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We Have Built A Very Good Company, And We're Proud Of It. We Also Recognize That Much Of It Has Been Built On The Shoulders Of The Thousands Of Employees And Leaders Who Have Worked Here Before Us.

We Use Technology To Make It Cheaper, Better, And Faster For The Client. And Then If You Have The Most Flow, You Can Win. Now, Having Said That, Silicon Valley Wants To Take On This Business. They Think They See An Opening.

We Did Not Anticipate The Political Fallout From It. We Definitely Didn't Need It And We Paid It Back The First Day We Were Allowed To.

One Of The Issues With Some Of These Lenders Is Going To Be, Where Will Their Provider Of Credit Be When There's A Crisis? That's Why Some Of These Smarter Services, To Support Their Operations, Are Courting More Permanent Capital. They Want A Source Of Longer-term Funding That Can Survive A Crisis.

You Can Design A Mortgage System That Is Different Without A Fannie And Freddie, But There Are Principles You Have To Have, To Have A Good System.