EXHIBIT 31.2

                            SECTION 302 CERTIFICATION

I, Michael W. Carrie certify that:


1)   I have reviewed this quarterly report on Form 10-Q of Flagstar Bancorp,
     Inc.;

2)   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3)   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4)   Our other certifying officer and I are responsible for establishing and
     maintaining disclosure controls and procedures (as defined in Exchange Act
     Rules 13a-14 and 15d-14) for the Company and have:

     a)   designed such disclosure controls and procedures, or caused such
          disclosure controls and procedures to be designed under our
          supervision, to ensure that material information relating to the
          registrant, including its consolidated subsidiaries, is made known to
          us by others within those entities, particularly during the period in
          which this quarterly report is being prepared;

     b)   evaluated the effectiveness of our disclosure controls and procedures
          as of a date within 90 days prior to the filing date of this quarterly
          report (the "Evaluation Date");

     c)   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date; and

     d)   disclosed in this report any changes in our internal controls over
          financial reporting that occurred during our most recent quarter that
          has materially affected, or is reasonably likely to materially effect,
          our internal control over financial reporting.

5)   The Company's other certifying officer and I have disclosed, based on our
     most recent evaluation, to our external auditors and the audit committee of
     our board of directors:

     a)   all significant deficiencies and material weaknesses in the design or
          operation of internal controls over financial reporting which are
          reasonably likely to adversely affect our ability to record, process,
          summarize, and report financial data; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in our internal controls over
          financial reporting.


     Date:  August 12, 2003                  /s/ Michael W. Carrie
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                                             Signature

                                             Executive Director,  Treasurer and
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                                             Chief Financial Officer
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                                             Title