Forbes  Feb 21  Comment 
Nintendo’s newest iteration in the Kirby series, Kirby and the Rainbow Curse, takes place in unique world of clay that feels like an interactive clay-animation film.
Forbes  Feb 19  Comment 
Companies looking to diversify their workforce should reach out to historically black colleges, said Roy L. Clay Sr., a black computer science pioneer.
NPR  Jan 29  Comment 
The Cleveland Clinic has seen its Medicare penalties go down, while those paid by hospitals that serve many of Cleveland's poorer residents have gone up.
Forbes  Jan 22  Comment 
Every year Forbes taps a lucky few CEOs from companies strong enough to find a place on our annual list of America’s Most Promising Companies to have a sit-down with star entrepreneur and business mentor Clay Mathile. Mathile knows a thing or...
The Hindu Business Line  Jan 18  Comment 
The BJP does the rope trick with Kiran Bedi in Delhi. This may work, because no one is looking at leaders’ clay feet anymore
New York Times  Dec 18  Comment 
Mr. Siegelman was denied bail by Judge Clay D. Land on the grounds that his appeal was unlikely to change his 2006 bribery conviction.
The Australian  Dec 18  Comment 
BORAL and CSR have been given a surprise green light by the competition watchdog to merge their clay brick businesses.
WA Business News  Dec 18  Comment 




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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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