who buy foreign tickets or book hotels.
New York Times  Jul 15  Comment 
The 19th-century scion of a slaveholding family became a belligerent emancipationist, worldly statesman, unsparing duelist, early Republican and American eccentric.


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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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