Penner: Bond Market Had No Access Points Into Real Estate Before CMBS
Ethan Penner · Ep 90: A Conversation with Wall Street Pioneer Ethan Penner · Joe Lonsdale · May 23, 2024 · at 5:59
Ethan Penner, who pioneered commercial mortgage-backed securities (CMBS) on Wall Street, explains how bond market capital was historically disconnected from commercial real estate before securitization.
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“Up until that moment, the bond market had no active or access points, active participation or access points into real estate. And I kind of opened that door or built that bridge for that wealth of money to kind of come in and express itself into real estate.”
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