American Banker (07/07/08) P. 2; Berry, Kate
A year after it ceased funding loans, Impac Mortgage Holdings Inc. is in the early stages of buying distressed loans and other assets. Its warehouse lender, UBS AG, has agreed to convert Impac's sole remaining line of credit into a 12-month loan that would remove the firm from technical default and keep it from being hit with additional margin calls on its inventory. Impac is now in final talks to acquire a small servicing platform that would serve as the foundation of its new business plan. In 2007, Impac launched a business that auctions foreclosed properties--a unit that is expected to sell more than $3 billion of such assets by the end of this year.
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