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.
SMITH BRAIN TRUST – Ten years ago Fannie Mae and Freddie Mac emerged as a major worry in the financial sector, one that would require a massive bailout from the federal government and placement into conservatorship.
The Master of Finance program at the University of Maryland’s Robert H. Smith School of Business climbed to No. 2 in the United States in a Financial Times report published on June 18, 2018.
SMITH BRAIN TRUST – The Smith School's Clifford Rossi remembers pacing his office in a 41-story office tower in Midtown Manhattan, watching Citi’s stock price plunge again below $4 per share and thinking that it appeared to be teetering on the brink. The stock had lost nearly 70 percent of its value that week, nearly 90 percent since the start of the year.
SMITH BRAIN TRUST – Your credit report might not be as accurate as you think. About 20 percent of Americans have at least one material error on their credit histories, according to a recent regulatory review.
SMITH BRAIN TRUST – For Wells Fargo, the Fed’s surprisingly stringent sanctions last week undoubtedly come as a bit of a blow. For the rest of the banking industry, more of a warning.
Mortgage-finance Giants Face Mounting Pressure
SMITH BRAIN TRUST – Could these be the end of days for Fannie Mae and Freddie Mac?
Shares of the two mortgage-finance giants have been under pressure in recent weeks, amid word that some lawmakers in Washington are looking to close the chapter on conservatorship for the two government-sponsored enterprises (GSEs).
Influence of Risk Officers Grows in Aftermath of Financial Crisis
Borrowing Environment to Remain Favorable
The massive Equifax data breach has pulled the lid off the credit repository industry and now is drawing fresh scrutiny on the scarcely regulated firms that hold sway over the financial lives of millions of people. The Smith School's Clifford Rossi explains how the breach could transform the industry. Read more...
The end is near for Libor, the scandal-plagued financial benchmark formerly dubbed "the world's most important number." British regulators say they will phase out Libor, the London interbank offered rate, by the end of 2021, replacing it with a more transparent set of metrics that are more closely aligned with loan transactions. The shift is tectonic – Libor is said to underpin hundreds of trillions of dollars in loans and derivatives worldwide. Among them: mortgages, automobile loans, and student debt. The Smith School's Clifford Rossi discusses what Libor's demise means for global finance. Read more...
