BofA Sued Over Mortgage Interest Payments To IRS

Law360, New York (July 13, 2012, 6:26 PM EDT) -- A San Diego homeowner hit Bank of America Corp. with a proposed class action in federal court Friday, accusing the bank of under-reporting to the Internal Revenue Service “millions, if not billions, of dollars” of homeowners' tax-deductible, deferred-interest mortgage payments.

In the suit filed in the U.S. District Court in the Southern District of California, named plaintiff Richard Horn claims BofA's intentional misrepresentation of their mortgage payments prevents borrowers from filing correct tax returns. His lawsuit contends that thousands if not millions of people may have...
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