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Bankruptcy PLAN effective. Equity cancelled.
http://www.otcbb.com/asp/dailylist_detail.asp?d=08/09/2012&mkt_ctg=NON-OTCBB
FCMC to FCMCQ, Bankruptcy.
http://www.otcbb.com/asp/dailylist_detail.asp?d=06/06/2012&mkt_ctg=OTCBB
Company Information
Franklin Credit Holding Corporation (Franklin Holding), formerly Franklin Credit Management Corporation, is a specialty consumer finance company. On December 28, 2007, Franklin entered into a series of agreements (the Forbearance Agreements) with The Huntington National Bank. In November 2007, Franklin ceased to acquire or originate loans and, under the terms of the Forbearance Agreements. As a result of the Forbearance Agreements entered into, on December 28, 2007 with the bank, the Company's principal business and operational activity, during the year ended December 31, 2008, is the servicing of its acquired and originated mortgage loans and real estate assets. On May 28, 2008, Franklin entered into various agreements (the Servicing Agreements) to service on a fee-paying basis approximately $245 million in residential home equity line of credit mortgage loans for Bosco Credit LLC (Bosco). The loans that are subject to the Servicing Agreements were acquired by Bosco on May 28, 2008.
Franklin Credit
Franklin Credit Management Corporation Successfully Completes SAS 70 Type II Audit of Servicing and Collection Operations
.Companies:Franklin Credit Holding Corp..Press Release Source: Franklin Credit Management Corporation On Tuesday February 9, 2010, 4:37 pm EST
NEW YORK, Feb. 9 /PRNewswire-FirstCall/ -- Franklin Credit Management Corporation ("FCMC"), the mortgage servicing subsidiary of Franklin Credit Holding Corporation (OTC 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 the successful completion of its SAS 70 Type II audit for its loan servicing and collection processes.
SAS 70 is a widely recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA) for auditing and reporting on the effectiveness of operations, processes and controls of third-party service providers.  FCMC's SAS 70 Type II audit was conducted by Marcum LLP, a leading  independent auditing and accounting firm.  The audit, which assessed the suitability of the design and operational effectiveness of the Company's controls for the stated period, focused on FCMC's servicing and collection processes and included Franklin's control environment, risk assessment, monitoring, control activities and information and communication controls. The resulting Independent Service Auditor's Report concluded that FCMC's tested controls, as described in the report, were operating with sufficient effectiveness to provide "reasonable assurance" that such controls were in place and achieved for the period tested.
"The successful completion of the SAS 70 Type II audit provides validation to our current and potential loan servicing and asset recovery clients that Franklin is committed to delivering the highest quality of performance in the mortgage servicing and collection industry," stated Thomas Axon, Chairman and President of Franklin Credit Holding Corporation and Franklin Credit Management 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 Â for the year ended December 31, 2008, filed with SEC on April 10, 2009, and 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: Â Paul Colasono, CFO
Franklin Credit Management Corporation
(201) 604-4402
pcolasono@franklincredit.com
Joseph Prat Rejoins Franklin Credit Management Corporation as Vice President of Default Servicing
.Companies:Franklin Credit Holding Corp..Press Release Source: Franklin Credit Management Corporation On Monday February 22, 2010, 8:30 am EST
NEW YORK, Feb. 22 /PRNewswire-FirstCall/ -- Franklin Credit Management Corporation ("FCMC"), the mortgage servicing subsidiary of Franklin Credit Holding Corporation (OTC Bulletin Board:FCMC.ob - News) 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, effective February 8, 2010, Joseph Prat has re-joined FCMC's management team as Vice President of Default Servicing. Â In this role, he will be responsible for the default operations of the company's servicing and recovery departments, including investor reporting. Â
For the past three years, Mr. Prat has served as a Senior Data Architect at Fortress Investment Group, where he created, managed, and implemented a data warehouse and related infrastructure for sub-prime mortgage origination and servicing applications, managed a team of information technology developers and worked closely with senior management and asset managers. Â Mr. Prat, who has over thirty years of industry experience, was previously employed by FCMC for approximately five years (2002-2007) as Vice President of the Management Information System and Information Technology Department. Â He holds a Bachelor of Arts degree in economics with a minor in accounting and finance from Rutgers University.
"Joe Prat brings a wealth of experience to Franklin and will be instrumental in our introduction and implementation of new asset resolution strategies and improved investor reporting for our clients," stated Jimmy Yan, Executive Vice President and Managing Director of Servicing and Recovery Operations at FCMC and 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 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, Chief Legal Officer Franklin Credit Holding (201) 604-1800 Corporation kgildea@franklincredit.com Franklin Credit Management Corporation
Woooooo Hoooooooo !!!!!!! Just 3 trading days ago AmericanBulls.com called this NASDAQ stock a BUY (its currently @ HOLD) when it was @ .40; today it hit $1.07 a shr. And look at ALL that sweet, SWEET buying vol. !!!
