Impac Mortgage Holdings in Irvine reported Friday a loss of $152.3 million in the second quarter vs. a gain of $26.4 million a year earlier.
In a brief filing with the Securities & Exchange Commission, the troubled lender said it cannot file its quarterly report on time because of “disruptions” in the mortgage market and the market to sell mortgages to investors. It also cited its May acquisition of Pinnacle Financial Corp. of Orlando, Fla.
The company in a press release on Friday said it expects to file its report tomorrow, Aug. 14, and hold an earnings conference call the next day.
On Aug. 7, the company said it would no longer fund Alt-A loans, which has been its core business since its founding in 1995, citing a drop in investor demand for the loans. Instead, Impac is focusing on selling conforming loans to Freddie Mac and Fannie Mae. It’s also doing reverse mortgages and lending money to apartment developers.
This is another massive blow connecting smack under the chin of Impac. They are literally airborne, unconscious, flying through the ropes, and crashing down to the market floor.
Sadly, they are not alone… lot’s of other former companies below them to break their fall.
what makes you the all knowing guru
Im still collecting a paycheck
Enjoy it while it lasts. Put it in the bank. Avoid investing it in IMH!
I’m not the all knowing guru… but you may think I am before long.
Obvisiously another desparate lender trying to survive the chaos of the subprime/ Alt A woes can somebody call Dr. Kevorkian and put an end to this at last.
HAWAII BRANCH CLOSED ON FRIDAY!!!! GOOD LUCK
i will keep collecting them until all the walls have crumbled down on 19500 jamboree !!!
too bad lisa hope you saved all that money top producer
I still work at impac and its hella boring. they need to just lay us off already instead of keeping us here with nothing to do….
Bored :
Someone else posted that impac cut everyone’s hours/pay by 20% and everyone is working 32 hours a week; is that true?
Is that throughout the entire company, or just a particular department?
How many people work there now?
400 probably who knows just hurry up and close the doors !!
Hey Lisa - if the Hawaii branch closed on Friday, why was the lease JUST RENEWED today and a check cut today for another 12 mos?
Impac is not a major player. Who cares.
Yes, hours were cut but only in some of the departments and only hourly employees. We have about 400 employees not including Pinnacle. Last I heard we are getting ready for another lay off soon. Most likely the only ones left will be the managers and executives.
If Impac is hurting so bad instead of cutting their hourly employees’ hours, why not close down the cafe downstairs or cut some of their hours?
Impac will most likely not lay off anymore, they do not want to pay unemployment
hawii closed not! you are so full of it. No lease was extended. Lease not even up yet. And yes they let go the remaining ae’s once Lisa left. Dont try to act like you know what you are talking about. If you know everything….where is the office? What is the number?
try calling it. no one will answer. If you know of the lease resigning you should know this basic information right!!!! . I guess you dont know it at all.
trust me- lay off is coming
company selling
impacafe closes at 2 now- if you are hungry- eat early
company selling what ?? get your facts straiight then say something
If you worked here then you would know what im talking- but since you dont …SHUT UP
i do work here you bummm we aint seold you wanna be insider
They also closed their Oakbrook location, even after they just acquired Pinnacle in Florida. Impac will not even take care of their own employees, unless you’re a manager, you’re pretty set here.
I wish they would just close down, dishonest people do not deserve to stay in business.
yes they do need to just lay us off! alot of people are just sitting at their desk doing nothing!
Unreal….
Seold? You need to start using spell check…
OMG- you really are that fat miserable IFC manager that nobody likes.
IS ENTERPRISE RENTAL CAR HIRING ??
They shouldn’t be laying people off when as you look at their 10-Q they have $352,935,000 worth of homes they need to sell. This the amount after they discounted them by $26mil.
Add the $1,685,669,000 yes that is billions in loans that are 60 days late or greater.
Over $2 billion of poorly or non-performing worth of loans and homes.
Should we be shocked at why they are doing so poorly?
The Q2 conf call is tomorrow at 9am, should be very interesting.
If i had to guess, i would say the Q&A section of the call will be limited, if not omitted.
Kevin-
Can you please post the call in number and password if required for the call? i would love to listen in!!
Thanks
do you know, really is that fat manager who hates everyone, hahahaha
i guess its back to cheerleading for her , hahahaha.
I’m so looking forward to tomorrow’s morning conference call. I wonder if JoeT is going to lead the remaining masses in group prayer while singing kumbaya…hmmm…
For those of you who are still at Impac, waste no time removing your possessions early, as the reality will be that the doors will soon be locked.
This is a sad time for the hard working employees that have been fed whatever management was feeding them. The stark reality is that this company has had its’ head in the clouds for a VERY long time. Now that the clouds have cleared completely, they too must give way to gravity.
What compounds this story (like so many others from this industry), is that the board and executive management… took their money and metaphorically ran with it long ago. As much as they want you to think that they care (or cared) about every employee, they cared about fulfilling their own selfish interests ($$$$$) first.
These individuals should be held accountable to stockholders (e.g., pending lawsuit); to their faithful “non-commissioned” employees; and, in some capacity, to the borrowers, brokers and bankers that they have taken down with them along the way. These key individuals at Impac (and many other companies) should be banned for life from this industry.
Too bad… Impac was once a GREAT company!
former employee. I heard some departments will be skeleton crew now. I sure wont miss that mile long walk from the garage to the bldg, ha.