PLEDGE, ASSIGNMENT AND SECURITY AGREEMENT

Exhibit 10.69 PLEDGE, ASSIGNMENT AND SECURITY AGREEMENT PLEDGE, ASSIGNMENT AND Security Agreement (this " Agreement "), dated as of August 15, 2008, by FRANKLIN CREDIT MANAGEMENT CORPORATION, a Delaware corporation (the " Borrower "), each of the entities listed on the signature pages hereof as grantors or that becomes a party hereto pursuant to Section 7.10 of the Security Agreement referred to below (each a " Grantor " and, collectively, the " Grantors "), in favor of THE HUNTINGTON NATIONAL BANK, a national banking association (" Lender "). W i t n e s s e t h: Whereas, all the Grantors are party to a Security Agreement dated as of November 15, 2007, in favor of Lender (the " Security Agreement ") pursuant to which the Grantors are required to execute and deliver this Agreement; Whereas, pursuant to the Credit Documents, Lender has made extensions of credit to Borrower and certain of its affiliates upon the terms and subject to the conditions set forth therein; and      Now, Therefore, in consideration of the premises and to comply with the requirements of the Security Agreement, each Grantor hereby agrees with Lender as follows: Section 1. Defined Terms Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. Section 2. Grant of Security Interest in Collateral Each Grantor, as collateral security for the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, hereby collaterally pledges, assigns, conveys, mortgages, pledges, hypothecates and transfers to Lender, and grants to Lender a lien on and security interest in, all of its right, title and interest in, to and under the following collateral of such Grantor (the " Collateral "): (a) all of its proceedings, choses in action and Commercial Tort Claims in which it has an interest, including, without limitation, any proceeding, choses in action, and Commercial Tort Claim referred to on Schedule I attached hereto; and (b) all Proceeds of the foregoing. Section 3. Security Agreement The security interest granted pursuant to this Agreement is granted in conjunction with the security interest granted to Lender pursuant to the Security Agreement and each Grantor hereby acknowledges and affirms that the rights and remedies of Lender with respect to the security interest in the Collateral made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. [Signature Pages Follow]

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In witness whereof, each Grantor has caused this Agreement to be executed and delivered by its duly authorized offer as of the date first set forth above.