218. Life, Lending, & Rock 'n' Roll: The Father of CMBS, Ethan Penner, Tells us How it all Started

In a special guest episode of The TreppWire Podcast, we are joined by the pioneer of commercial real estate finance, Ethan Penner. Mr. Penner, known as the creator and 'father' of CMBS back in the 1990s, breaks down the lessons he learned through his life in CRE. We discuss the S&L crisis, guard rails for new market entrants, the cause of the Great Financial Crisis, how CMBS got started, and Ethan's new book. We also get to hear a bit about his famous rock 'n' roll parties. Tune in now. This episode is sponsored by The Henley Group: https://www.thehenleygroup.com/ Order Ethan Penner's book, "Greatness is a Choice," for pre-sale now: https://www.amazon.com/Greatness-Choice-Ethan-Penner/dp/1394185758 Episode Notes: - The story behind "Greatness is a Choice" (1:50) - How the 'father' of CMBS got his start (4:50) - The Savings & Loan Crisis (8:57) - Ethan Penner's creation of CMBS (9:25) - The Nomura moment: convincing a frightened market (13:27) - The intersection of life and work (16:08) - Guard rails for new CRE market entrants (17:07) - Today's market: what is a disrupter? (25:45) - The cause of the Great Financial Crisis (32:25) - Walking the walk (38:37) - "Slaying the Dragon" and Ethan's family reaction to his new book (40:30) - The rock 'n' roll banker (42:55) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC