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IRVINE, CA -- Impac Mortgage Holdings here, a mortgage REIT, said it will not pay a dividend in the second quarter as the company struggles to cope with higher-than-expected losses on real estate-owned.
The company had previously planned to expedite the sale of its REO and in making the dividend decision said it hopes that the acceleration of REO sales via auctions will reduce the loss rate and preserve capital over the long run.
Joseph Tomkinson, Impac's chairman and CEO, said in a news release that the company decided to expedite REO sales in light of increased delinquencies, REO and loan losses.
"Although we are seeing charge-offs at levels higher than ...