The New York Stock Exchange will remove the stock of Newport Beach-based Impac Mortgage Holdings from its trading system before the market opens Friday because the price has fallen below $1.
Impac’s stock fell to 6 cents on Tuesday, when it announced the change, down from 10 cents on Monday. Starting Nov. 21, its stock will be listed on an electronic system known as the “Pink Sheets.”
The company, an investor in mortgages, last week reported a third-quarter loss of $16 million, down from a $1.19 billion loss a year earlier.
On Nov. 12, Impac terminated a partnership with Irvine-based Real Estate Disposition Corp., which auctions off Impac’s foreclosed homes. The partnership generated $15.6 million in the first nine months of the year, and Impac gets $37 million as part of the partnership’s termination.
And in other mortgage news…
- Will drop in foreclosures stick?
- O.C. foreclosures plunge to 7-month low
- Citigroup to cut 50,000 jobs
- O.C. distressed homes selling 1% above asking price
- Sunday real estate reading
- Can a piece of paper prevent another mortgage crisis?
- FDIC proposes $24 billion to pay half of lender losses on modified loans
- When insurers kill your mortgage application
- A little perspective on foreclosure drop
- O.C. foreclosures plummeted in October
- “Worse than the Depression”
- Why loan modifications don’t work
- Paulson says buying bad loans is a bad idea
- ‘Please lend now,’ Fed tells banks
If the link doesn’t show up googl the words:
“Bank Activities Reform Commission Investigates Impac Mortgage Holdings, Inc. Preferred Stock Dividends and Payments on Trust Preferred Securities”
http://www.associatedcontent.com/article/1301188/bank_activities_reform_commission_investigates.html?cat=3