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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 8-K
                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15 (d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


       Date of Report (Date of earliest event reported): October 20 2004




                     FRANKLIN CREDIT MANAGEMENT CORPORATION
             (Exact name of registrant as specified in its charter)

                                    Delaware
         (State or other jurisdiction of incorporation or organization)


                                   75-2243266
                      (I.R.S. employer identification no.)

                                     0-17771
                            Commission file number)

                               Six Harrison Street
                               New York, New York
                         (Address of principal executive
                                    offices)

                                      10013
                                   (Zip code)

       Registrant's telephone number, including area code: (212) 925-8745



-------------------------------------------------------------------------------
Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

     Written  communications  pursuant to Rule 425 under the  Securities Act
     (17 CFR 230.425)

     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

     Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

     Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

<PAGE>


Item 9.01   Financial Statements and Exhibits

On October 20, 2004, Franklin Credit Management Corporation (the "Company"), a
Delware Corporation, issued a press release entitled, "Franklin Credit Announces
Purchase of $99 Million Subprime Mortgage Portfolio.  " A copy of the Company's
press release is attached as Exhibit 99.1.


Exhibit No.  Description
  99.1       Press Release, dated October 20, 2004, entitled "Franklin Credit
             announces purchase of $99 Million subprime mortgage portfolio."

<PAGE>


                                   SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       FRANKLIN CREDIT MANAGEMENT CORPORATION

                                               By: /s/ Thomas J. Axon
                                                       Thomas J. Axon
                                                       Chairman

October 20, 2004


<PAGE>
Exhibit 99.1

For Immediate Release

Contact:  Alan Joseph, CFO
Franklin Credit Management Corp.
(212) 925-8745 ext. 169
ajoseph@franklincredit.com


  FRANKLIN CREDIT ANNOUNCES PURCHASE OF $99 MILLION SUBPRIME MORTGAGE PORTFOLIO

NEW YORK, New York (October 20, 2004) - Franklin  Credit  Management  Corp. (OTC
BB: FCSC), a specialty  financial  services  company that acquires,  manages and
sells subprime  residential  mortgage assets,  today announced the purchase of a
mixed pool of performing,  subperforming,  and nonperforming mortgage loans (and
related  servicing  rights)  with  a face  value  totaling  approximately  $99.3
million.  The  loans,  which  are  secured  by  single-family  residences,  were
purchased from Master Financial Corporation, N.A.

Master  Financial  Corporation is a national  mortgage  banking  company that is
headquartered in Orange,CA.

The  purchase of the mortgage  pool was funded by an extension of the  Company's
Senior Debt facility with Sky Financial Bank ("Sky  Financial")  pursuant to the
Company's  Master  Credit and Security  Agreement  with Sky  Financial.  The new
Senior Debt bears interest at a rate initially equal to 5.5% adjusted monthly as
provided in the Master Credit Agreement.

"We are very pleased to announce  the closing of this bulk  purchase of subprime
mortgage  loans," stated Jeffrey  Johnson,  Chief Executive  Officer of Franklin
Credit  Management  Corp.  "On a pro forma basis,  the purchase  expands our Net
Notes Receivable  portfolio by more than 12.6%, to approximately $732 million as
of June  30,  2004.  We  expect  the  acquisition  of this  mortgage  pool to be
accretive to net income and earnings  per share in the twelve  months  following
the closing of the transaction."

About Franklin Credit Management Corp.

Franklin  Credit  Management   Corporation   ("FCMC",   and  together  with  its
wholly-owned  subsidiaries,  the "Company") is a specialty  consumer finance and
asset management  company  primarily  engaged in the  acquisition,  origination,
servicing  and  resolution  of  performing,  sub-performing  and  non-performing
residential  mortgage loans and residential  real estate.  The Company  acquires
these mortgages from a variety of mortgage  bankers,  banks, and other specialty
finance  companies.  These loans are  generally  purchased in pools at discounts
from  their  aggregate  contractual  balances,  from  sellers  in the  financial
services  industry.  Real estate is acquired in  foreclosure or otherwise and is
also  generally  acquired at a discount  relative to the appraised  value of the
asset.  The Company  conducts its business from its executive and main office in
New York City and through its website  www.franklincredit.com.  Its common stock
trades on the OTC Bulletin Board under the symbol "FCSC".


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,
and changes in the level of growth in the finance and housing markets;  (ii) the
status of relations  between the Company and its sole Senior Debt Lender and the
Senior Debt Lender"s  willingness  to extend  additional  credit to the Company;
(iii) the  availability  for purchases of additional  loans;  (iv) the status of
relations  between  the  Company  and  its  sources  for  loan  purchases;   (v)
unanticipated   difficulties  in  collections   under  loans  in  the  Company's
portfolio;  and (vi)other  risks detailed from time to time in the Company's SEC
reports. Additional factors that would cause actual results to differ materially
from those projected or suggested 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
caption  "Real  Estate  Risk" in the  Company's  Annual  Report on Form 10-K and
Quarterly  Reports on Form 10-Q,  which the Company urges investors to consider.
The Company  undertakes no obligation to publicly  release the 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 other wise 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.

