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