 Nation Star Mortgage CEO Jay Bray joining me on the floor of the New York Stock Exchange and Jay You have your ear to the floor when it comes to the mortgage market And I've been noticing that financial conditions have actually eased over the past year and a half two years Even though the Fed has raised interest rates. Why is this happening? Well, I think it's a combination of things You know home equity is improved since the crisis actually today There's fourteen point two trillion of equity and that's more than the pre-crisis level So equity strong supply is low. So that actually, you know means people are really want housing It's it's the supply demand equations out of balance But how worrisome is the fact that consumer debt is now more than it is now that was in 2008 It is worrisome. I think and again I think what people are going to do is they're going to look to their home equity at the end of the day Isn't that a problem? Well, as long as it's done responsibly, right? I mean, you there's the savings is compelling I mean, if you have student loan debt credit card debt those rates are 15 20% and you can refinance your mortgage at 3.8 3.9 the savings are compelling. It has to be done responsibly. The good news is there's not a lot of crazy products out there, right? Like there wasn't a crisis. I think there's enough products and enough regulation now that it'll be stable So when you look under the hood at the mortgage market, you don't see any warning signs that we saw, you know pre No, I really don't I mean it's the end of the day still 90% of the mortgages being done or government So Fannie Freddie FHA, but isn't that a problem because you don't need as much to put down on those loans? Well, the FHA, you know, it could be a problem, right? It is high old LTV But the Fannie and Freddie product that credit quality is exceptional and we're not seeing really any indication of early loan You know early payment defaults delinquencies are you know back to pre-crisis levels. They're very low So we don't see any warning signs at the moment. Let me ask you about Millennials We know they have been late to the game when it comes to the housing market just in terms of buying properties Obviously they're burdened with student loan debt and other financial pressures Do you think Millennials will eventually buy homes perhaps just at a later date because we see reports and surveys how Millennials just aren't interested in buying homes anymore. Do you agree with that? I don't you know really if you look at some recent studies 80% of Millennials They want to own a home. So I actually think it you know, the problem is about 68% of them have saved not haven't saved enough money So I think they will buy it's gonna take a little longer And I think you know, they started marriage a little later having kids a little later, but they're coming for sure All right. Well, we'll look forward to it J. Bray. Thanks so much. Thank you