M&I extends foreclosure moratorium again; Regulators order more Wisconsin banks to improve
M&I extends foreclosure moratorium again
Marshall & Ilsley Corp. announced it has extended its foreclosure moratorium for distressed homeowners through March 31.
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.
Milwaukee-based Marshall & Ilsley, Wisconsin’s largest bank, has entered into a definitive agreement to be acquired by BMO Financial Group, the parent company of the Bank of Montreal and Harris Bank in Chicago.
Regulators order more Wisconsin banks to improve
Federal and state regulators have ordered four more Wisconsin-based banks to improve their loan portfolios and take other actions to strengthen their financial positions.
The Federal Deposit Insurance Corp. and the Wisconsin Department of Financial Institutions issued consent orders against Fox River State Bank in Burlington, the Mid-Wisconsin Bank in Medford, the Bank of Wausau; and Integrity First Bank of Wausau.
The regulators cited the banks for “unsafe or unsound” banking practices.
The banks have 90 days to retain an independent third-party person who will develop a written analysis and assessment of the bank’s management needs.
