Impac Mortgage Holdings Fires 47 Percent Of It’s Employees

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.

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