Impac Cuts Staff to Reduce Expenses

Impac Mortgage Holdings Inc., Irvine, Calif., has laid off approximately 350 people as part of its previously announced plans to reduce operating expenses.Impac blamed the volatility in the secondary and securitization markets for nonconforming mortgages. Joseph R. Tomkinson, chairman and chief executive of Impac, commented, "We are deeply saddened by the displacement of these employees, many of whom have been loyal to the company for more than a decade. During this very difficult time, the company is hosting a variety of seminars, career days, daily lab environments and a job fair to assist our employees in their job searches. Further, we have engaged multiple business partners within the industry to place infrastructures in various sale regions either partially or in their entirety."