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...
Clusterstock  Mar 25  Comment 
Isiah Whitlock, Jr., who played corrupt State Senator Clay Davis on HBO's "The Wire," is apparently tired of being stopped on the street by strangers who ask him to repeat his catchphrase from the enormously popular show. And now, he's ready to...
TechCrunch  Mar 25  Comment 
 Dollar Shave Club started out as a subscription razor service (in fact, it’s how I get my razors), but over the past couple of years the startup’s been expanding its lineup with products like butt wipes and “post shave balm.” Today...
Southeast Farm Press  Mar 20  Comment 
Patricia McDaniels, University of Tennessee He first sold certified oat and wheat seeds some 57 years ago, and George Clay of Pelham, Tenn,, has been farming ever since. He has been named the Tennessee Farmer of the Year by University...
Motley Fool  Mar 14  Comment 
The Mini Metal Maker is no longer just a prototype. In this interview, inventor David Hartkop shows off the production version and shares his plans to bring the 3D printer to market.
Insurance Journal  Mar 12  Comment 
Westfield, Ohio-based banking and insurance organization, Westfield Group, has selected Edward J. Largent III to succeed James R. Clay as company leader, president and CEO. The transition will occur July 1, 2015. Clay will remain as chairman of...


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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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