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): DECEMBER 8, 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))


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ITEM 8.01 OTHER EVENTS

On December 8, 2005, Flagstar Bancorp, Inc. issued a press release announcing
that Flagstar ABS, LLC, a wholly-owned subsidiary of Flagstar Bank, FSB, has
issued $600 million aggregate principal amount of asset backed notes through
Flagstar Home Equity Loan Trust 2005-1. Flagstar Bank, FSB is a wholly-owned
subsidiary of Flagstar Bancorp, Inc. The text of the press release is included
as Exhibit 99.1 to this report.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

        (c) The following exhibits are being furnished herewith:



Exhibit No.           Exhibit Description
- -----------           -------------------

          
99.1         Press Release dated December 8, 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: December 8, 2005     By: /s/ Paul D. Borja
                                 --------------------------------------------
                                 Paul D. Borja
                                 Executive Vice-President and Chief Financial
                                 Officer

                                 Exhibit Index
                                 -------------




Exhibit No.         Exhibit Description
- -----------         -------------------
             
99.1            Press Release dated December 8, 2005.

EX-99.1

                                                                    EXHIBIT 99.1





FLAGSTAR BANCORP CLOSES $600 MILLION SECURITIZATION

Troy, Michigan - December 8, 2005 - Flagstar Bancorp, Inc. (NYSE: FBC) announced
today that Flagstar ABS, LLC, a wholly-owned subsidiary of Flagstar Bank, FSB,
has issued $600 million aggregate principal amount of asset backed notes (the
"Notes") through Flagstar Home Equity Loan Trust 2005-1 (the "Trust"). Flagstar
Bank, FSB is a wholly-owned subsidiary of Flagstar Bancorp.

The Notes consist of one class and are backed by the assets of the Trust, which
are solely made up of home equity lines of credit originated and serviced by
Flagstar Bank, FSB. The interest rate on the Notes is LIBOR plus 0.23%, and the
Notes have been rated "AAA" and "Aaa" by Standard & Poor's and Moody's Investors
Service, Inc., respectively.

The transaction, which was a private placement to qualified institutional
buyers, utilized a pre-funding structure, in which approximately $450 million
home equity lines of credit were sold today and approximately $150 million home
equity lines of credit will be sold within 90 days.

Mark Hammond, Chief Executive Officer of Flagstar Bancorp, commented "We believe
that the successful completion of this transaction is an important step in our
efforts to leverage our origination capability and technology platform. Although
we have been successful with our historical focus on agency products and growing
our portfolio, we believe that our entry into the private securitization market
will provide us with expanded opportunities to grow our business. We are an
opportunistic seller of assets, and we will continue to securitize HELOCs or
other mortgage products when we believe that market conditions are favorable."

This news release does not constitute an offer to sell or the solicitation of an
offer to buy any of these securities. The securities offered and sold have not
been registered under the Securities Act, or any state securities laws. Unless
so registered, the notes may not be offered or sold in the United States except
pursuant to an exemption from the registration requirements of the Securities
Act and applicable state securities laws.

Flagstar Bancorp, which has $15.4 billion in total assets, is the largest
publicly-held savings bank in the Midwest. Flagstar operates more than 130
banking centers in Michigan, Indiana and Georgia, home loan centers in 24 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.