Franklin Credit Reports Debt Modifications

Franklin Credit Management Corp., a New York-based company that specializes in the purchase, servicing, and resolution of performing, re-performing, and nonperforming residential mortgage loans, has announced changes to its borrowing agreements.The company said new term loans will no longer be subject to a 50-basis-point success fee upon payoff, and that its 75-bp origination fee has been reduced to 50 bps. It also reported that its lead lending bank has agreed to reduce the interest rate margin on approximately $475 million of term debt at least 25 bps by Oct. 1 and another 25 bps by Jan. 1. Franklin Credit, which also buys, manages, and sells subprime residential mortgage assets, can be found on the Web at http://www.franklincredit.com.