TheStreet.com  Jun 22  Comment 
NEW YORK (TheStreet) -- Wall Street can keep concentrating on the S&P 500, Federal Reserve Chair Janet Yellen and the Greek exit drama said Alexa Clay, co-author of The Misfit Economy. She is finding more relevant information about the future of...
OilVoice  Jun 18  Comment 
Cunningham Energy LLC is pleased to announce it has reached an oil production milestone in the companys shallow horizontal drilling efforts in Clay County West Virginia. A total cumulative measured
NPR  Jun 8  Comment 
Making ancient Georgian wine is pretty uncomplicated: Toss grapes into a huge, egg-shaped pot, bury it, walk away. What comes out is an orange wine with a deep tannin flavor prized around the world.
Financial Times  Jun 7  Comment 
None of Rafael Nadal’s contemporaries has ever finished a season undefeated on clay
The Hindu Business Line  Jun 4  Comment 
Andy Murray preserved his 100 per cent clay court record in 2015 to reach the French Open semi-finals with a 7-6(4) 6-2 5-7 6-1 win over Spanish warrior David Ferrer on Wednesday. While t...
Forbes  Jun 1  Comment 
Famous Harvard professor Clay Christensen on the signs your startup may be a true innovator.
MarketWatch  May 11  Comment 
“American Idol,” the TV talent show that during its long run on Fox, has made stars of such previously obscure performers as Kelly Clarkson, Carrie Underwood, Clay Aiken and Jennifer Hudson, will take its final bow next year.
Insurance Journal  Apr 21  Comment 
Jim Clay, chairman and CEO of the Ohio-based insurance and financial services company, Westfield Group, has been named chairman of the private sector business development group, Team Northeast Ohio (Team NEO). Team NEO is a regional collaboration...




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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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