M&I extends foreclosure moratorium again
Milwaukee-based Marshall & Ilsley Corp. announced it has extended its foreclosure moratorium for distressed homeowners.
The initial moratorium was announced on Dec. 18, 2008, as part of M&I Bank’s Homeowner Assistance Program. The moratorium is on all owner-occupied residential loans for customers who agree to work in good faith to reach a successful repayment agreement. The moratorium applies to applicable loans in all M&I markets.
M&I’s Homeowner Assistance Program also features streamlined assistance programs for potentially distressed homeowners who are identified in advance and proactively offered assistance. It also offers a foreclosure abatement program that features several refinancing options, including term extensions and reduced rates that can be used, as necessary and applicable, to reduce monthly payments.
In addition, M&I continues to extend new credit to new and existing customers. Since the infusion of capital from the U.S. Treasury in mid-November 2008 through January 31, 2011, M&I has extended more than $11.1 billion of new credit.
Marshall & Ilsley Corp. is being acquired by the BMO Financial Group, the Canadian parent company of Harris Bank.
