Impac Settles Most Repurchase Claims
Impac Mortgage Holdings Inc., a real estate investment trust here, said it has settled a majority of its outstanding repurchase claims.
Joseph Tomkinson, chairman and chief executive of Impac, said, "This is a big step forward for the company as it should ultimately improve the company's future liquidity." Furthermore, the company is in the process of negotiating the refinancing of its remaining warehouse borrowings.
Because of the negotiations, the company expects to add disclosures and make changes to its fourth-quarter and full-year 2007 financial statements.
It failed to file its 10-K with the Securities and Exchange Commission when originally due. The company filed for a 15-day extension, but that deadline also has passed. In its statement, Impac said it would file the form "as soon as practical."
However in the filing asking for the extension, Impac revealed "it will experience a significantly greater loss for 2007 as compared to 2006." In 2006, the company lost $66.3 million using Generally Accepted Accounting Principles. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/