X0202 4 2007-06-14 0 0001325228 CLAYTON HOLDINGS INC CLAY 0001356439 ALLON MARGARET SUE CLAYTON HOLDINGS, INC. 2 CORPORATE DRIVE SHELTON CT 06484 1 0 0 0 Deferred Stock Units 2007-06-14 4 A 0 2175 0 A Common Stock 2175 2175 D Reports the number of deferred stock units granted and credited to the account of Ms. Allon on June 14, 2007 pursuant to the Clayton Holdings, Inc. 2006 Stock Option and Incentive Plan. Each deferred stock unit is the economic equivalent of one share of common stock. These deferred stock units shall be fully vested on the anniversary date of grant, subject to service on the Company's board of directors on such date. These deferred stock units will be paid out in the form of shares of common stock upon Ms. Allon's retirement or other termination of service as a director of the Company. /s/ Frederick C. Herbst, Attorney-in-Fact 2007-06-18