Commercial backed securities (CMBS) were conceived during the last major real estate downturn- the Savings & Loan Crisis of the early 1990s- as an answer to a lack of liquidity which plagued real estate. Deemed viable financial instruments, they were extolled as risk mitigators and credit enhancers and provided a means to finance large transactions by breaking them into smaller components.
Weis, A., & Njoku, J. (2009). CMBS: An introduction.Cornell Real Estate Review, 7(1), 1-10. Retrieved from http://scholarship.sha.cornell.edu/crer/vol7/iss1/15