Bankrupt Franklin Credit Holding To Sell Mortgage Unit

Law360, New York (June 6, 2012, 12:39 PM EDT) -- Franklin Credit Holding Corp., crushed under $827 million in debt, filed for Chapter 11 on Monday in New Jersey and said it would sell off its 80 percent ownership in a subsidiary mortgage servicing company.

The holding company claimed assets of $1.2 million and liabilities of $827 million, most of which come from two other subsidiaries.

Franklin Holding said it planned to put up for sale its 80 percent ownership interest in subsidiary Franklin Credit Management Co., which it said was not planning to file for...
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