Marshall & Ilsley Corp., a financial services company headquartered in Milwaukee, Wis., has introduced a system-wide program designed to keep families in their homes by helping homeowners avoid delinquency and foreclosure, including a 90-day foreclosure moratorium on all owner-occupied residential loans.
M&I's moratorium applies to all owner-occupied residential loans for customers who agree to work in good faith to reach a successful repayment agreement and to loans in all M&I markets. It extends through March 31, 2009.
The company has also implemented a streamlined modification program in which potentially distressed homeowners are identified in advance and proactively offered assistance.
‘This recessionary economy is obviously challenging for many families as they try to balance the family budget each month,’ says Mark Furlong, president and CEO of Marshall & Ilsley Corp. ‘During these stressful economic times, M&I is committed to ensuring our customers have access to the resources and products that can enable them to stay in their homes.’
Founded in 1847, M&I Marshall & Ilsley Bank is the largest Wisconsin-based bank, with 193 offices throughout the state. It also has locations in Arizona, Indiana, Florida, Kansas and Minnesota.