$8.5 Billion Dollar Banking Settlement Over Foreclosures

A major banking settlement was announcement Monday morning linked to the nation's 2008 financial crisis.

POSTED: 04:00 AM PST Jan 07, 2013    UPDATED: 04:05 AM PST Jan 29, 2013 

A major banking settlement was announcement Monday morning linked to the nation's 2008 financial crisis. The Associated Press is reporting that ten major US banks have agreed to settle a foreclosure case for $8.5 billion dollars. Bank of America, Wells Fargo and Citigroup are among those who've agreed to settle for wrongfully ousting homeowners who should have been allowed to stay in their homes. In 2008, a record number of nearly 1,900 homes were foreclosed on in Northern Santa Barbara County. However, Santa Barbara County's Clerk-Recorder and Assessor Joe Holland says the numbers went even higher over the past four years. The Santa Maria Valley and Lompoc Valley were the areas hardest hit.