MarketWatch  Jun 11  Comment 
Rafael Nadal won the French Open for a record 10th time Sunday, easily dispatching 2015 champion Stan Wawrinka 6-2, 6-3, 6-1, in Paris. It was the 15th career Grand Slam victory for Nadal, 31, who now trails only Roger Federer, who holds the...
Forbes  May 31  Comment 
33 winners, faced no breakpoints: who can stop the King of Clay?
NPR  May 28  Comment 
Men posted lots of angry messages on Alamo Drafthouse's social media pages. The Drafthouse responded by scheduling additional women-only screenings.
New York Times  May 25  Comment 
Without Roger Federer and Serena Williams, these players may seize the spotlight, including one who beat Rafael Nadal on clay and one who won a French Open doubles title last year.
The Hindu Business Line  May 22  Comment 
The Union Government's move to impose a higher tax of 12 per cent on fly ash bricks and 5 per cent on clay bricks is retrograde and contrary to the stated objectives of the Government, according to N...
NPR  May 18  Comment 
Predators that attacked the clay caterpillars left telltale bite marks, which were later analyzed to help figure the critter's risk of getting eaten. That analysis revealed a striking pattern.
DailyFinance  May 16  Comment 
Filed under: News, US, Controversy FORT COBB, Okla. (KFOR) - Clay Butler couldn't believe his eyes when he checked on the grave of his great-uncle at Fort Cobb Cemetery. Read more...   Permalink | Email this | Linking Blogs | Comments
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...




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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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