Ten Big Banks to Pay $8.5 billion In New Foreclosure Settlement Deal With Feds

Ten major mortgage servicing banks agreed Monday to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners in the wake of the 2008 financial crisis, particularly through "robo-signing" practices, when banks automatically signed off on foreclosures without properly reviewing documents, according to a statement released jointly by the Office of the Comptroller of the Currency and the Federal Reserve.