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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