Median home prices have surged past the U.S. record set in 2006 at the peak of the real estate bubble, but don’t expect a repeat of the Great Recession. Instead, Smith School professor Cliff Rossi expects an eventual market slowdown driven by a mixture of negative and positive factors. “Home prices at a national level are not anywhere near to cratering like they did back in 2007, 2008 and beyond,” Rossi says. He shares the following good and bad news that homebuyers and sellers should consider. Read more...
Bank executives sometimes viewed Smith professor Cliff Rossi as a killjoy during the buildup to the 2008 global economic meltdown. As chief risk officer at several of the largest U.S. financial institutions, Rossi faced the task of raising unwelcome concerns when banks started setting aside traditional safeguards and packaging subprime loans.
Smith School Professor Cliff Rossi on Thursday outlined measures to a congressional subcommittee to make the Federal Housing Administration a better risk manager to rehabilitate its “extremely weak” Mutual Mortgage Insurance Fund. Rossi, who’s held senior risk management positions at Fannie Mae and Freddie Mac, testified about FHA oversight before the U.S. House Committee on Financial Services. He suggested five reforms. Read more...
Smith Executive-in Residence and Professor of the Practice Cliff Rossi has raised concerns as mortgage underwriting giant Freddie Mac recruits traders from the likes of Citi, Bank of America and Credit Suisse to place new housing wagers. Bloomberg Business, in an article published today, says these "Wall Street refugees" are bundling mortgages into new Freddie-guaranteed securities. Read more...
Since 2008 the United States has had a zombie mortgage-financing system, former bank executive Cliff Rossi writes today in a guest column for The Hill. “That year, in the wake of the collapse of the housing market, the government placed Fannie Mae and Freddie Mac, which underwrite the mortgages of many Americans, into conservatorship — a form of nationalization,” writes Rossi, Executive-in-Residence and Professor of the Practice at the University of Maryland’s Robert H. Smith School of Business.
President Obama’s proposed fee on big banks would hurt homebuyers and fail to control risk-taking by those firms with more than $50 billion in assets, says Clifford Rossi, professor of the practice at the University of Maryland’s Robert H. Smith School of Business. The proposal, slated for inclusion in tonight’s State of the Union address, would affect about 100 financial institutions. Read more...
Robert H. Smith School of Business finance professor and former Citigroup Inc. senior executive Cliff Rossi has weighed in on Citi’s plans to cut 11,000 jobs from its global consumer-banking unit. The move entails closing 84 branches, including 44 in the U.S.:
“These latest cost-cutting measures get Citi focused back on efforts to improve their operating efficiency relative to their peers. Citi's dollars of revenue generated per employee lag behind their competitors and so this announcement is not surprising.
Cliff Rossi, Tyser Teaching Fellow and Executive-in-Residence at the University of Maryland's Robert H. Smith School of Business, is among about 25 finance experts from around the world selected to share ideas in an April 9-10, 2012, conference, "Financial Reform: the Devil is in the Details," hosted by the Federal Reserve in Atlanta.
Finance professors Cliff Rossi, Albert "Pete" Kyle and Ethan Cohen-Cole are available to the media to discuss the broad range of implications surrounding the federal government’s $26 billion settlement with five major lenders that allegedly committed foreclosure abuses against homebuyers.
The agreement settles yearlong federal and state probes against Ally Financial Inc., Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co., and Wells Fargo & Co.
Thursday, Jan. 19, 2012, 7:30 p.m.; Sunday, Jan. 22, 2012, 7:30 a.m.
|Housing Outlook: 2012|
Where does the housing market go from here?
In this edition of Smith Business Close-Up with the University of Maryland’s Robert H. Smith School of Business, Clifford Rossi, executive-in-residence of finance, shares his prognosis for the housing market for the year ahead.