Irvine-based mortgage lender and investor Impac Mortgage Holdings Inc. said it lost $152.5 million in the second quarter, compared to profit of $26.4 million a year ago.
The second-quarter loss was disclosed in a filing with the Securities and Exchange Commission.
The filing also said Impac would be unable to file its full quarterly results with regulators on time due in part to volatility and disruptions in the mortgage and secondary markets.
Last week, Impac said it planned to stop funding Alt-A loans because of rising defaults and growing Wall Street apprehension about the loans. Alt-A mortgages often are made to people who have difficulty documenting income, such as small-business owners.
About 90% of Impac’s mortgages last year were Alt-A, which fall in between the riskiest subprime loans and the best mortgages.
Shares for the company were down 14% on Monday. The company counts a market value of about $120 million.
For additional coverage of Impac, see the Aug. 13 issue of the Business Journal.