Effective November 9, 2012, Paul Colasono was appointed by Franklin Credit Management Corporation to the position of Executive Vice President and Chief Operating Officer, and Kimberley Shaw was appointed Chief Financial Officer. Mr. Colasono had been, until November 9, 2012, the Executive Vice President and Chief Financial Officer of FCRM, a position he had held since April 2005. Ms. Shaw, age 50, Senior Vice President, Controller and Treasurer of FCRM (positions she has held since 1998) will assume the additional position of Chief Financial Officer effective November 9, 2012.