Morgan Stanley’s John Klopp taught commercial property financing a decade before Wall Street tied its fortunes to mortgage securities. Klopp, who took over as Morgan Stanley’s head of investing in Americas real estate and global property debt Feb. 1, introduced Columbia University students to hedging risk and using short-term debt to finance commercial property deals as early as 1991. It would be another 13 years before packaging commercial property loans into bonds became a $100 billion-a-year business that produced profits for Wall Street and lowered borrowing costs for real estate investors. In 2007, the easy credit that fueled a doubling of commercial property prices over five years slammed to a halt as part of a worldwide recession.