Origination/Lending
Impac Warns of Huge Loss
By: PAUL JACKSON
August 13, 2007
Impac Mortgage Holdings Inc. said in a filing late Friday with the SEC that it expects to report a net loss for the second quarter of $152.5 million, compared to earnings of $26.4 million for the year ago period.
The filing with the SEC was an explanation of the company’s delay in filing its quarterly 10-Q:
Impac Mortgage Holdings, Inc. was unable to complete and timely file its Form 10-Q for the three months ended June 30, 2007 as a result of the recent volatility and disruptions in the mortgage and secondary markets and integration and analysis of the financial information from its May 2007 acquisition of certain assets and liabilities, each of which caused the management to need more time to review and prepare its financial statements.
Impac has said it expects to release its earnings on Tuesday.
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