UNITED STATES
                       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): April 8, 2005


                                     0-17771
                            (Commission File Number)


                         ______________________________


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


                                    Delaware
                            (State of Incorporation)

                                   75-2243266
                      (IRS Employer Identification Number)


                     Six Harrison Street, New York, NY 10013
              (Address of registrant's principal executive office)


                                 (212) 925-8745
                         (Registrant's telephone number)


                         ______________________________

<PAGE>


Item 1.01   Entry into a Material Definitive Agreement.

     Please see Item 5.02(c) below for a description of the material terms of an
employment  agreement,  entered into April 13, 2005,  with an effective date of
March 28,  2005,  by and  between  the  Company  and Paul D.  Colasono, who was
appointed to the position of Chief Financial Officer, effective April 11, 2005.


Item 5.02.  Departure of Directors or Principal Officers; Election of Directors;
            Appointment of Principal Officers.

(b)     On April 8, 2005,  Alan  Joseph  resigned  from his  position  as Chief
Financial  Officer and Executive  Vice President of Franklin  Credit  Management
Corporation (the "Company"), in order to pursue other business interests.

(c)     On April 11, 2005, the Company  appointed Paul D. Colasono,  58, to the
position of Chief  Financial  Officer of the  Company.  On April 14,  2005,  the
Company  will  issue a press  release,  a copy of which is  attached  hereto  as
Exhibit  99.1,   announcing  Mr.   Colasono's   appointment  and  Mr.  Joseph's
resignation.

     Mr.  Colasono has more than 30 years of  experience in banking and mortgage
banking  in a broad  range of  senior  management  positions.  Since  2003,  Mr.
Colasono has served as an independent  business  consultant  providing strategic
and financial consulting services. From September 1997 until September 2001, Mr.
Colasono served as Vice President and Controller of GE Capital Mortgage Services
Corporation.  From February 1981 until September 1997, Mr. Colasono was employed
by The Dime Savings Bank of New York ("Dime Bank") in a variety of executive and
senior management positions.  From April 1994 until September 1997, Mr. Colasono
held the titles of Senior Vice President, Chief Administrative Officer and Chief
Financial Officer of Dime Bank's mortgage banking  business.  From November 1990
until April 1994,  Mr.  Colasono  served as the  President  and Chief  Executive
Officer of The Dime Savings Bank of New Jersey,  a subsidiary of Dime Bank.  Mr.
Colasono began his career with The Chase Manhattan Bank, and earned both his MBA
and Bachelor of Science degree in accounting from St. John's University.

     The employment  agreement  between the Company and Mr. Colasono was entered
into on April 13, 2005,  with an effective  date of March 28, 2005.  Pursuant to
the employment agreement, Mr. Colasono will serve as the Chief Financial Officer
and Executive Vice President of the Company. Mr. Colasono's employment term runs
from the effective date of the employment agreement until its termination by the
Company or Mr. Colasono.

     Under the employment  agreement,  Mr. Colasono is entitled to a base salary
of $250,000, subject to adjustment by the Board of Directors, and to participate
in an executive bonus pool of 10% of the after tax  consolidated  net profits of
the  Company in excess of  $500,000,  subject to  adjustment  of the size of the
bonus pool in the reasonable discretion of the Board of Directors.  Mr. Colasono
will be entitled to a targeted bonus in the amount of $150,000, prorated for the
period  of his  actual  employment  for  2005  and  subject  to  the  reasonable
discretion of the Board of Directors.  Determination of the actual amount of Mr.
Colasono's bonus for 2005 will depend,  as to 80% of the targeted  amount,  upon
the financial  performance  of the Company and as to 20% of the targeted  amount
upon Mr.  Colasono's  personal  performance.  Additionally,  Mr.  Colasono  will
receive a housing allowance of $1,500 per month.

