M&I extends mortgage foreclosure moratorium again; Anchor Bank’s corporate parent reports smaller loss for 4Q, fiscal year
M&I extends mortgage foreclosure moratorium again
Milwaukee-based Marshall & Ilsley Corp. has extended its foreclosure moratorium an additional three months through Sept. 30.
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 April 30, 2010, M&I has extended more than $7.4 billion of new credit.
Anchor Bank’s corporate parent reports smaller loss for 4Q, fiscal year
Madison-based Anchor BanCorp, the corporate parent of AnchorBank, posted a net loss of $26.6 million for the fourth quarter and $177.1 million for the year ending March 31. The bank had a net loss of $45.9 million in the fourth quarter of 2009 and $230.8 million for the 12 months that ended on March 31, 2009.
“We have made significant progress in enhancing our risk management and lending process, as well as aggressively addressing our existing classified loan loss portfolio,” said Chris Bauer, president and CEO. “While we still have a lot of work to do, the results of these efforts can be seen in the improvement in our needs to provide for anticipated loan losses and the corresponding decline in our overall net loss for both the quarter and the fiscal year.”
AnchorBank recently completed the sale of 11 of its branches in northwestern Wisconsin. It is also planning to sell four additional branches in the Green Bay area.
