M&I Announces Foreclosure Moratorium
19 December 2008 - 8:00AM
PR Newswire (US)
Program designed to keep homeowners in homes MILWAUKEE, Dec. 18
/PRNewswire-FirstCall/ -- Marshall & Ilsley Corporation
(NYSE:MI) (M&I) today announced it has introduced a system-wide
program designed to keep families in their homes by helping
homeowners avoid delinquency and foreclosure, including a 90-day
foreclosure moratorium on all owner-occupied residential loans. In
addition to its existing strategies, which include stipulation
plans, loan modifications, extensions, and short-term forbearance
options, M&I's enhanced foreclosure relief program features the
following: Foreclosure moratorium M&I has implemented a 90-day
foreclosure moratorium 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 loans in all M&I
markets and extends through March 31, 2009. Foreclosure prevention
M&I's foreclosure abatement program includes several options,
including term extensions and reduced rates that can be used, as
necessary and applicable, to reduce monthly payments. Streamlined
assistance programs Potentially distressed homeowners are
identified in advance, and proactively offered assistance. "This
recessionary economy is obviously challenging for many families as
they try to balance the family budget each month," said Mark
Furlong, president and CEO of Marshall & Ilsley Corporation.
"During these stressful economic times, M&I is committed to
ensuring our customers have access to the resources and products
that can enable them to stay in their homes." "I am grateful to
Marshall & Ilsley Corporation for taking this tremendous step
toward keeping families in their homes as they work to get back on
their financial feet," said Tom Barrett, Mayor of Milwaukee. "With
strong private partners like M&I, I am confident that
significant progress can be made addressing the impact foreclosures
are having on our neighborhoods and residents." Marshall &
Ilsley Corporation (NYSE:MI) is a diversified financial services
corporation headquartered in Milwaukee, Wis., with $63.5 billion in
assets. Founded in 1847, M&I Marshall & Ilsley Bank is the
largest Wisconsin-based bank, with 193 offices throughout the
state. In addition, M&I has 52 locations throughout Arizona; 32
offices in Indianapolis and nearby communities; 34 offices along
Florida's west coast and in central Florida; 15 offices in Kansas
City and nearby communities; 25 offices in metropolitan
Minneapolis/St. Paul, and one in Duluth, Minn.; and one office in
Las Vegas, Nev. M&I's Southwest Bank subsidiary has 17 offices
in the greater St. Louis area. M&I also provides trust and
investment management, equipment leasing, mortgage banking,
asset-based lending, financial planning, investments, and insurance
services from offices throughout the country and on the Internet
(http://www.mibank.com/ or http://www.micorp.com/). M&I's
customer-based approach, internal growth, and strategic
acquisitions have made M&I a nationally recognized leader in
the financial services industry. DATASOURCE: Marshall & Ilsley
Corporation CONTACT: Richard Becker, senior vice president of
Marshall & Ilsley Corporation, +1-414-765-8111 Web Site:
http://www.mibank.com/ http://www.micorp.com/
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