Impac Mortgage Holdings Fires 47% Of Its Employees After Posting $13 Million Loss In 3rd Quarter Of 2022
Impac Mortgage Holdings had a $13 million loss in the third quarter of 2022. This is leading leadership to adopt a defensive posture. They need to try and navigate one of the most challenging markets in decades. So, they slashed 47% of it’s workforce.
Executives at Impac Mortgage Holdings have also opted to pull back on non-QM products.
Impac Mortgage Holdings CEO George Mangiaracina told the media:
Interest rate and credit spread pressures with attendant market volatility and illiquidity were unrelenting in the third quarter of 2022. The company adopted a defensive risk-off posture in the fourth quarter of 2021. It remains measured and disciplined in its origination and capital markets activities.
3rd quarter losses are down slightly from the$13.5 million loss in the second quarter of 2022. However, the losses are much worse compared to the $2 million profit in the third quarter of 2021.