I have been trying to figure it out... dunno. Somebody believes in this...they may get bailed out. Completely speculative right now.. and it has been great.
No insiders have sold for 3 months... risk what ye may.
I still think they go bankrupt at some point.. unless they get bailed out. They have put up all unencumbered assets as collateral.
I really don't have an answer... try as I might. Chart looks good though.
quite an amazing bounce do u know what made it jumped? :) thanks
My take as well... a gamble... if you have the cajones... could make some cash.
I was a little quick to react on FCMC. Did more research and was not happy to see that debt ( $1.2B) there.
This is my thought:
1. Short term , FCMC might present some quick trading oppurtunity.
2. Do not risk much , could land itself into further trouble end of dec/ mid Jan time frame, if some one does not bail them out.
3. If it gets out of the wood, Long term there is money here due to low float and revenue capability.
JMHO and GL
No insiders have sold any shares within the last 3 months.....
http://www.nasdaq.com/asp/Holdings.asp?symbol=FCMC&selected=FCMC&page=holdingssummary
M&I loss predictions have been within expectations....
http://biz.yahoo.com/prnews/071119/aqm087.html?.v=26
Are we in for a surprise here? (as if it already hasn't been)
Up?
Down?
Bankrupt?
What ya think?
Will this one be bailed out like Citi, Freddie Mac, and ETrade?
If so it will reach the parabolic SAR at $2.67 IMO.
If collapse was imminent and expected... why haven't insiders sold any shares within the last 3 months? Or the institutions? This bank deals in sub prime loans that Freddie Mac won't touch. So you think that FCMC insiders would see the writing on the wall and bail... as there is no financial windfall in the death of a lending institution.
"Franklin Credit Management Corporation ("Franklin") is a specialty consumer finance company primarily engaged in two related lines of business -- the acquisition, servicing and resolution of performing, reperforming and nonperforming residential mortgage loans; and the origination of non-prime mortgage loans for the Company's portfolio and for sale into the secondary market. Franklin focuses on acquiring and originating 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 risk 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 typically purchases loan portfolios at a discount to the unpaid principal balance and originates loans with interest rates and fees calculated to provide a rate of return adjusted to reflect the elevated credit risk inherent in these types of loans. Franklin originates non-prime loans through its wholly-owned subsidiary, Tribeca Lending Corp. and generally holds for investment the loans acquired and a significant portion of the loans originated."
However....
http://www.nasdaq.com/asp/Holdings.asp?symbol=FCMC&selected=FCMC&page=holdingssummary
Only one institutional investor left a ways back. Institutional investors make up 8% of the holdings... so major dump not likely at this point... they would have done it already with the current news IMO. Deutsche Bank still has it's shares (small amount).
http://www.nasdaq.com/asp/Holdings.asp?symbol=FCMC&selected=FCMC&page=holdingssummary
Either way it's a gamble.... don't bet what you can't afford to lose... but it's been amazing so far.
Why would anyone buy this stock right now with the current news? Why did the volume pick up? Was the delay of the NASDAQ decision and scheduled hearing with promise of financials by 12/31/07 enough to muster investor confidence? I would not think so.... as I would not keep chasing this ask.. yet someone is.
Makes you think... am I missing something here?
Chart still says up. The MACD is going positive at a sharp increase and it has always done well in the past with this pattern. Last cross in mid-August this year was the spark for the run from $2 to $5. This could reach $1.60 on Monday... trade at your own risk. Good luck.
I agree. This one is going to be a great recovery story. INPC CEO sold out the investors and made money along with Lazzards. IMO
Nice recover
MK
INPC was a cluster F. They didn't have to do it.... but live and learn.. remember, every business is in trouble right now.. some more than others (banks, financial institutions).
Thanks for the heads up, I lost some in INPC so I agree only put in what you can afford to lose.
Happy Thanksgiving!
Not yet on the chart.... and this one could be dangerous. Franklin tied to Florida mortgage market and a good amount of sub-prime loans and CDE's. It could go under... see TOA, now TOUS, another Florida based home reliant company.... now on the pinks. It will move up if investors are assured of no bankruptcy... or will continue to stagnate.
If investor confidence returns, and we get a white candle with upturn on MACD and AROON directional improvement... we may get a ride up... however, any capital used should be considered risk capital, as this company falls short of being considered an investment.. and holding overnight could be costly if bad news surprises us.
It has 26 more days below $1 until a letter of warning for delisting is given.. so keep track.
This is just opinion... no matter how strong it seems.
Play at your own risk.
What you think is bottom for this stock?
People are assessing the damage. Conference call at 1 pm today should shed some light.
Looks to be in recovery. Wish it would decide what it wants to do.
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