Marshall & Ilsley Corporation (M&I) has announced that it has extended its foreclosure moratorium for distressed homeowners through March 31, 2011. The initial moratorium was announced on Dec. 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.
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 November 30, 2010, M&I has extended over $10.3 billion of new credit. The "new credit" amount includes new and expanded extensions of credit, or commitments to extend credit, as well as renewals of existing credit where a new promissory note was executed.
For more information, visit www.micorp.com.