How’d you like $152.5 million worth of ‘containment’?

Published: August 14, 2007, 2:36 am

Tags: wall street, mortgage news insight, countrywide, impac, indymac, prime mortgage problems, subprime contagion

How’s this for subprime containment theorists? Impac Mortgage Holdings plans to announce at its upcoming quarterly earnings call a loss of $152.5 million for the most recent quarter compared to $26.4 million in profit a year ago. It made the revelation in their statement regarding the delayed SEC filing of its quarterly 10-Q. A huge hat tip to Housing Wire for being all over this story. How’d you like to pile up $152.5 million in front of Ben Bernanke and say “Containment? How you like that Containment?” Impac Mortgage is 100% Alt-A; no subprime here. Just Alt-A loans all day long. We were an Impac correspondent seller and our rep would just push the fact that for Alt-A there was no one better than Impac. Well if there is no one better than Impac which other Alt-A companies are going to report massive losses to Wall Street upon their return from the back of the woodshed? If I had a dollar for every time some pollyanna dragged the word containment or a

[ Full article ]

Blog link

Comments