     In connection  with his entry into the  employment  agreement,  the Company
agreed to grant Mr. Colasono  17,000 shares of restricted  stock of the Company,
of which 2,000 vested upon grant,  5,000 vest on March 28,  2006,  5,000 vest on
March  28,  2007 and 5,000  vest on March  28,  2008,  if Mr.  Colasono  is then
employed  by  the  Company.   Any  unvested  shares  of  restricted  stock  vest
immediately upon occurrence of a change of control (as defined in the employment
agreement)  or  Mr.   Colasono's   death  or  disability.   Except  under  those
circumstances,  any unvested shares of restricted stock will be forfeited to the
Company in the event of a  termination  of Mr.  Colasono's  employment  with the
Company.  Mr.  Colasono  agreed to make an 83(b)  election  with  respect to the
restricted  shares and the Company  agreed to  reimburse  Mr.  Colasono  for any
federal,  state or local  taxes  due  from  having  made  such  election  at his
incremental tax rate.

     Pursuant  to the  employment  agreement,  the  Company  may  terminate  Mr.
Colasono's  employment  with or  without  cause (as  defined  in the  employment
agreement)  and Mr.  Colasono  may  terminate it with or without good reason (as
defined in the  employment  agreement).  If Mr.  Colasono is  terminated  by the
Company without cause or Mr. Colasono terminates his employment for good reason,
or his employment  terminates as a result of his death or disability (as defined
in the  employment  agreement),  Mr.  Colasono  will be entitled  to  severance,
including a lump sum payment equal to his salary for a specified  period and, at
his option,  either  continued  health benefits during the specified period or a
lump sum payment equal to the medical  insurance  premiums that would be payable
by the Company in respect of such specified  period.  If the termination  occurs
prior to a change in  control  (as  defined  in the  employment  agreement)  the
specified  period will be (i) three  months if the  termination  occurs prior to
September  1,  2005,  (ii) six  months  if it  occurs  thereafter  but  prior to
September  1, 2006 and (iii)  twelve  months  if it  occurs  thereafter.  If the
termination  occurs following a change in control,  the specified period will be
(i) six months if the termination occurs prior to September 1, 2005, (ii) twelve
months if it occurs thereafter but prior to September 1, 2006 and (iii) eighteen
months if it occurs thereafter.

     Under the employment agreement, Mr. Colasono is subject to covenants not to
compete and not to solicit  customers  or  employees  of the Company for certain
periods specified therein.

     There are no family relationships  between Mr. Colasono and any director or
officer of the Company.

<PAGE>


Item 9.01      Financial Statements and Exhibits

(c)   Exhibits

      Exhibit No.     Description

         99.1         Press Release, dated April 14, 2005, entitled "Paul
                      Colasono Joins Franklin Credit Management as Chief
                      Financial Office"


<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, thereunto duly authorized.




                                     FRANKLIN CREDIT MANAGEMENT CORPORATION


                                          By:       /s/ Jeffrey R Johnson
                                          Name:         Jeffrey R Johnson
                                          Title:    Chief Executive Officer

Date:  April 14, 2005



<PAGE>


Exhibit 99.1

For Immediate Release


Contact:  Jeffrey Johnson, CEO
Franklin Credit Management Corporation
(212) 925-8745
jjohnson@franklincredit.com


           PAUL COLASONO JOINS FRANKLIN CREDIT MANAGEMENT CORPORATION
                           AS CHIEF FINANCIAL OFFICER

     NEW  YORK,  New  York  (April  14,  2005)  -  Franklin  Credit   Management
Corporation  (OTC BB: FCSC),  a specialty  consumer  finance  company  primarily
engaged in the acquisition, origination, servicing and resolution of performing,
subperforming and nonperforming residential mortgage loans, today announced that
Paul D. Colasono has joined the  Company's  executive  management  team as Chief
Financial Officer.


     Mr.  Colasono  has  thirty  years  of  management  experience  in  finance,
accounting, controllership,  strategic planning, and mergers and acquisitions in
the retail banking and mortgage banking industry.  From 2003 to present,  he was
an independent  business consultant providing strategic and financial consulting
services.  From 1997 through  2001, he was Vice  President and  Controller at GE
Capital Mortgage Services  Corporation,  with responsibility for all accounting,
controllership, treasury and capital markets functions.


