MILWAUKEE, March 31 /PRNewswire-FirstCall/ -- Marshall & Ilsley Corporation (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 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.
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/
