Milwaukee-based Marshall & Ilsley Corp. has instituted a system-wide moratorium on owner-occupied residential home mortgages. The foreclosure moratorium requires troubled homeowners to work in good faith with the bank to reach a successful repayment agreement. The program applies to home loans in all M&I markets and will be in effect until March 31, 2009.
"This recessionary economy is obviously challenging for many families as they try to balance the family budget each month," said Mark Furlong, president and chief executive officer of Marshall & Ilsley. "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."
The bank has also enhanced its mortgage foreclosure relief program by extending terms and rate reductions that can cut monthly payments. It has also created streamlined assistance programs.
"I am grateful to Marshall & Ilsley Corp. for taking this tremendous step toward keeping families in their homes as they work to get back on their financial feet," said Tom Barrett, Mayor of Milwaukee. "With strong private partners like M&I, I am confident that significant progress can be made addressing the impact foreclosures are having on our neighborhoods and residents."