Inclusion of Countrywide mortgages originated on or before January 1, 2009, as eligible for modifications under the terms of the NHRP.
A six-month extension of the term of the NHRP program to December 31, 2012.
Bank of America expects to be operationally ready to implement the new principal reduction components of NHRP in May.
With implementation of these enhancements, Bank of America will make principal reduction the initial consideration toward reaching the HAMP's target for an affordable payment equal to 31 percent of household income when modifying qualifying subprime, Pay-Option ARM and prime two-year hybrid ARM loans that are also eligible for NHRP.
The bank estimates that it will be able to offer these enhanced principal reduction solutions to about 45,000 customers who qualify for a HAMP modification, for an estimated $3 billion in total reduced principal offered under this NHRP enhancement.
From implementation of the NHRP in December 2008 through December 2009, Bank of America offered an NHRP modification or started an NHRP-eligible trial modification under the HAMP for more than 175,000 homeowners, providing potential aggregate savings of more than $7.
Since the initial outreach to customers under the NHRP in December 2008 through March of this year, Bank of America has offered an NHRP modification or started an NHRP-eligible trial modification under HAMP for more than 200,000 homeowners.
Under other provisions of the NHRP, more than $113 million in foreclosure relief payments have been made to former Countrywide customers who went into early default; and $54 million in relocation assistance payments have been made to residents of foreclosed properties, both owners and tenants.
In the trend-setting tradition we have built with our award-winning Switched Enterprise Network Architecture (SENA(TM)), we now are delivering NHRP in our enterprise networking products," said Kumar Shah, HNS senior director of marketing.
NHRP allows edge routers to change from router-based to switch-based backbones.
While NHRP addresses the mechanics of interconnecting edge routers with switched backbones, the protocol standard fails to address traffic- handling issues that are basic to the smooth integration of edge routers and connection-oriented backbone," Shah said.
NOTE: NHRP is a standard formulated by the Internet Engineering Task Force (IETF) to address integration of connectionless routing services with connection-oriented infrastructures.