They see that the market is making them eight to ten percent a year, while their mortgage debt is going up by only two or three percent per year—and the amount is shrinking with every payment. The delta between that—the difference they get to pocket—is that 8- to 10-percent growth in the market minus the 2 to 3 percent in debt, which equals a nice 6 to 7 percent. Which, again, is money they are straight-up keeping.
