M&I extends foreclosure moratorium

Marshall & Ilsley Corp. has extended a moratorium on home foreclosures that has been in place since December 2008 through Sept. 30, 2010. The moratorium is on all owner-occupied residential loans for customers who agree to work in good faith to reach a repayment agreement, M&I said. Milwaukee-based M&I (NYSE: MI) runs assistance programs for potentially distressed homeowners the bank identifies in advance. The bank also offers a foreclosure abatement program that includes refinancing options such as term extensions and reduced rates that can be used to reduce monthly payments. In addition, M&I said it 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. Marshall & Ilsley has $56.6 billion in assets and is the largest Wisconsin-based bank. It also operates in Arizona; Indianapolis; Florida; Kansas City; Minneapolis/St. Paul; Duluth, Minn.; St. Louis and Las Vegas. It is Arizona's fourth largest bank with $2.2 billion in deposits, according to the Phoenix Business Journal Book of Lists.

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