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Impac Mortgage company, the Irvine-based Alt-A lender who specialized in near-prime loans to people with limited income documentation, reported that it would need additional time to file its quarterly reports with the SEC due to the cessation of business activities in the mortgage origination segments of its business.
From Market Watch:
The company also said it would be late to file its Securities and Exchange Commission Form 10-Q for the quarter because it needs more time “to properly record and disclose its recently discontinued warehouse lending operations, commercial operations and the cessation of the origination and purchase of non-prime mortgage loans.”
Impac was one of the first Alt-A lenders to take a hit after it became clear that loan losses were widening outside of the subprime mortgage market.
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