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Impac Posts Q2 Loss of $152M

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.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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