The banks have already said the settlement will crimp their fourth-quarter results. Bank of America expects a hit of $2.5 billion — more than it made in the fourth quarter of 2011, when it earned about $1.6 billion.
Banks prepare for earnings in shadow of recent changes
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NAR settlement terms slated to go into effect in mid-August
In a letter to members on Friday, NAR chief legal officer Katie Johnson outlined the policy changes that are coming into effect in August.
