If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Impac Mortgage Holdings became the latest Orange County mortgage company to either lay-off staff or close its doors as the company let 120 of its 800 person work force today. The lay-off represents about 15% of the staff. This just adds to the total of unemployed mortgage personnel in Orange County.
Impac’s CEO Joseph Tomkinson was a large supporter of New Century during the early stages of its difficulty, and launched a wide-spread PR initiative at the beginning of the market crisis saying "Impac is Alt-A, not subprime."
Impac’s troubles, along with the recent sale of Opteum for pennies on the dollar point to a weakening in the Alt-A market – and definite proof that there is spill-over from subprime. In my opinion there is no containment of this problem and these two companies are the canaries in the Alt-A coal mine.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
Related posts:
Loading ...