EXHIBIT 99.1

                                          [FLAGSTAR LOGO]

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

                                          FOR IMMEDIATE RELEASE

FLAGSTAR BANCORP PERSONNEL ANNOUNCEMENT

Troy, Mich. (Oct 21, 2005) - Flagstar Bancorp, Inc. (NYSE:FBC), announced today
that on October 19, 2005, the Boards of Directors of the Company and Flagstar
Bank, F.S.B. appointed Jay J. Hansen as an independent member of the Boards of
Directors of the Company and the Bank. Mr. Hansen will also serve as Chairman of
the Audit Committee of the Company and the Bank.

Since May 2003, Mr. Hansen has served as Chief Financial Officer and Vice
President of Noble International, Ltd., a Nasdaq-listed company and a supplier
of automotive parts, component assemblies and value-added services to the
automotive industry, and served as Vice President of Corporate Development from
2002 to 2003. Prior to joining Noble, Mr. Hansen was Vice President at Oxford
Investment Group, a privately held merchant bank with holdings in a variety of
business segments. Mr. Hansen was with Oxford from 1994 to 2002 and served as
the Vice President from 2000 to 2002. Prior to joining Oxford, Mr. Hansen held
several management positions at Michigan National Bank. Mr. Hansen received his
Bachelor of Science Degree from The Wharton School at the University of
Pennsylvania in 1985.

Flagstar Bancorp, which has $14.9 billion in total assets, is the second largest
banking institution headquartered in Michigan. Flagstar operates 129 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.