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It was pretty aggressive as the value went up, he would borrow more and more against the assets and that helped the short-term results of the business.
The problem was during the financial crisis, the market for what's called CMBS, commercial mortgage backed securities basically shut
and the company 'cause its debt was relatively short term, had a lot of big maturities coming up that they had no ability to refinance.
Listen to native speakers pronounce “cmbs” as a noun in real conversational contexts with synchronized timestamps and subtitles.