The Hindu Business Line  Jan 13  Comment 
A traditional pongal celebration is not complete without Tamils offering pongal made in new clay pot, sugarcane, wearing sarees and dhotis to the Sun god. You will often notice sugarcane in bundles...
DailyFinance  Jan 10  Comment 
Filed under: News, White House Democratic lawmakers are feuding with Republicans over a painting that is on display in the Capitol Building. The clash began last week after some GOP members criticized the artwork as discriminatory towards...
Forbes  Jan 10  Comment 
The former world No. 1 will make her highly-anticipated comeback from a 15-month suspension on German clay.
DailyFinance  Jan 4  Comment 
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DailyFinance  Dec 13  Comment 
Filed under: News, Controversy BY: Josh King, Buzz60 After being suspended for a racist post about Michelle Obama, the director at West Virginia non-profit Clay County Development Corp. will return to work. The Charleston based...
DailyFinance  Dec 8  Comment 
Filed under: Lifestyle, Pets A local Lowe's in Texas is making headlines after it hired both a veteran AND service dog as its employees. Clay Luthy is a disabled Air Force veteran, and since returning home, struggled to find a job. His...
DailyFinance  Dec 5  Comment 
Filed under: News, Crime CLAY COUNTY, Mo. (WDAF) -- A mother says a 22-year-old man raped her 12-year-old daughter in her own home while the girl's parents were sleeping. Now police are searching for that suspect. Clay County prosecutors...
OilVoice  Dec 1  Comment 
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Insurance Journal  Nov 30  Comment 
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DailyFinance  Nov 15  Comment 
Filed under: News, Race, Controversy The jobs of a mayor and a non-profit higher-up are in question due to a racist Facebook post about Michelle Obama, reports ABC News. After Donald Trump's White House win, Pamela Ramsey Taylor, the...




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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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