CHICAGO, April 29, 2020 /PRNewswire/ - BMO Harris Bank today announced a commitment to Chicago homeowners by signing Mayor Lori E. Lightfoot's Chicago Solidarity Pledge, an initiative designed to bring the city's lenders and landlords together to address the unprecedented housing challenge that Chicagoans face as a result of the COVID-19 pandemic. This is the latest action by the Chicago-based bank to offer relief for consumers who are experiencing significant financial impacts from the pandemic.
In signing the pledge, BMO affirmed offering the following hardship measures for eligible mortgage borrowers:
- Mortgage payment deferrals
- Waivers for mortgage-related late fees
- Suspension of foreclosures
- Neutral reporting to credit agencies for borrowers taking advantage of COVID-19-related relief
"We've been part of the community here in Chicago for over 160 years, and being part of the community means being part of the solution," said David Casper, U.S. CEO, BMO Financial Group. "We take that charge seriously, and we'll continue to play an active role as we support our clients during this unprecedented time."
"Our bold, data-driven response to the COVID-19 virus has already yielded important gains to our public health, but it has also come with additional costs that are being borne out by those least able to afford them," said Mayor Lightfoot. "The Chicago Housing Solidarity Pledge represents our city's shared commitment to our residents and building owners alike whose homes and livelihoods have come under threat as a result of this crisis, and I am extremely proud that renters, landlords, homeowners, and lenders have all come to the table to work in partnership for our city and develop a solution to our shared problem."
BMO continues to offer additional relief to consumers and small businesses, including payment deferrals on credit cards, home equity, auto, personal and small business loans, fee waivers for checking and savings accounts and removal of penalties associated with early CD withdrawal.
To date, BMO has fulfilled hardship requests for more than 20,000 customers, granting deferrals for $1 billion in loans to families and individuals. BMO also secured SBA approval for $4.4 billion in total funding for more than 10,000 borrowers during the first round of SBA PPP funding. The latest information on relief programs can be found on the bank's COVID-19 webpage, and customers in need can use BMO's online relief form to request assistance.
BMO Harris and its parent company, BMO Financial Group, have a long history of supporting their communities across North America. In 2019, BMO announced its Purpose to "Boldly Grow the Good in Business and Life" by doubling its commitments to a sustainable future, thriving economies and an inclusive society.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 500 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$880 billion, as of January 31, 2020.
SOURCE BMO Harris Bank