Irvine-based Impac Mortgage Holdings Inc. saw its stock drop nearly 25% in trading on Monday, the latest casualty of Orange County’s struggling subprime mortgage industry.
Shares of Impac, a real estate investment trust that buys and sells loans, dropped to its lowest point of the past year on Monday. Its stock was trading near $4.40 midday.
Impac said on Friday that it wouldn’t be able to file its annual financial report on time, citing a “material weakness” in its cash-flow reporting for mortgage loan sales and purchases.
The company, which recently moved to its newly constructed headquarters on Jamboree Road, has lost nearly two-thirds of its value since the summer. It’s now counts a market value of about $334 million.
Impac’s Wall Street woes were overshadowed on Monday by the free-fall of Irvine-based New Century Financial Corp.’s stock. The country’s second-largest subprime lender saw its stock drop 65% in Monday’s trading.
New Century’s stock has lost more than 80% of its value since in the past month.
