Jeff Johnson Joins Franklin Credit Management Team as Chief Executive Officer
20 Octubre 2004 - 8:30AM
PR Newswire (US)
Jeff Johnson Joins Franklin Credit Management Team as Chief
Executive Officer NEW YORK, Oct. 20 /PRNewswire-FirstCall/ --
Franklin Credit Management Corp. (OTC:FCSC) (BULLETIN BOARD: FCSC)
, a specialty financial services company that acquires, manages and
sells sub-prime residential mortgage assets, today announced that
Jeffrey R. Johnson has joined the Company's management team as
President and Chief Executive Officer. Mr. Johnson has also been
elected to the Company's Board of Directors. Mr. Johnson brings to
Franklin a wealth of executive experience within the residential
mortgage and financial service industries. He served as the
founding President and CEO of GMAC Bank, a wholly-owned subsidiary
of the General Motors Corporation. This multi-billion dollar bank
provides captive banking services to various GM affiliates,
especially their residential mortgage operation. From 1997 to 2000,
Mr. Johnson served as President and CEO of Equifax Secure, a
wholly-owned subsidiary of Equifax, a global provider of credit,
financial, public record, demographic and marketing information.
Equifax Secure provides advanced technology solutions that allow
consumers and companies to securely conduct financial transactions
and exchange information over the Internet. From 1989 to 1997, Mr.
Johnson was the President and CEO of the Prudential Bank and Trust
Company, a wholly-owned subsidiary of The Prudential Insurance
Company, where he created a $4 billion remote consumer banking
business with over 1.5 million customer relationships. The bank
offered an array of retail and commercial products including credit
cards, home equity loans, consumer deposits and trust services.
Prior to joining Prudential, Mr. Johnson held executive positions
in marketing and finance with Nations Bank, Citicorp, the Clorox
Company and Colgate Palmolive. "We are extremely pleased to welcome
Jeff Johnson as our new Chief Executive Officer," stated Thomas J.
Axon, Chairman of Franklin Credit Management Corp. "His extensive
management experience in finance, marketing, and strategic planning
should prove invaluable as our Company pursues a more aggressive
growth strategy in coming years." 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 operational
headquarters in New York City and through its website
http://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) DATASOURCE: Franklin Credit Management Corp. CONTACT:
Alan Joseph, CFO of Franklin Credit Management Corp.,
+1-212-925-8745, ext. 169,
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