Items Tagged with 'Franklin Credit Management Corp.'

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  • Franklin Credit Warns on $280M Q2 Loss

    Franklin Credit Management Corp. is back into trouble this quarter, saying in a filing Friday with the Securities and Exchange Commission that it could not file its second quarter results due to the effect of sizeable loss provisions. The scratch-and-dent specialist said that it expected to post a net loss of $280 million to $285 million when it files its second quarter earnings, according to the regulatory filing.
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  • Franklin Credit Hedges Against Rates

    In a bet that recent steep drops in short-term interest rates may be coming to an end, Franklin Credit Management Corporation said Wednesday that it had entered into interest rate swap agreements, hedging a portion of its interest-rate-sensitive borrowings against future increases in short-term interest rates.
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  • Franklin Credit Enters into Debt Restructuring

    Franklin Credit Management Corporation, primarily a scratch-and-dent mortgage operation, said late Thursday that it had entered into debt restructuring with its primary creditor, The Huntington National Bank. HW reported in November on the woes at Franklin Credit, which at the time said it might not survive.
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  • Franklin Credit Hits a Wall; Warns It May Not Survive

    Franklin Credit Management Corporation -- one the larger scratch-and-dent mortgage operations out there besides C-BASS -- said late yesterday that it would delay filing its third quarter operating results amid the need to account for "a substantial increase in the provision for loan losses." The company said it expects to report "substantial negative stockholder's equity" as a result of the losses, and said it may be insolvent if it doesn't get waivers of credit terms from its principal financier.
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  • Franklin Credit Posts Second Quarter Loss; Sees Brighter Future Ahead

    Franklin Credit Management Corp. said this morning that it recorded a net loss for the second quarter of $3.58 million, compared to a loss of $1.39 million in the year-ago period and a loss of $1.95 million during the first quarter. The net loss came in spite of a strong 17 percent increase in revenue from year-ago levels, with the company reporting quarterly revenues of $47.1 million.
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  • Franklin Credit's Tribeca to Acquire New York Mortgage Co. Wholesale Platform

    Franklin Credit Management Corporation today announced that its wholly-owned origination subsidiary, Tribeca Lending, has entered into a definitive agreement with The New York Mortgage Company, LLC to acquire its wholesale mortgage origination operation, which includes offers of employment to approximately 60 sales and processing personnel located in Bridgewater, New Jersey. The sale of its wholesale platform will complete the disposition of most of New York Mortgage's lending assets. The company had announced February 7 that it would sell its retail operations to IndyMac Bank for $13.4 million, citing "significant challenges" in the mortgage industry.
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