Dr. Clifford Rossi is an Executive-in-Residence and Professor of the Practice at the Robert H. Smith School of Business, University of Maryland. Prior to entering academia, Rossi had nearly 25 years’ experience in banking and government, having held senior executive roles in risk management at several of the largest financial services companies. His most recent position was Managing Director and Chief Risk Officer for Citigroup’s Consumer Lending Group where he was responsible for overseeing the risk of a $300+B global portfolio of mortgage, home equity, student loans and auto loans with 700 employees under his direction. While there he was intimately involved in Citi’s TARP and stress test activities. He also served as Chief Credit Officer at Washington Mutual (WaMu) and as Managing Director and Chief Risk Officer at Countrywide Bank. Previous to these assignments, Rossi held senior risk management positions at Freddie Mac and Fannie Mae. He started his career during the thrift crisis at the U.S. Treasury’s Office of Domestic Finance and later at the Office of Thrift Supervision working on key policy issues affecting depositories. Rossi was also an adjunct professor in the Finance Department at the Robert H. Smith School of Business for eight years and has numerous academic and nonacademic articles on banking industry topics. Rossi is frequently quoted on financial policy issues in major newspapers and has appeared on such programs as C-SPAN’s Washington Journal and CNN’s Situation Room. He is currently writing a book, Fundamentals of Risk Management for John Wiley & Sons, Inc. His policy and research interests include GSE reform, housing finance reform , bank capital issues and implications of Dodd-Frank on banking.
Experts representing NOAA and the University of Maryland will discuss recent severe climate events and implications for communities, governments and businesses.
18-Sep-2023 12:05:40 PM EDT
Study led by risk management expert Clifford Rossi for UMD’s Smith Enterprise Risk Consortium assesses hurricane risk across the United States and focuses on economically vulnerable mortgage borrowers in Florida.
31-Aug-2023 03:35:19 PM EDT
Risk management expert Clifford Rossi to lead initiative targeting risk practitioners in response to evolving climate change events and recent bank failures.
01-Jun-2023 01:40:38 PM EDT
01-May-2023 11:05:20 AM EDT
On May 1, 2023, a set of new, loan-level price adjustment (LLPA) grids for mortgages purchased by Fannie Mae and Freddie Mac mandated by the Federal Housing Finance Agency (FHFA) will go into effect. FHFA’s director stated that the rationale for these changes is “to increase pricing support for purchase borrowers limited by income or by wealth.”
25-Apr-2023 04:45:52 PM EDT
FHA Chief Risk Officer Mia Pittman will discuss "risk culture, clarity in roles and responsibilities, and distinctions between positional and personal power to the 3LoD model."
29-Mar-2023 10:30:01 AM EDT
In the wake of the SVB and Signature Bank collapses, keep an eye on a nonbank mortgage industry that’s prone to excessive risk taking, which at some point will manifest into poor loan‐manufacturing quality resulting in extraordinary losses and another industry shakeout, writes risk management expert Clifford Rossi.
19-Mar-2023 12:05:02 PM EDT
13-Mar-2023 10:00:00 AM EDT
What brought SVB down? From a risk management perspective, it made several blunders. The first was in placing large bets on interest rates. Clifford Rossi, who had a front row seat at WaMu’s largest bank failure in U.S. history, gives expansive analysis.
13-Mar-2023 07:05:08 AM EDT
Students in Master of Finance and Master of Quantitative Finance programs at the University of Maryland will have access to new courses on climate modeling, analytics tools to assess climate change and more.
17-Feb-2023 03:00:17 PM EST
13-Jan-2023 10:05:52 AM EST
UMD Smith professor Clifford Rossi, who saw the subprime meltdown from the inside of Citi, WaMu and Countrywide leading to the 2008 financial crisis, dissects the FTX collapse from a risk management perspective.
08-Dec-2022 01:40:04 PM EST
Clouds are on the horizon for U.S. housing, says UMD Smith’s Clifford Rossi. He examines key variables to determine whether “we’re looking at a Cat 5 hurricane or merely a steady rain.” He says anticipate the latter.
22-Nov-2022 03:05:53 PM EST
23-Sep-2022 08:05:44 AM EDT
Maryland Smith risk expert Clifford Rossi explains the extent to which banks are hampered by not getting to see the Federal Reserve’s stress test model and how this can affect the economy.
18-Jul-2022 03:10:43 PM EDT
14-Jul-2022 01:05:45 PM EDT
Risk Leadership Series webinar on Feb. 17 will explore how CROs and Board Risk Committees work together in grappling with risk including that associated with ESG and DEI.
07-Feb-2022 03:15:25 PM EST
In the week following COP26, University of Maryland experts Tim Canty (Department of Atmospheric and Oceanic Science) and Clifford Rossi (Center for Financial Policy) will give insights on the latest IPCC climate change report and its implications for risk managers.
08-Nov-2021 08:55:36 AM EST
Having held senior executive roles in risk management at several of the largest financial services companies, Maryland Smith professor Clifford Rossi examines climate change implications for finance and risk management ahead of COP26.
21-Oct-2021 02:45:45 PM EDT
Maryland Smith and Deloitte will deliver a certificate program covering risk management for federal employees, in live virtual sessions between Jan. 11 and Feb. 1, 2022.
28-Sep-2021 12:35:07 PM EDT
19-Feb-2021 08:55:46 AM EST
Experts Clifford Rossi and Leon Clarke at the University of Maryland lead a discussion on “Cracking the Code on Climate Change Economic Scenarios: Issues in Translating Physical to Financial Risks.”
08-Feb-2021 08:55:53 AM EST
15-Jan-2021 12:20:29 PM EST
26-Aug-2020 04:10:22 PM EDT
Clifford Rossi, formerly a risk executive for the likes of Citi and Countrywide, directs an online series at the intersections of mortgage collateral valuation and risk management. Vigilance against deficiency in this area, he says, “is particularly critical as markets are supply constrained and getting the appraisal right is essential.”
12-Aug-2020 09:00:22 AM EDT
Maryland Smith finance professor and former risk executive Clifford Rossi’s new study examines the future implications of a predicted increase in hurricane activity for the likes of borrowers and mortgage credit investors.
10-Jul-2020 08:40:14 AM EDT
09-Mar-2020 02:25:32 PM EDT
"When it comes to these episodic, fat-tail risk types of outcomes – like a pandemic or a financial crisis – those conditions remain outside of the range of what our models can assess accurately."
"The nature of that data is so proprietary and so personal, and in many ways, so intrusive, I would say that at the very least it needs to have a heightened level of regulation on it, at least as much as what the banks have."
Homeowners should calculate the difference between their current note rate, compared to the prevailing market rate. “The bigger the difference, the more ‘in-the-money’ you are, and the bigger monthly savings you are likely to see.”