Cloud Computing  Jul 26  Comment 
Bringing a central IT focus to large public school systems has always been a challenge, but bringing a security focus to thousands of PCs and devices has been compared to bringing law and order to the Wild West. For the Clay County School District...
Insurance Journal  Jul 26  Comment 
Clay Henderson has lived on the same block along the Indian River in New Smyrna Beach for 34 years. Living in a storm-prone state like Florida, you expect to see a river top its bank on occasion, but only in …
NPR  Jul 6  Comment 
The company says its passion for historical Bibles and other artifacts led to "regrettable mistakes." It will pay a $3 million fine for improperly importing items such as ancient clay tablets.
New York Times  Jul 5  Comment 
Representative Clay Higgins apologized after the museum’s Twitter account chastised him, saying that the site was “not a stage.”
guardian.co.uk  Jul 5  Comment 
Fan lends former Wimbledon champion a hand at Tesco buying six cans of Diet Coke – with no plastic bag Rafael Nadal may know his way around grass and clay courts, but the Spanish tennis ace struggled when confronted with a supermarket...
NPR  Jul 1  Comment 
Distrust in the media has become a oft-cited trope in the cable news cycle. But one staple of American journalism seems to have avoided the "fake news" characterization — small-town newspapers.
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.




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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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