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Banks

UPDATE 1-M&I extends foreclosure moratorium to end of 2009

* Moratorium was first announced in December 2008

* This is the third extension of the program

NEW YORK, Sept 28 (Reuters) - Marshall & Ilsley Corp MI.N, Wisconsin's largest bank, on Monday extended a foreclosure moratorium for the third time, until the end of 2009, as distressed homeowners struggle to pay their debts.

The initial 90-day moratorium was announced on Dec. 18, 2008, and has been extended twice.

The plan applies to borrowers who agree to work in good faith to reach a successful repayment agreement, the bank said in a statement. It offers term extensions and reduced rates to try to prevent foreclosure.

Reporting by Juan Lagorio; Editing by Richard Chang

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