8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                             CURRENT REPORT PURSUANT
                          TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported): AUGUST 5, 2005

                             FLAGSTAR BANCORP, INC.
             (Exact name of registrant as specified in its charter)

           MICHIGAN                       1-16577                 38-3150651
(State or other jurisdiction of       (Commission File        (I.R.S. Employer
        incorporation)                     Number)           Identification No.)

    5151 CORPORATE DRIVE, TROY, MICHIGAN                           48098
  (Address of principal executive offices)                      (Zip Code)

                                 (248) 312-2000
              (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))

ITEM 4.01 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT

On August 5, 2005, the Audit Committee of the Board of Directors of Flagstar
Bancorp, Inc. (the "Company") engaged Virchow, Krause & Company, LLP ("Virchow
Krause") as the Company's independent registered public accounting firm
commencing immediately. As part of its engagement, Virchow Krause will review
the financial statements contained in the Company's Form 10-Qs filed during the
remainder of 2005 (including the Form 10-Q for the quarter ended June 30, 2005)
and audit the Company's financial statements for the year ending December 31,
2005. The Company's prior independent registered public accounting firm, Grant
Thornton LLP, resigned on June 13, 2005.

During the two most recent fiscal years and through August 5, 2005, the Company
did not consult Virchow Krause with respect to (i) the application of
accounting principles to any transaction, either contemplated or proposed, (ii)
the type of audit opinion that might be rendered on the Company's financial
statements, or any matter that was either the subject of a disagreement (as
defined in Item 304(a)(1)(iv) of Regulation S-K) or a reportable event (as
described in Item 304(a)(1)(v) of Regulation S-K). Attached and incorporated
herein by reference as Exhibit 99.1 is a copy of the press release issued by the
Company on August 5, 2005 announcing the engagement of Virchow Krause.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

     (c) The following exhibit is being furnished herewith:

EXHIBIT NO.           EXHIBIT DESCRIPTION

99.1                  Press Release dated August 5, 2005.

                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.

                                FLAGSTAR BANCORP, INC.

Dated: August 8, 2005           By: /s/ Paul D. Borja
                                    --------------------------------------------
                                    Paul D. Borja
                                    Executive Vice President and Chief Financial
                                    Officer

                                 EXHIBIT INDEX

EXHIBIT NO.             DESCRIPTION
99.1                    Press Release dated August 5, 2005.

EX-99.1

                                                                    EXHIBIT 99.1

[FLAGSTAR BANCORP LETTERHEAD]


                                                  NEWS RELEASE
                                                  FOR MORE INFORMATION CONTACT:
                                                  Paul D. Borja
                                                  Executive Vice President / CFO
                                                  (248) 312-2000

                                                  FOR IMMEDIATE RELEASE


                 FLAGSTAR BANCORP ANNOUNCES NEW ACCOUNTING FIRM

Troy, Mich. (August 5, 2005) - Flagstar Bancorp, Inc. (NYSE:FBC), announced
today that Virchow, Krause & Company has been engaged as the Company's
independent registered public accounting firm, effective immediately.

"The audit committee's selection of Virchow, Krause provides us with a top
regional accounting firm that is committing its best people to address the
accounting needs of a financial institution our size. We look forward to working
with Virchow, Krause, which enjoys an excellent reputation in the region for its
high-quality service to numerous financial institutions, both public and
private. Together with the Big 4 firms that we have engaged to assist us with
other areas, we believe we are better positioned to meet the increasing demands
of the current post-Sarbanes-Oxley environment," said Mark T. Hammond, President
and Chief Executive Officer of the Company.

Virchow, Krause will commence its auditing services with the review of the
Company's financial results for the quarter ended June 30, 2005, but will not
have sufficient time to review the Company's Form 10-Q for the period ended June
30, 2005 prior to its anticipated filing date of August 9, 2005. Accordingly,
the Company will file an amended Form 10-Q for the period ended June 30, 2005
after Virchow, Krause has had an opportunity to complete its review.

Flagstar Bancorp, which has $14.9 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 and is provided for general information. This
release contains certain statements that may constitute "forward-looking
statements" within the meaning of federal securities laws. These forward-looking
statements include statements about the Company's beliefs, plans, objectives,
goals, expectations, anticipations, estimates, and intentions, that are subject
to significant risks and uncertainties, and are subject to change based upon
various factors (some of which may be beyond the Company's control). The words
"may," "could," "should," "would," "believe," and similar expressions are
intended to identify forward-looking statements. Additional information about
Flagstar may be accessed via the Internet at http://www.flagstar.com.