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Impac Forms a New Unit To Manage Problem Credits.
Irvine, CA -- Impac Mortgage Holdings here has formed a new subsidiary to acquire, restructure, and remarket nonperforming mortgage loans and real estate property.
Impac CEO Joseph Tomkinson said the unit is being created "in anticipation of deterioration in the mortgage market." The new unit, to be called Arch Bay Group, will be led by Shawn Miller, president, and Steven Davis, chief financial officer. Both were founders of 3 Arch Financial Services, which specialized in providing default services for banks and mortgage servicers.
That firm was sold to Land America Financial Group in 2004.
Mr. Tomkinson said the new unit is designed to take advantage of third-party capital and Impac's infrastructure to purchase nonperforming loans. In addition, he said Impac will employ proprietary modeling and loss mitigation strategies to restructure or refinance nonperforming loans. Loans that cannot be restructured or refinanced will be liquidated, he said.
"With the ...
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Source: HighBeam Research, Impac Forms a New Unit To Manage Problem Credits.