Impac Hit by Margin Calls, Delays Financials

Former alternative-A giant Impac Mortgage Holdings has revealed that it has been the subject of margin calls from Bear Stearns, noting that it cannot file its third-quarter financials on time and expects to report a larger-than-anticipated loss.Impac also revealed that it now has a "stockholders' deficit." At deadline time, its shares were trading down 10% to a new 52-week low of $0.68. In a filing with the Securities and Exchange Commission, Impac -- a publicly traded real estate investment trust -- said Bear Stearns had seized $286 million in residential loans from the company because of unmet margin calls. It also said it was in "technical default" on several warehouse lines. In late September, the Irvine, Calif.-based company exited most origination markets, and closed its warehouse and commercial mortgage divisions. Impac can be found online at http://www.impaccompanies.com.