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Franklin Posts Big Loss, Extends Loan Agreement.
New York -- Franklin Credit Management Corp. lost $8.6 million last year, or $1.90 per share. The company cited the "rapid and substantial" deterioration in the housing and subprime mortgage markets as key factors in reducing the performance of loan portfolios acquired by the company. That forced the company to reassess its allowance for loan losses. The company's provision for loan losses totaled $254.7 million at the end of 2007, up from $53.3 million at the end of 2006. Franklin Credit Management said it has reached a restructuring and forbearance agreement with its lead lending bank. That forbearance agreement led to a net gain of $284.2 million ...
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