     From 1981 until 1997, Mr. Colasono served in various management  capacities
at The Dime  Savings  Bank of New York.  From 1994 to 1997,  he was Senior  Vice
President,  Chief  Administrative  Officer  and Chief  Financial  Officer of the
mortgage  banking  division.  From 1990 through 1994, Mr. Colasono was President
and CEO of the Dime Savings Bank of New Jersey, a subsidiary of The Dime Savings
Bank of New York.  From 1984 to 1990,  he served as Executive  Vice  President /
Director of Strategic  Planning,  and from 1982 to 1984 he was First Senior Vice
President and Controller of the Dime Savings Bank of New York


     Mr.  Colasono began his career at The Chase  Manhattan  Bank, N.A. in 1969,
and earned his MBA and BS (Accounting) degrees from St. John's University.


     "We are  delighted to welcome Paul to our  executive  team as the Company's
new Chief Financial Officer," commented Jeffrey Johnson, Chief Executive Officer
of Franklin Credit  Management  Corporation.  "We look forward to Paul playing a
key role in formulating  and executing our growth  strategy within the non-prime
mortgage industry."


     The Company also  announced that Alan Joseph has resigned from his position
as CFO in order to pursue other  business  interests.  "Alan has been a terrific
CFO and contributed  greatly to the  performance of Franklin  Credit  Management
during the past several years," noted Johnson. "More importantly,  Alan has been
a great  friend to the Franklin  family,  and we wish him the best in his future
endeavors."


                  About Franklin Credit Management Corporation



     Franklin  Credit  Management  Corporation  (together with its  wholly-owned
subsidiaries,  the "Company") is a specialty  consumer finance company primarily
engaged in the acquisition, origination, servicing and resolution of performing,
subperforming and nonperforming residential mortgage loans. The Company acquires
mortgage loans, generally in pools at discounts from their aggregate contractual
balances, from a variety of mortgage bankers, banks, and other specialty finance
companies, and, through its wholly-owned subsidiary, Tribeca Lending Corp., also
originates  subprime  mortgage loans.  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 availability
of sub-prime  borrowers for the origination of additional  loans;  and (v) 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:

 Jeffrey Johnson, CEO of Franklin Credit Management Corporation at 212-925-8745
[{"type": "8-K", "sequence": "1", "filename": "newcfo.txt", "description": "PRESS RELEASE FOR NEW CFO", "secsgml_size_bytes": 14751}]
{"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": "05751077"}, "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"}}
UNITED STATES
                       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): April 8, 2005

                                     0-17771
                            (Commission File Number)

                         ______________________________

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

                                    Delaware
                            (State of Incorporation)

                                   75-2243266
                      (IRS Employer Identification Number)

                     Six Harrison Street, New York, NY 10013
              (Address of registrant's principal executive office)

                                 (212) 925-8745
                         (Registrant's telephone number)

                         ______________________________
Item 1.01   Entry into a Material Definitive Agreement.

     Please see Item 5.02(c) below for a description of the material terms of an
employment  agreement,  entered into April 13, 2005,  with an effective date of
March 28,  2005,  by and  between  the  Company  and Paul D.  Colasono, who was
appointed to the position of Chief Financial Officer, effective April 11, 2005.

Item 5.02.  Departure of Directors or Principal Officers; Election of Directors;
            Appointment of Principal Officers.

(b)     On April 8, 2005,  Alan  Joseph  resigned  from his  position  as Chief
Financial  Officer and Executive  Vice President of Franklin  Credit  Management
Corporation (the "Company"), in order to pursue other business interests.

(c)     On April 11, 2005, the Company  appointed Paul D. Colasono,  58, to the
position of Chief  Financial  Officer of the  Company.  On April 14,  2005,  the
Company  will  issue a press  release,  a copy of which is  attached  hereto  as
Exhibit  99.1,   announcing  Mr.   Colasono's   appointment  and  Mr.  Joseph's
resignation.

