Head of Mortgage Servicing at Franklin Credit Management Corporation Resigns Effective December 30, 2009
16 Dezember 2009 - 12:51AM
PR Newswire (US)
COMPANY EXPECTS TO ANNOUNCE REPLACEMENT ON JANUARY 4, 2010 NEW
YORK, Dec. 15 /PRNewswire-FirstCall/ -- Franklin Credit Management
Corporation, the mortgage servicing subsidiary of Franklin Credit
Holding Corporation (OTC:FCMC) (BULLETIN BOARD: FCMC) and a
specialty consumer finance company primarily engaged in the
servicing and resolution of performing, reperforming and
nonperforming residential mortgage loans (including specialized
loan recovery servicing) and in the analysis, pricing, due
diligence and acquisition of residential mortgage portfolios for
third parties, today announced that Michael Blair has voluntarily
resigned his position as Executive Vice President and chief
operational officer of its mortgage servicing department. Mr. Blair
submitted his resignation on November 30, 2009, in order to pursue
other business interests, and his resignation is effective December
30, 2009. Franklin Credit Management Corporation has identified an
experienced external candidate to replace Mr. Blair and expects
this individual to join the company's management team in the next
few weeks. "We greatly appreciate Mike Blair's valuable
contributions to our servicing business, look forward to possibly
working with Mike in the future, and wish him continued success in
his future endeavors," commented Thomas Axon, Chairman and
President of Franklin Credit Holding Corporation. About Franklin
Credit Holding Corporation Franklin Credit Holding Corporation
(together with its subsidiaries, the "Company") is a specialty
consumer finance company primarily engaged in the servicing and
resolution of performing, reperforming and nonperforming
residential mortgage loans, including specialized loan recovery
servicing, and in the analysis, pricing, due diligence and
acquisition of residential mortgage portfolios for third parties.
The portfolios serviced for other entities, as well as the
Company's remaining portfolio, consist of both first- and
second-lien loans secured by 1-4 family residential real estate
that generally fall outside the underwriting standards of Fannie
Mae and Freddie Mac and involve elevated credit risks as a result
of the nature or absence of income documentation, limited credit
histories, higher levels of consumer debt or past credit
difficulties. The Company's executive, administrative and
operations offices are located in Jersey City, New Jersey.
Additional information on the Company is available on the Internet
at http://www.franklincredit.com/. Statements contained herein that
are not historical fact may be forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are subject to a variety of risks and uncertainties.
There are a number of important factors that could cause actual
results to differ materially from those projected or suggested in
forward-looking statements made by the Company. These factors
include, but are not limited to: (i) unanticipated changes in the
U.S. economy, including changes in business conditions such as
interest rates, changes in the level of growth in the finance and
housing markets, such as slower or negative home price
appreciation; (ii) the Company's relations with its lenders and
such lenders' willingness to waive any defaults under the Company's
agreements with such lenders; (iii) increases in the delinquency
rates of the Company's borrowers, (iv) the availability of third
parties holding sub-prime mortgage debt for servicing by the
Company on a fee-paying basis; (v) changes in the statutes or
regulations applicable to the Company's business or in the
interpretation and enforcement thereof by the relevant authorities;
(vi) the status of the Company's regulatory compliance; (vii) the
Company's ability to meet collection targets under the Legacy
Credit Agreement with its lead lending bank in order to reduce the
pledge of equity interest in Franklin Credit Management Corporation
to its lead lending bank from 70% to a minimum of 20%; and (viii)
other risks detailed from time to time in the Company's SEC reports
and filings. Additional factors that would cause actual results to
differ materially from those projected or suggested in any
forward-looking statements are contained in the Company's filings
with the Securities and Exchange Commission, including, but not
limited to, those factors discussed under the captions "Risk
Factors", "Interest Rate Risk" and "Real Estate Risk" in the
Company's Annual Report on Form 10-K for the year ended December
31, 2008, filed with SEC on April 10, 2009, and, if applicable,
Quarterly Reports on Form 10-Q, which the Company urges investors
to consider. The Company undertakes no obligation to publicly
release any revisions to such forward-looking statements that may
be made to reflect events or circumstances after the date hereof or
to reflect the occurrences of unanticipated events, except as
otherwise required by securities, and other applicable laws.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
The Company undertakes no obligation to release publicly the
results on any events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. Contact: Kevin
Gildea, EVP (201) 604-1800 DATASOURCE: Franklin Credit Holding
Corporation CONTACT: Kevin Gildea, EVP of Franklin Credit Holding
Corporation, +1-201-604-1800, Web Site:
http://www.franklincredit.com/
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