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Markdowns Take Toll on Impac.(Impac Mortgage Holdings Inc.)(Brief article)
Irvine, CA -- Former alt-A giant Impac Mortgage Holdings posted a $1.2 billion loss in the third quarter, $790 million of it tied to markdowns on various types of collateral, including derivatives.
The company - whose shares now trade for about $0.60 each - is no longer funding nonconforming loans but originated $261 million in agency product during the quarter.
As recently as the first quarter, it funded $2.4 billion in alt-A loans, ranking 15th nationwide. However, the alt-A sector - like subprime - has been hammered by rising delinquencies, falling home values and a lack of liquidity in the secondary market.
At the end of the third quarter, Impac's balance sheet included $19.4 billion in assets, which threw off interest income of $313 million.
Impac, echoing statements made by several other players in the business, blamed its problems on "deteriorating market conditions, higher delinquencies and higher severities."
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