This is a story about the other homeowners. Not the ones who are having trouble making their mortgage payments and getting all the attention lately. No, this is about the homeowners who do not owe any money on their primary residences because they have paid off their loans.
They are the ones, generally, who did not get caught up in the home buying frenzy earlier in this decade. And they are the ones the banks would love to serve.
According to the Census Bureau, of the some 75 million people who reported owning their own homes in 2006, approximately 32 percent said they had no mortgage. The median value of a mortgage-free residence in 2006 was $140,400, the Census Bureau found.
