M&I Announces Extension of Foreclosure Moratorium
01 April 2009 - 8:44AM
PR Newswire (US)
MILWAUKEE, March 31 /PRNewswire-FirstCall/ -- Marshall & Ilsley
Corporation (NYSE:MI) (M&I) today announced it has extended its
foreclosure moratorium an additional 90 days - through June 30,
2009. The initial 90-day moratorium was announced on December 18,
2008, as part of M&I'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. The 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. "Through our Homeowner Assistance Program,
M&I bankers are available to assist homeowners who may be
experiencing financial stress, with the ultimate goal of helping
them stay in their homes as they recover from their economic
challenges," said Mark Furlong, president and CEO of Marshall &
Ilsley Corporation. "Our objective is to proactively work with our
customers, including offering guidance to families before they are
faced with the possibility of foreclosure." "M&I, through this
important program, is making noteworthy progress in keeping many
families in their homes," said Tom Barrett, Mayor of Milwaukee. "We
applaud them for extending the moratorium so even more families can
benefit during this challenging economic time." Marshall &
Ilsley Corporation (NYSE:MI) is a diversified financial services
corporation headquartered in Milwaukee, Wis., with $62.3 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 53 locations throughout Arizona; 32
offices in Indianapolis and nearby communities; 36 offices along
Florida's west coast and in central Florida; 16 offices in Kansas
City and nearby communities; 26 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.micorp.com/ http://www.mibank.com/
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