Impac Posts 1st-Half Loss of $31M

Impac Mortgage Holdings, a subprime lender based in Irvine, Calif., has reported a net loss of $31.3 million ($0.51 per share) in the first half, compared with a net loss of $274.2 million in the first half of 2007. Impac, a real estate investment trust, said the "broad repricing of mortgage credit risk continued the severe contraction in market liquidity" and that the volatile capital markets "have effectively been unavailable" to the company. The mortgage REIT said it hopes to "align the costs of our operations to the cash flows from our long-term mortgage portfolio (residual interests in securitizations), master servicing portfolio, and real estate advisory fees." The company said other goals include reducing or eliminating dividend payments on its preferred stock and modifying its trust preferred securities. Impac can be found online at http://www.impaccompanies.com.