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Impac Goes After Scratch-and-Dent Business 

Mar 30, 2007By

In response to deterioration in the subprime mortgage market, Impac Mortgage Holdings Inc. (MYSE:IMH) said early Friday that the company has formed Arch Bay Group LLC for the purpose of acquiring, restructuring and remarketing non-performing mortgage loans and real estate property. “With the dramatic increase in the number of mortgage defaults and the pressure warehouse lenders are giving their clients to sell mortgage loans, we believe there is an attractive opportunity to be a buyer of these non-performing loans,” commented Joseph Tomkinson, chairman and CEO.

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