Roy March (CEO, Eastdil Secured) discusses the ins and outs of Commercial Mortgage-Backed Securities (CMBS) with Richard Green (Director, USC Lusk Center for Real Estate). Starting with the history of how CMBS was born out of the Savings and Loan Crisis in the late 1980s and how it gained ground after the 2008 crisis by providing much-needed liquidity, the conversation covers a wide range of the market. March offers insights and observations on how a global aging population focused on long-term saving impacts interest rates, how valuation and refinancing is changing since COVID-19, and what changes have been made in governance to provide more flexibility on loan terms. March also takes a moment to address the shortcomings of the homelessness and housing crisis, particularly in Southern California.