Exhibit 99.1

For Immediate Release


Contact:  Paul Colasono, CFO
Franklin Credit Management Corporation
(201) 604-4402
pcolasono@franklincredit.com


                      FRANKLIN CREDIT MANAGEMENT ANNOUNCES
                     DELINQUENCY NOTICE RECEIVED FROM NASDAQ

NEW YORK, April 24, 2006 -- Franklin Credit Management Corporation (NASDAQ: FCMC
- - News), today reported that, in connection with the Company's delayed filing of
its Form 10-K, the Company received a letter from NASDAQ on April 18, 2006,
indicating that as a result of the Company's failure to timely file its 2005
Annual Report on Form 10-K with the Securities and Exchange Commission ("SEC"),
the Company was not in compliance with the NASDAQ requirements for continued
listing set forth in NASDAQ Marketplace Rule 4310(c)(14). This rule requires the
Company to make all filings timely with the SEC, as required by the Securities
Exchange Act of 1934, as amended.

The Company requested a hearing in accordance with the Marketplace Rule 4800
Series, which hearing request will stay the delisting of the Company's
securities pending a decision by a NASDAQ Listing Qualifications Panel. The
Company plans to file its 2005 Form 10-K on or before April 25, 2005 and
believes that such filing will restore the Company's compliance with Marketplace
Rule 4310(c)(14) and render the hearing unnecessary.

About Franklin Credit Management Corporation

Franklin Credit Management Corporation ("Franklin") is a specialty consumer
finance company primarily engaged in two related lines of business -- the
acquisition, servicing and resolution of performing, reperforming and
nonperforming residential mortgage loans; and the origination of non-prime
mortgage loans for the Company's portfolio and for sale into the secondary
market. Franklin focuses on acquiring and originating loans secured by 1-4
family residential real estate that generally fall outside the underwriting
standards of Fannie Mae and Freddie Mac and involve elevated credit risk as a
result of the nature or absence of income documentation, limited credit
histories, higher levels of consumer debt or past credit difficulties. The
Company typically purchases loan portfolios at a discount to the unpaid
principal balance and originates loans with interest rates and fees calculated
to provide a rate of return adjusted to reflect the elevated credit risk
inherent in these types of loans. Franklin originates non-prime loans through
its wholly-owned subsidiary, Tribeca Lending Corp. and generally holds for
investment the loans acquired and a significant portion of the loans originated.
The Company's executive offices are headquartered in New York City and its new
administrative and operations office is located in Jersey City, New Jersey.
Additional information on the company is available on the Internet at our
website at www.franklincredit.com. Franklin's common stock is listed on the
NASDAQ National Market under the symbol "FCMC".

Statements contained herein that are not historical fact may be forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
that are subject to a variety of risks and uncertainties. There are a number of
important factors that could cause actual results to differ materially from
those projected or suggested in forward-looking statements made by the Company.
These factors include, but are not limited to: (i) unanticipated changes in the
U.S. economy, including changes in business conditions such as interest rates,
and changes in the level of growth in the finance and housing markets; (ii) the
status of our relations with our sole lender and the lender's willingness to
extend additional credit to us; (iii) the availability for purchases of
additional loans; (iv) the availability of sub-prime borrowers for the
origination of additional loans; (vi) changes in the statutes or regulations
applicable to our business or in the interpretation and enforcement thereof by
the relevant authorities; (vii) the status of our regulatory compliance; and
(viii) other risks detailed from time to time in our SEC reports and filings.
Additional factors that would cause actual results to differ materially from
those projected or suggested in any forward-looking statements are contained in
the Company's filings with the Securities and Exchange Commission, including,
but not limited to, those factors discussed under the caption "Interest Rate
Risk" and "Real Estate Risk" in the Company's Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q, and "Risk Factors" contained in the Company's
S-1 filing, which the Company urges investors to consider. The Company
undertakes no obligation to publicly release the revisions to such
forward-looking statements that may be made to reflect events or circumstances
after the date hereof or to reflect the occurrences of unanticipated events,
except as other wise required by securities, and other applicable laws. Readers
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date thereof. The Company undertakes no obligation to
release publicly the results on any events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.