Jen Ripper

Structured Analyst
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Jen Ripper

Ms. Ripper rejoined The Penn Mutual Life Insurance Company in September 2014 as a Structured Analyst. Ms. Ripper is responsible for research, trading and analysis, specifically in commercial mortgage-backed securities (CMBS) and agency residential mortgage- backed securities (MBS).

Prior to rejoining Penn Mutual, Ms. Ripper was a Senior Analyst for The Kroll Bond Rating Agency. In this capacity Ms. Ripper was responsible for monitoring the credit performance of Collateralized Mortgage-Backed Securities (CMBS) transactions, reviewing and assessing commercial real estate loan and property performance. Prior to that Ms. Riper worked at Penn Mutual from 2005 to 2013 as Director and Portfolio Manager, Structured and Municipal Group. In this capacity she was responsible for managing the Commercial Mortgage- Backed, Residential Mortgage-Backed, Asset-Backed, and Taxable Municipal securities in the portfolio. Prior to that Ms. Ripper worked for Radian Group Inc.

Ms. Ripper holds a Bachelor of Science degree in Business Administration with a concentration in Finance from St. Joseph’s University, Philadelphia and a Master of Business degree in Finance from St. Joseph’s University.

Stories by Jen Ripper

Mortgage Opportunities After Quantitative Easing?

By Jen Ripper | September 28, 2017

Nearly ten years ago, the Federal Reserve (Fed) embarked upon what became known as quantitative easing as a way to combat the financial crisis of 2008. With the Fed Funds rate near zero percent, the Fed announced it would purchase U.S. Treasury notes and mortgage-backed securities. After three rounds of quantitative easing, the Fed ended its purchases in late 2014. During that time, the Fed has purchased nearly $1.78 trillion of agency mortgage-backed securities (MBS).

It’s a Cruel Summer for Alpha-Seeking Investors

By Jen Ripper | August 3, 2017

Summer conjures up warm memories of family vacations, lazy days, endless ice cream, amusement rides, walks on the beach, barbeques, and of course, occasional heat waves. Bananarama’s summertime hit “Cruel Summer,” which touches on oppressive heat, climbed the Billboard charts in 1984. Appropriately, the music video was shot during a heat wave.

For some investors, it may seem like a cruel summer with limited opportunities to generate alpha. It certainly feels like most major markets are heating up as risk premiums continue to grind tighter, leaving investors commiserating.

CMBS Market Opportunities in Risk Retention

By Jen Ripper | June 8, 2017

In December 2016, the commercial mortgage-backed securities (CMBS) market officially adopted risk retention rules as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The rules were designed to promote an alignment of interests between sponsors and investors. Risk retention requires lenders originating loans to retain a 5% slice of each CMBS deal for five years, thereby forcing issuers to have ‘skin in the game.’

High Interest in CMBS Interest-Only Securities

By Jen Ripper | April 13, 2017

In today’s tight spread and low interest rate environment, the search for relative value opportunities can be challenging. The commercial real estate market has experienced strong growth in recent years as evidenced by continued property price appreciation, rising occupancies and rent growth across major property types.

CMBS Losses: Are We There Yet?

By Jen Ripper | October 13, 2016

This week’s chart depicts the realized cumulative loss rate experienced thus far for Commercial Mortgage-Backed Securities (CMBS) conduit transactions originating between 2004 and 2008. Cumulative losses are expected to rise in the coming months as legacy CMBS loans reach their maturity dates.

Corporate Debt Recovers; Is There an Opportunity with CMBS?

By Jen Ripper | March 17, 2016

The S&P 500 and Dow Jones Industrial Average indices have, over the past four weeks, retraced 90% and 88% of the move over the first six weeks of the year, while corporate spreads have not only recouped their losses but have now tightened on a year-to-date basis. Meanwhile, commercial mortgage backed securities (CMBS) cash markets have remained largely unchanged.

Is Soaring Student Debt a Factor in Declining Homeownership Rates?

By Jen Ripper | March 3, 2016

Student loan debt has tripled over the past 10 years, reaching $1.2 trillion in the fourth quarter of 2015. Total student loan debt now accounts for 10.2% of total household debt.

Rating Shopping Presents Opportunities in CMBS

By Jen Ripper | September 10, 2015

Moody’s has been excluded from all subordinate conduit bonds since the second quarter of 2015, leaving Fitch as the only major rating agency of fixed rate conduit transactions.

Continued Rental Demand Supports Multifamily Housing Sector

By Jen Ripper | July 2, 2015

A recent study conducted by the Urban Institute forecasts a rising proportion of renters versus homeowners, continuing a trend that has been evident for the last two decades.