Impac Soars After Answering Critics

Impac Mortgage Holdings, Irvine, Calif., saw its stock price soar 44% in trading Wednesday after it shot back at its brokerage house critics, clarifying that it has met all its margin calls, has "financing facilities," and is continuing to fund loans.Earlier in the week, Impac suspended originations of alternative-A loans -- a bread-and-butter product for the lender. (On Aug. 7, its stock fell by 40%.) Even though Impac has exited -- for now -- the alt-A niche, it is continuing to fund government loans and reverses. The nondepository real estate investment trust said it has "secured definitive agreements to begin originating and selling reverse mortgage loans through its wholesale and retail platforms." At deadline time its stock was trading at $1.70, compared with a 52-week low of $0.95 and a high of $9.99. This spring, Impac bought Pinnacle Financial Corp., a nationwide retail lender with expertise in conforming agency loan programs.