IMH - Sector: Financial***Industry: Consumer Financial Services

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Profile :  


Impac Mortgage Holdings Inc.
19500 Jamboree Road
Irvine, CA 92612
United States - Map
Phone: 949-475-3722
Fax: 949-475-3904
Web Site: http://www.impaccompanies.com

DETAILS  
Index Membership: N/A
Sector: Financial
Industry: Mortgage Investment
Full Time Employees: 827


BUSINESS SUMMARY  
Impac Mortgage Holdings, Inc., through its subsidiaries, operates as a mortgage real estate investment trust (REIT) in the United States. The company acquires, originates, sells, and securitizes various mortgages. The company's operations include long-term investment, mortgage, commercial, and warehouse lending. The long-term investment operations primarily invest in adjustable rate and fixed rate Alt-A mortgages and commercial mortgages that are acquired and originated by its mortgage and commercial operations. The long-term investment operations retain adjustable rate and fixed rate Alt-A mortgages that are acquired and originated by its mortgage operations, as well as invests in commercial mortgages that are primarily adjustable rate mortgages. Its long-term mortgage portfolio consists of mortgages held as securitized, collateral, and mortgages held-for-investment. The mortgage operations acquire, originate, sell, and securitize primarily Alt-A adjustable rate mortgages and fixed rate mortgages from correspondents, mortgage brokers, and retail customers. Correspondents include savings and loan associations, commercial banks, and mortgage bankers. The commercial operations originate commercial mortgages, primarily adjustable rate mortgages with initial fixed interest rate periods. The warehouse lending operations provide short-term financing to mortgage loan originators, including the mortgage and commercial operations, by funding mortgages from their closing date until sale to pre-approved investors. Impac Mortgage Holdings has elected to be treated as a REIT for federal income tax purposes and would not be subject to federal income tax, if it distributes at least 90% of its REIT taxable income to its stockholders. The company was founded in 1995 and is headquartered in Irvine, California.

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Mortgage mess spreads, creates bargains.......

52wk Range: 0.95 - 9.99
Volume: 2,281,094
Avg Vol (3m): 1,429,910

Technicals
Record Volume
Most Actives
Percentage Gainer

Last Price Quote is:
-32.01%below 13-day MA
-57.85%below 50-day MA
RS Rating: 91 

Fundamentals
Earnings Expected on Aug 8

Key Data:
Market Cap (M): $126.30 
P/E Ratio: 2.77 
PEG Ratio: N/A 
Next Earnings: 11/07/2007
Last Analyst Rating: Hold

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Impac seeks to reassure investors.......

NEW YORK, Aug 8 (Reuters) - Embattled mortgage lender Impac Mortgage Holdings Inc. (IMH.N: Quote, Profile, Research) on Wednesday sought to reassure investors after an analyst speculated the company might file for bankruptcy if additional funding does not materialize.

Impac this week stopped funding Alt-A loans, its chief mortgage product, but said it would continue writing loans eligible to be sold to government-sponsored agencies.

Impac Chairman Joseph Tomkinson said recent remarks by UBS analyst Omotayo Okusanya are largely speculative and contributing to the volatility of Impac's stock. Impac shares on Tuesday closed down 36 percent at $1.09, and have lost more than 85 percent of their value this year.

"While we can not make any guarantees, we continue to believe that we can successfully navigate through this cycle emerging as a stronger, more competitive company," Tomkinson said in a statement.

He said the company has met its margin calls and recently declared a dividend on preferred stock. Despite disruption in the secondary loan market, Impac has sold about $1 billion in loans.

The company expects the loan sales to satisfy current borrowing balances with excess cash going to Impac.

Impac's Alt-A loans are not considered as risky as subprime loans, but they do not have all of the qualities of prime mortgages, or loans to people with good credit.