Jersey City, NJ (June 13, 2012) – Franklin Credit Management Corporation in association with its affiliate BOSCO Credit, LLC, has closed on the acquisition of in excess of 1,900 performing, non-performing and charged-off second lien loans and deficiency balances with an aggregate unpaid principal balance of approximately $100 million. Franklin Credit will be the special servicer for the BOSCO entity.
The portfolio is geographically diverse with the largest concentrations of borrowers residing in California (14%), Texas (10%) and New York (10%). Franklin Credit is a proven leader in the recovery of distressed second mortgages and deficiency balances and has significantly increased its servicing business having added over $600 million of similar type loans in the first half of 2012. Franklin will typically seek a solution that will resolve the loan, many times either through a discounted payoff or a restructured payment plan.
“To be sure, Franklin Credit is not new to this business. We understand people and their financial make-up and are sensitive to those that can and those that cannot pay, said Tom Axon, Chairman of Franklin Credit. “Our company is extremely well positioned to continue to grow its servicing business and as such shareholder value, and we are confident that our continued positive results will generate more opportunities in this space.”