Submitted by Ronald Tennant with Metrocities Mortgage:
Reuters (05/21/08); Stempel, Jonathan; Kamalakaran, Ajay
Impac Mortgage Holdings Inc. posted a $2.05 billion loss last year due to rising delinquencies and defaults. The Alt-A lender registered a $75.3 million loss in 2006. After recording an $8 million profit from continuing operations in 2006, the company reported a $1.65 billion loss last year. Impac said it will not be able to securitize mortgages or sell loans until the credit crunch is over. The company's loan-loss reserves rose to $1.39 billion from $34.6 million in 2006.
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