A Mortgage Company That Crashed to Pennies During The Crisis Has Come Back From the Dead
Shares of Impac Mortgage Holdings are surging
Lower prices and mortgage rates have made houses more affordable, which may keep supporting demand.
Photographer: Jim R. Bounds/BloombergThis article is for subscribers only.
Is the U.S. mortgage market set to accelerate? Some investors apparently think so.
Shares of Impac Mortgage Holdings, a California-based company that originates and buys U.S. home loans, are surging a day after it posted first-quarter results. On Thursday, Impac reported a quarterly profit of $34m, reversing a loss recorded in the same period a year earlier. Income was buoyed by the purchase of CashCall, an online mortgage originator that Impac plans to meld with its existing platform and then use to make more nonconforming home loans that aren't insured by the US agencies or government-backed Fannie Mae and Freddie Mac.