"The Treasury Department’s new tax information reporting plan, if enacted into law as part of the proposed reconciliation package under discussion, would capture many routine mortgage-related transactions, result in significantly increased tax compliance costs for individuals, families and small businesses, and present privacy concerns regarding potential data breaches.” --MBA Senior Vice President of Legislative and Political Affairs Bill Killmer, in a letter of support to Sen. Tim Scott, R-S.C., for introducing a bill that would prevent the IRS from imposing "draconian" reporting requirements on financial services providers.

The Mortgage Bankers Association sent a letter of support last week To Sen. Tim Scott, R-S.C., who introduced a bill would prevent the Internal Revenue Service and the Treasury Department from imposing unusual reporting requirements on financial services providers to track and submit customer account information.

ATTOM, Irvine, Calif., released its fourth-quarter Vacant Property and Zombie Foreclosure Report, showing 1.3 million residential properties in the United States sit vacant, representing 1.3 percent, or one in 75 homes, in the U.S.