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First Franklin Sees B&C Loss.(Franklin Credit Management Corp. revenue report)(Financial report)(Brief article)
Jersey City, NJ-Franklin Credit Management Corp. says it expects a second-quarter loss of $280 million to $285 million compared to a net loss of $3.6 million for the second quarter of 2007.
The company says the loss is due to deterioration in the subprime market and in the performance of its portfolio of acquired and originated loans, including, in particular, its portfolio of acquired second-liens.
The company has filed a five-day automatic extension with regard to filing its second-quarter Form 10-Q with the Securities and Exchange Commission.
This loss reflects a higher provision for credit losses, according to Thomas E. Hoaglin, chairman, president, and chief executive officer of ...
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New York Mortgage Trust Inc. said Thursday it had agreed to sell its wholesale lending business to Franklin Credit Management Corp. of Jersey City. The business would be folded into Tribeca Lending Corp., a unit of Franklin, whose...
Source: HighBeam Research, First Franklin Sees B&C Loss.(Franklin Credit Management Corp....