                    For further information, please contact:

 Alan Joseph, CFO of Franklin Credit Management Corp. at 212-925-8745 (Ext. 169)
[{"type": "8-K", "sequence": "1", "filename": "fcann.txt", "description": "FRANKLIN CREDIT ANNOUNCEMENT", "secsgml_size_bytes": 8420}]
{"company-data": {"conformed-name": "FRANKLIN CREDIT MANAGEMENT CORP/DE/", "cik": "0000831246", "assigned-sic": "6199", "irs-number": "752243266", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-17771", "film-number": "041088677"}, "business-address": {"street1": "SIX HARRISON ST", "city": "NEW YORK", "state": "NY", "zip": "10013", "phone": "2129258745"}, "mail-address": {"street1": "SIX HARRISON ST", "city": "NEW YORK", "state": "NY", "zip": "10013"}, "former-company": {"former-conformed-name": "MIRAMAR RESOURCES INC", "date-changed": "19920703"}}
===============================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15 (d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported): October 20 2004

                     FRANKLIN CREDIT MANAGEMENT CORPORATION
             (Exact name of registrant as specified in its charter)

                                    Delaware
         (State or other jurisdiction of incorporation or organization)

                                   75-2243266
                      (I.R.S. employer identification no.)

                                     0-17771
                            Commission file number)

                               Six Harrison Street
                               New York, New York
                         (Address of principal executive
                                    offices)

                                      10013
                                   (Zip code)

       Registrant's telephone number, including area code: (212) 925-8745

-------------------------------------------------------------------------------
Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

     Written  communications  pursuant to Rule 425 under the  Securities Act
     (17 CFR 230.425)

     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

     Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

     Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))
Item 9.01   Financial Statements and Exhibits

On October 20, 2004, Franklin Credit Management Corporation (the "Company"), a
Delware Corporation, issued a press release entitled, "Franklin Credit Announces
Purchase of $99 Million Subprime Mortgage Portfolio.  " A copy of the Company's
press release is attached as Exhibit 99.1.

Exhibit No.  Description
  99.1       Press Release, dated October 20, 2004, entitled "Franklin Credit
             announces purchase of $99 Million subprime mortgage portfolio."
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       FRANKLIN CREDIT MANAGEMENT CORPORATION

                                               By: /s/ Thomas J. Axon
                                                       Thomas J. Axon
                                                       Chairman

October 20, 2004
Exhibit 99.1

For Immediate Release

Contact:  Alan Joseph, CFO
Franklin Credit Management Corp.
(212) 925-8745 ext. 169
ajoseph@franklincredit.com

  FRANKLIN CREDIT ANNOUNCES PURCHASE OF $99 MILLION SUBPRIME MORTGAGE PORTFOLIO

NEW YORK, New York (October 20, 2004) - Franklin  Credit  Management  Corp. (OTC
BB: FCSC), a specialty  financial  services  company that acquires,  manages and
sells subprime  residential  mortgage assets,  today announced the purchase of a
mixed pool of performing,  subperforming,  and nonperforming mortgage loans (and
related  servicing  rights)  with  a face  value  totaling  approximately  $99.3
million.  The  loans,  which  are  secured  by  single-family  residences,  were
purchased from Master Financial Corporation, N.A.

Master  Financial  Corporation is a national  mortgage  banking  company that is
headquartered in Orange,CA.

The  purchase of the mortgage  pool was funded by an extension of the  Company's
Senior Debt facility with Sky Financial Bank ("Sky  Financial")  pursuant to the
Company's  Master  Credit and Security  Agreement  with Sky  Financial.  The new
Senior Debt bears interest at a rate initially equal to 5.5% adjusted monthly as
provided in the Master Credit Agreement.

"We are very pleased to announce  the closing of this bulk  purchase of subprime
mortgage  loans," stated Jeffrey  Johnson,  Chief Executive  Officer of Franklin
Credit  Management  Corp.  "On a pro forma basis,  the purchase  expands our Net
Notes Receivable  portfolio by more than 12.6%, to approximately $732 million as
of June  30,  2004.  We  expect  the  acquisition  of this  mortgage  pool to be
accretive to net income and earnings  per share in the twelve  months  following
the closing of the transaction."

About Franklin Credit Management Corp.

Franklin  Credit  Management   Corporation   ("FCMC",   and  together  with  its
wholly-owned  subsidiaries,  the "Company") is a specialty  consumer finance and
asset management  company  primarily  engaged in the  acquisition,  origination,
servicing  and  resolution  of  performing,  sub-performing  and  non-performing
residential  mortgage loans and residential  real estate.  The Company  acquires
these mortgages from a variety of mortgage  bankers,  banks, and other specialty
finance  companies.  These loans are  generally  purchased in pools at discounts
from  their  aggregate  contractual  balances,  from  sellers  in the  financial
services  industry.  Real estate is acquired in  foreclosure or otherwise and is
also  generally  acquired at a discount  relative to the appraised  value of the
asset.  The Company  conducts its business from its executive and main office in
New York City and through its website  www.franklincredit.com.  Its common stock
trades on the OTC Bulletin Board under the symbol "FCSC".

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,
and changes in the level of growth in the finance and housing markets;  (ii) the
status of relations  between the Company and its sole Senior Debt Lender and the
Senior Debt Lender"s  willingness  to extend  additional  credit to the Company;
(iii) the  availability  for purchases of additional  loans;  (iv) the status of
relations  between  the  Company  and  its  sources  for  loan  purchases;   (v)
unanticipated   difficulties  in  collections   under  loans  in  the  Company's
portfolio;  and (vi)other  risks detailed from time to time in the Company's SEC
reports. Additional factors that would cause actual results to differ materially
from those projected or suggested 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
caption  "Real  Estate  Risk" in the  Company's  Annual  Report on Form 10-K and
Quarterly  Reports on Form 10-Q,  which the Company urges investors to consider.
The Company  undertakes no obligation to publicly  release the 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 other wise 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.

                    For further information, please contact:

 Alan Joseph, CFO of Franklin Credit Management Corp. at 212-925-8745 (Ext. 169)