EXHIBIT 99.1

FOR IMMEDIATE RELEASE


TROY, Mich.

June 22, 2005
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TROY, Michigan., June 22, 2005 /PRNewswire-FirstCall/ -- Flagstar Bancorp, Inc.
(NYSE: FBC), announced today that Michael W. Carrie, its former Chief Financial
Officer, resigned from the Boards of Directors of the Company and of Flagstar
Bank, fsb., the Company's wholly owned subsidiary. The Company also announced
that Mr. Carrie entered into a consulting agreement with the Company pursuant to
which Mr. Carrie will continue to serve the Company in a consulting capacity
through March of 2006 to assist in the transition of the successor Chief
Financial Officer.

The Company also announced that on June 21, 2005, the Boards of Directors of the
Company and the Bank appointed Brian Tauber as an independent member of the
Boards of Directors of the Company and the Bank to fill the vacancies resulting
from Mr. Carrie's resignation. Mr. Tauber was selected to serve on the Audit
Committee of the Company and the Bank.

Since 2001, Mr. Tauber has served as Chief Executive Officer and President of
Carolina Precision Plastics, LLC, an injection molder and assembler located in
Asheboro, North Carolina serving the lip balm, marker/pen and cosmetics
industries. Since 2003, Mr. Tauber has served as President and Chief Executive
Officer of C Enterprises, L.P., a custom cable assembly manufacturer located in
Vista, California serving the data and telecom industries. Mr. Tauber is also a
principal of BLT Ventures, LLC, which acquires majority interests in mid-market
manufacturing companies. Mr. Tauber received his Masters in Business
Administration and a law degree from the University of Michigan in 1992, and his
undergraduate degree from the University of Pennsylvania in 1988.

Flagstar Bancorp, which has $14.3 billion in total assets, is the second largest
banking institution headquartered in Michigan. Flagstar operates more than 125
banking centers in Michigan, Indiana and Georgia, home loan centers in 27 states
and correspondent lending offices across the country. Flagstar is one of the
nation's leading originators of residential mortgage loans.

The information contained in this release is not intended as a solicitation to
buy Flagstar Bancorp, Inc. stock, is provided for general information, and is
not intended to predict the future earnings of Flagstar Bancorp, Inc. Additional
information about Flagstar may be accessed via the Internet at
http://www.flagstar.com.

SOURCE Flagstar Bancorp, Inc.

/CONTACT: Paul Borja, Executive Vice President/ CFO of Flagstar Bancorp, Inc.,
+1-248-312-2000//Web site: http://www.flagstar.com /(FBC)