Clayton Holdings Inc. (CLAY) said Monday morning that it lost $6.6 million during the first quarter, or $0.31/share, as the analytics, consulting and due diligence firm continued to feel the effects of a frozen secondary market. The quarterly loss compares to a $2.3 million loss in the year ago period, and a $91.8 million loss in the fourth quarter of 2008. The company said its surveillance business unit -- one of the Clayton's bright spots amid the industry downturn -- was monitoring approximately $434 billion in assets primarily for investment banks and institutional investors in mortgage-backed securities at the end of March; revenues from the business segment were $10.1 million in the quarter, off slightly from $10.4 million in revenue one quarter earlier. Shelton, Conn.-based Clayton agreed in mid-April to be acquired by Greenfield Partners, LLC in a deal worth approximately $34 million; as with other firms set to be acquired, including Countrywide Financial Corp. (CFC), Clayton said it would not hold an earnings call pending completion of the pending deal. So-called quiet periods are common ahead of mergers and related business transactions. For more information, visit http://www.clayton.com. Disclosure: The author held no positions in CLAY when this story was originally published. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.