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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

IMPAC In Trouble
PostPosted: Thu Mar 15, 2007 4:39 pm Reply with quoteBack to top

IMPAC In Trouble
My sources report that IMPAC is in trouble. While they have projected a calm outward persona there is panick on the inside, as they watch an ever-growing portion of their primarily Alt-A loan base head in to delinquent and default status. More as it develops.


http://blownmortgage.typepad.c.....roubl.html
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Re: IMPAC In Trouble
PostPosted: Thu Mar 15, 2007 4:43 pm Reply with quoteBack to top

Anyone have anything to add to this guys commentary?
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: IMPAC In Trouble
PostPosted: Thu Mar 15, 2007 5:47 pm Reply with quoteBack to top

There's this from today's LA Times:

Impac's delinquent loans double, but stock up 13%
From Reuters
March 15, 2007

Impac Mortgage Holdings Inc. said Wednesday that the percentage of delinquent loans in its long-term mortgage portfolio doubled to 6.12% last year, but its stock rose 13%.

Impac President William Ashmore said he was comfortable with the Newport Beach-based company's liquidity position. Impac has limited exposure to sub-prime mortgages. Nevertheless, some of the same problems in that risky mortgage sector could hurt its business.

"This may result in a reduction of our mortgage originations and acquisitions and reduce or eliminate the liquidity currently available to us to fund our operations," Impac said in its annual filing with the Securities and Exchange Commission.

Ashmore said the language in the filing shouldn't be read as a warning of a cash crunch. Impac's main business is extending loans to borrowers who don't qualify for loans backed by government agencies but who have better credit than sub-prime customers.

Impac's shares rose 58 cents to $5.03.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: IMPAC In Trouble
PostPosted: Thu Mar 15, 2007 5:48 pm Reply with quoteBack to top

My favorite line from that is "This may result in a reduction of our mortgage originations and acquisitions and reduce or eliminate the liquidity currently available to us to fund our operations,"

File that under 'things that make you go hmmm....'

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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slantedvu
Dud?


Joined: 12 Mar 2007
Posts: 17

Re: IMPAC In Trouble
PostPosted: Thu Mar 15, 2007 6:35 pm Reply with quoteBack to top

Fine with me if the stock is rising. I wonder if it's even worth shorting at $5 and some change.
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