     Mr.  Colasono has more than 30 years of  experience in banking and mortgage
banking  in a broad  range of  senior  management  positions.  Since  2003,  Mr.
Colasono has served as an independent  business  consultant  providing strategic
and financial consulting services. From September 1997 until September 2001, Mr.
Colasono served as Vice President and Controller of GE Capital Mortgage Services
Corporation.  From February 1981 until September 1997, Mr. Colasono was employed
by The Dime Savings Bank of New York ("Dime Bank") in a variety of executive and
senior management positions.  From April 1994 until September 1997, Mr. Colasono
held the titles of Senior Vice President, Chief Administrative Officer and Chief
Financial Officer of Dime Bank's mortgage banking  business.  From November 1990
until April 1994,  Mr.  Colasono  served as the  President  and Chief  Executive
Officer of The Dime Savings Bank of New Jersey,  a subsidiary of Dime Bank.  Mr.
Colasono began his career with The Chase Manhattan Bank, and earned both his MBA
and Bachelor of Science degree in accounting from St. John's University.

     The employment  agreement  between the Company and Mr. Colasono was entered
into on April 13, 2005,  with an effective  date of March 28, 2005.  Pursuant to
the employment agreement, Mr. Colasono will serve as the Chief Financial Officer
and Executive Vice President of the Company. Mr. Colasono's employment term runs
from the effective date of the employment agreement until its termination by the
Company or Mr. Colasono.

     Under the employment  agreement,  Mr. Colasono is entitled to a base salary
of $250,000, subject to adjustment by the Board of Directors, and to participate
in an executive bonus pool of 10% of the after tax  consolidated  net profits of
the  Company in excess of  $500,000,  subject to  adjustment  of the size of the
bonus pool in the reasonable discretion of the Board of Directors.  Mr. Colasono
will be entitled to a targeted bonus in the amount of $150,000, prorated for the
period  of his  actual  employment  for  2005  and  subject  to  the  reasonable
discretion of the Board of Directors.  Determination of the actual amount of Mr.
Colasono's bonus for 2005 will depend,  as to 80% of the targeted  amount,  upon
the financial  performance  of the Company and as to 20% of the targeted  amount
upon Mr.  Colasono's  personal  performance.  Additionally,  Mr.  Colasono  will
receive a housing allowance of $1,500 per month.

     In connection  with his entry into the  employment  agreement,  the Company
agreed to grant Mr. Colasono  17,000 shares of restricted  stock of the Company,
of which 2,000 vested upon grant,  5,000 vest on March 28,  2006,  5,000 vest on
March  28,  2007 and 5,000  vest on March  28,  2008,  if Mr.  Colasono  is then
employed  by  the  Company.   Any  unvested  shares  of  restricted  stock  vest
immediately upon occurrence of a change of control (as defined in the employment
agreement)  or  Mr.   Colasono's   death  or  disability.   Except  under  those
circumstances,  any unvested shares of restricted stock will be forfeited to the
Company in the event of a  termination  of Mr.  Colasono's  employment  with the
Company.  Mr.  Colasono  agreed to make an 83(b)  election  with  respect to the
restricted  shares and the Company  agreed to  reimburse  Mr.  Colasono  for any
federal,  state or local  taxes  due  from  having  made  such  election  at his
incremental tax rate.

     Pursuant  to the  employment  agreement,  the  Company  may  terminate  Mr.
Colasono's  employment  with or  without  cause (as  defined  in the  employment
agreement)  and Mr.  Colasono  may  terminate it with or without good reason (as
defined in the  employment  agreement).  If Mr.  Colasono is  terminated  by the
Company without cause or Mr. Colasono terminates his employment for good reason,
or his employment  terminates as a result of his death or disability (as defined
in the  employment  agreement),  Mr.  Colasono  will be entitled  to  severance,
including a lump sum payment equal to his salary for a specified  period and, at
his option,  either  continued  health benefits during the specified period or a
lump sum payment equal to the medical  insurance  premiums that would be payable
by the Company in respect of such specified  period.  If the termination  occurs
prior to a change in  control  (as  defined  in the  employment  agreement)  the
specified  period will be (i) three  months if the  termination  occurs prior to
September  1,  2005,  (ii) six  months  if it  occurs  thereafter  but  prior to
September  1, 2006 and (iii)  twelve  months  if it  occurs  thereafter.  If the
termination  occurs following a change in control,  the specified period will be
(i) six months if the termination occurs prior to September 1, 2005, (ii) twelve
months if it occurs thereafter but prior to September 1, 2006 and (iii) eighteen
months if it occurs thereafter.

