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$8.5 Billion Dollar Banking Settlement Over Foreclosures

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.

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