The Economic Times  May 19  Comment 
At the annual Google I/O conference keynote, Google VP Clay Bavor also announced that Xiaomi will be one of Google’s first Android partners to commit to making Daydream-ready devices in collaboration with Google.
Insurance Journal  Apr 27  Comment 
San Diego, Calif.-based Champion Risk & Insurance Services has acquired Clay Insurance Brokerage Co. in Rancho Santa Margarita. Terms of the deal weren’t released. The acquisition is effective May 1. Robert Swanson, owner of Adams Clay, will...
Forbes  Apr 25  Comment 
Clay Christensen?s insight-expanding theory is becoming innovation-chilling dogma.
The Australian  Apr 12  Comment 
At least one of Clive Palmer’s 800 sacked refinery workers regrets the former largesse.
New York Times  Apr 8  Comment 
On the eve of the premiere of Showtime’s “Dice,” Mr. Clay reflects on playing a character in his stand-up comedy career and what audiences thought.
NPR  Apr 4  Comment 
"New Mexico True" is the state's tourism campaign, but an advocacy group created "New Mexico Truth" as a parody to highlight a reality in the state: high child poverty and low graduation rates.
Benzinga  Mar 23  Comment 
This April when Andrew Dice Clay’s new comedy bows on Showtime (CBS Corporation (NYSE: CBS)), it will do so with a unique twist. While audiences can watch the series Sunday nights at 9:30 starting April 10, they will also have the ability to...
Financial Times  Mar 17  Comment 
After a decade of mergers, cement remains a miserable business
Financial Times  Feb 17  Comment 
Writers Emily Parker and Clay Shirky discuss accelerating technological development in China


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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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