More mortgage lenders are reporting woes. Impac Mortgage Holdings Inc. said Tuesday it would stop originating so-called “alt-A” mortgages for customers with moderate credit problems amid growing concern about rising mortgage delinquencies and defaults. The Company will continue to fund loans through their wholesale and retail platforms that are eligible to be sold to government sponsored agencies.
Impac went public on November 20, 1995 at an offering price of $13.00 per share. Classified as a real estate investment trust (“REIT”), Impac offers warehouse lines of credit, second mortgages, Alt-A mortgage loans, commercial lending, correspondent lending and other vehicles. They proudly say “We were one of the first to specialize in Alt-A lending.”