Paul Colasono Joins Franklin Credit Management Corporation as

Press Release:

Paul Colasono Joins Franklin Credit Management Corporation as Chief Financial Officer

Press Release
News Article April 2005

NEW YORK, April 14 /PRNewswire-FirstCall/ -- Franklin Credit Management Corporation (BULLETIN BOARD: FCSC) , a specialty consumer finance company primarily engaged in the acquisition, origination, servicing and resolution of performing, subperforming and nonperforming residential mortgage loans, today announced that Paul D. Colasono has joined the Company's executive management team as Chief Financial Officer.

Mr. Colasono has thirty years of management experience in finance, accounting, controllership, strategic planning, and mergers and acquisitions in the retail banking and mortgage banking industry. From 2003 to present, he was an independent business consultant providing strategic and financial consulting services. From 1997 through 2001, he was Vice President and Controller at GE Capital Mortgage Services Corporation, with responsibility for all accounting, controllership, treasury and capital markets functions.

From 1981 until 1997, Mr. Colasono served in various management capacities at The Dime Savings Bank of New York. From 1994 to 1997, he was Senior Vice President, Chief Administrative Officer and Chief Financial Officer of the mortgage banking division. From 1990 through 1994, Mr. Colasono was President and CEO of the Dime Savings Bank of New Jersey, a subsidiary of The Dime Savings Bank of New York. From 1984 to 1990, he served as Executive Vice President / Director of Strategic Planning, and from 1982 to 1984 he was First Senior Vice President and Controller of the Dime Savings Bank of New York.

Mr. Colasono began his career at The Chase Manhattan Bank, N.A. in 1969, and he earned his MBA and BS (Accounting) degrees from St. John's University.

"We are delighted to welcome Paul to our executive team as the Company's new Chief Financial Officer," commented Jeffrey Johnson, Chief Executive Officer of Franklin Credit Management Corporation. "We look forward to Paul playing a key role in formulating and executing our growth strategy within the non-prime mortgage industry."

The Company also announced that Alan Joseph has resigned from his position as CFO in order to pursue other business interests. "Alan has been a terrific CFO and contributed greatly to the performance of Franklin Credit Management during the past several years," noted Johnson. "More importantly, Alan has been a great friend to the Franklin family, and we wish him the best in his future endeavors."

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