Newswise — Whether termed “climate change” or “extreme weather,” an increasingly unstable environment is damaging homes and other property at an accelerating pace faster than observed in decades.
Finance professor Clifford Rossi, who has served in executive risk management roles for the likes of the U.S. Treasury, Fannie Mae, Freddie Mac and Citigroup, proposes a new GSE to “carve out natural hazards from existing homeowners’ policies, offering a separate policy based on a property’s exposure to the specific natural hazards in that location.”
He calls it the Federal Natural Hazard Insurance Corporation and lays it out in the recently posted “How to Solve the US Homeowners Insurance Crisis.”
He is available to further discuss the plan.
Prior to joining UMD Smith, Rossi led 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.
His UMD activity extends to directing the Smith Enterprise Risk Consortium.
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Clifford Rossi
Professor of the Practice & Executive-in-Residence
University of Maryland, Robert H. Smith School of Business
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