     Under the employment agreement, Mr. Colasono is subject to covenants not to
compete and not to solicit  customers  or  employees  of the Company for certain
periods specified therein.

     There are no family relationships  between Mr. Colasono and any director or
officer of the Company.
Item 9.01      Financial Statements and Exhibits

(c)   Exhibits

      Exhibit No.     Description

         99.1         Press Release, dated April 14, 2005, entitled "Paul
                      Colasono Joins Franklin Credit Management as Chief
                      Financial Office"
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, thereunto duly authorized.

                                     FRANKLIN CREDIT MANAGEMENT CORPORATION

                                          By:       /s/ Jeffrey R Johnson
                                          Name:         Jeffrey R Johnson
                                          Title:    Chief Executive Officer

Date:  April 14, 2005
Exhibit 99.1

For Immediate Release

Contact:  Jeffrey Johnson, CEO
Franklin Credit Management Corporation
(212) 925-8745
jjohnson@franklincredit.com

           PAUL COLASONO JOINS FRANKLIN CREDIT MANAGEMENT CORPORATION
                           AS CHIEF FINANCIAL OFFICER

     NEW  YORK,  New  York  (April  14,  2005)  -  Franklin  Credit   Management
Corporation  (OTC BB: FCSC),  a specialty  consumer  finance  company  primarily
engaged in the acquisition, origination, servicing and resolution of performing,
subperforming and nonperforming residential mortgage loans, today announced that
Paul D. Colasono has joined the  Company's  executive  management  team as Chief
Financial Officer.

     Mr.  Colasono  has  thirty  years  of  management  experience  in  finance,
accounting, controllership,  strategic planning, and mergers and acquisitions in
the retail banking and mortgage banking industry.  From 2003 to present,  he was
an independent  business consultant providing strategic and financial consulting
services.  From 1997 through  2001, he was Vice  President and  Controller at GE
Capital Mortgage Services  Corporation,  with responsibility for all accounting,
controllership, treasury and capital markets functions.

     From 1981 until 1997, Mr. Colasono served in various management  capacities
at The Dime  Savings  Bank of New York.  From 1994 to 1997,  he was Senior  Vice
President,  Chief  Administrative  Officer  and Chief  Financial  Officer of the
mortgage  banking  division.  From 1990 through 1994, Mr. Colasono was President
and CEO of the Dime Savings Bank of New Jersey, a subsidiary of The Dime Savings
Bank of New York.  From 1984 to 1990,  he served as Executive  Vice  President /
Director of Strategic  Planning,  and from 1982 to 1984 he was First Senior Vice
President and Controller of the Dime Savings Bank of New York

     Mr.  Colasono began his career at The Chase  Manhattan  Bank, N.A. in 1969,
and earned his MBA and BS (Accounting) degrees from St. John's University.

     "We are  delighted to welcome Paul to our  executive  team as the Company's
new Chief Financial Officer," commented Jeffrey Johnson, Chief Executive Officer
of Franklin Credit  Management  Corporation.  "We look forward to Paul playing a
key role in formulating  and executing our growth  strategy within the non-prime
mortgage industry."

     The Company also  announced that Alan Joseph has resigned from his position
as CFO in order to pursue other  business  interests.  "Alan has been a terrific
CFO and contributed  greatly to the  performance of Franklin  Credit  Management
during the past several years," noted Johnson. "More importantly,  Alan has been
a great  friend to the Franklin  family,  and we wish him the best in his future
endeavors."

                  About Franklin Credit Management Corporation

     Franklin  Credit  Management  Corporation  (together with its  wholly-owned
subsidiaries,  the "Company") is a specialty  consumer finance company primarily
engaged in the acquisition, origination, servicing and resolution of performing,
subperforming and nonperforming residential mortgage loans. The Company acquires
mortgage loans, generally in pools at discounts from their aggregate contractual
balances, from a variety of mortgage bankers, banks, and other specialty finance
companies, and, through its wholly-owned subsidiary, Tribeca Lending Corp., also
originates  subprime  mortgage loans.  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 availability
of sub-prime  borrowers for the origination of additional  loans;  and (v) 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:

 Jeffrey Johnson, CEO of Franklin Credit Management Corporation at 212-925-8745