Nilay Patel

We went from, we have a demand, we can showcase this public database, to now we work more directly with the hundreds of databases that have whatever dynamics they have, to, okay, now it's the banks.

We're all the way up to, we're going to make this transaction, and that's our key metric.

As you integrate vertically, are you running into regulatory concerns?

I know the previous, you know, the Biden FTC would have a lot of concerns about a lot of things.

The Trump FTC, the Trump DOJ, they have different concerns and they express them differently and look very differently in some cases, but with just as much emphasis, right?

I mean, this FTC and this DOJ are, they're not shy about their opinions.

So how has that changed and are you running into those concerns?

Have you guys been having those conversations with this administration?

It's funny.

I'm talking about this and I'm kind of ping-ponging between the experience of using Zillow and then have you talked to Donald Trump about mortgage rates?

He has very strong opinions about mortgage rates.

I don't know if you've heard.

He would like them to be much lower.

And that's his solution.

There's building supply.

All of your ability to do all these things comes from being that aggregator, right?

Having that demand.

And that is...

under threat in different ways.

As I look at the different aggregators, we've done a lot of episodes about companies like DoorDash.