Tuesday, September 18, 2007

Impac Will Cease Almost All Lending, Eliminates 144 More Jobs

By Erik Schatzker

Sept. 18 (Bloomberg) -- Impac Mortgage Holdings Inc., the California home lender that suspended some operations last month, said it now plans to cease almost all lending after ``market disruptions'' brought on by rising defaults on subprime loans.

The company, based in Irvine, said in a statement that it gave notice to 144 more employees across the U.S. and will exit ``warehouse lending, commercial lending and substantially all of its mortgage lending.'' Impac plans to keep only facilities that originate loans conforming to standards set by government- sponsored mortgage buyers.

Impac specialized in Alt-A loans to homebuyers who fell between the most creditworthy, or prime, customers and those with the worst repayment records.
Last Updated: September 18, 2007 09:22 EDT

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