Marshall & Ilsley Extend Moratorium Another 90 Days
Marshall & Ilsley Corp. (MI) extended its foreclosure moratorium for another 90 days through March 31, 2010, according to a company statement. Based in Milwaukee, Wisc., M&I is a financial services company with $58.5bn in assets and is Wisconsin’s largest bank. As part of M&I’s Homeowner’s Assistance Program, the initial moratorium began Dec. 18, 2008 and covers all owner-occupied residential loans for customers who agree to workout a new repayment plan. M&I extended its moratorium twice before, once at the end of June 2009 and again in September. The program also features assistance for potentially distressed borrowers. M&I identifies them in advance to workout a new payment agreement. The program includes a foreclosure abatement initiative that includes refinancing options such as term extensions and reduced rates. The rates can be used to reduce monthly payments when necessary. On its financing front, M&I continues to extend lines of credit. Since the US Treasury Department provided capital to the bank from November 2008 through October 31, 2009, M&I has provided $5.5bn in new credit, according to the statement. This includes renewals of existing credit where a new promissory note was executed. Write to Jon Prior. The author holds no relevant investments.