Taxpayers Losing Billions in Mortgage Deductions: Attorneys

Misreporting by banks and mortgage servicing companies is costing U.S. taxpayers billions of dollars in mortgage deductions, according to two class-action attorneys who have represented clients in lawsuits against behemoths like Bank of America NA.

“Consumers are losing at least tens of billions, and perhaps hundreds of billions of dollars in tax deductions that the law clearly entitles them to take,” David J. Vendler, a partner at Morris Polich & Purdy LLP, and Michael R. Brown of Michael R. Brown APC wrote in a Nov. 22 letter to the Treasury ...