M&I Extends Foreclosure Moratorium Through June

Posted by Orb Staff on March 30, 2010 No Comments
Categories : Mortgage Servicing

Marshall & Ilsley Corp. (M&I) has extended its foreclosure moratorium an additional 90 days, through June 30. The moratorium, announced initially in December 2008, applies to 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, the Milwaukee-based bank 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 February of this year, M&I has extended over $6.9 billion of new credit, which 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.

SOURCE: Marshall & Ilsley Corp.

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