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Alt-A Funder Impac Listening to Offers?(Impac Mortgage Holdings Inc.)(Brief article)
Newport Beach, CA -- Impac Mortgage Holdings here, a top-ranked alt-A lender, has been talking to investors about a possible sale, investment banking sources confirmed to Mortgage Servicing News. One industry source familiar with the matter said there is an offering book out on the company.
At press time, Tania Jernigan, Impac's vice president for investor relations, could not be reached for comment. The publicly traded Impac is the nation's seventh largest alt-A lender in the U.S., according to figures compiled by Mortgage Servicing News and the Quarterly Data Report. Late last week, its stock was trading at $9.20 compared to a 52-week low of $7.17 and a high of $22.32.
Impac is a real estate investment trust, a legal structure that results in a large percentage of its earnings being paid out to shareholders in the form of dividends.
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