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"If you make everyone’s mortgage payment fully deductable no mater when you bought the property or how much principal is paid off doesn’t make a difference. This is physiologically based. The motivation to buy a property would increase sharply. This in turn would drive up demand and prices. Problem solved. This directly solves the problem within the structure that we have now that everyone understands."
bfried7
"I have both. And on more than 1 property. You are right as far as you go (which isn't very far). Yes, principal increases as interest decreases, over time. But it takes several years for it move substantially. But these loans are not the troubled ones. People who have been in their homes for several years, paid down their balance, had some equity when they bought, have more equity now, bought a house they could afford.
The problem loans are the recent ones, mostly 2/28 loans that were done in 2005 and 2006. Most everything they are paying on the house is already deductible.
Think it through. "
uw_dad_2005
"I am sure you don't have a house or an equity loan because as time goes on the interest payment drops and the principal goes up. This is the answer. "
bfried7
"Stupid idea. Almost 90% of the payment in the early years is interest, so there is almost no "benefit" in this.
Putting this on the board twice is even a more stupid idea. "
uw_dad_2005
"There is an answer to fix all this mess.
Right now the only tax right off is the interest on your mortgage. Change that to a full right off of your entire mortgage payment. It would cost the gov't a lot of money maybe 700 billion. But we would make that back when the economy Booms. Simple to understand and directly fixes the problem. This would go back to just interest right off after the fix, which would come quick. Come on Right your congressmen or forward this idea to your friends "
bfried7
"I'm in the biz & they are still out marketing, telling us they are just Dormant, they are not dead and will be back. They gave me a pen. lol"
roberttovar...
"sravenzz, thanks. Luminent was let down by ARCO.
This market is like a hurricane that won't wind down. LUM had all its eggs in the ARCO basket. ARCO, did not stay the course, got scared and decided to turn on LUM. At that point it was game over. LUM's management at first tried to put a good face on things, but after while they acted like they didn't care either. No PR as you slip onto the BB, was my exit point. I was looking for a possible re-entry but when they declared they were not going to pay unsecured lenders, that told me no re-entry.
Impact Mortgage, if you follow their most recent calls, has a strategy that they started back in August of 07, that basically said, stop, hunker down, prepare for the worst.
The fact that they could negotiate their way out of many margin call situations is just rock solid management. Better than paying the margin call. They were preparing early for a long tough battle. When the CEO mentioned on the call before the last one, that their then financial condition was exactly the same as when the stock traded at $10, was an eye opener.
The volume here speaks volumes. When you factor that there really isn't much retail presence on this board, much of any pumping per se, you must conclude that the movement is "in the know" or "smart" money.
This peeked over a buck a couple weeks ago. I don't think it's too late to come back. But I respect any body's exit from this sector.
Quite frankly, it was appealing when I first took a position in my biggest loser, Novastar, it is appealing now. It's just a matter of finding a horse that will endure.
IMH right here is a solid entry.
imho...jw
p.s.future success to you... "
"It hurts when you leave 3K to 10K on the table. It hurts really badly but i am not coming in.... it’s too late. Good luck JW after the suffering we faced at LUM not to mention the injustice you need this. "
"Bill passes the Senate. WhoHoo!! Now if the SEC and FASB can make changes to the Mark to Market rules, maybe some of these write-downs as the result of the Mark to Market rules can be reversed and the Cash Flow IMH is experiencing can be reflected in the earnings. We might then be in a position to fix this $1.00/share problem without a reverse stock split. "
YAHOO
Bill Passes tomorrow, BUY NOW...
Although, I must admit with my track record this year, why and the heck would anyone listen to me?
lol...jw
.p.s. I can't ignore the recent volume. This is being accumulated by the company or by smart money. It has not had much retail exposure. I'm sure that will change shortly.
SC 13D/A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
13d-2(a)
(Amendment No. 1)
IMPAC MORTGAGE HOLDINGS, INC.
(Name of Issuer)
Common Stock, par value $0.01
(Title of Class of Securities)
45254P102
(CUSIP Number)
Mr. Louis Alonso
619-687-5000
Kelly Capital, LLC
225 Broadway, 18th Floor
San Diego, CA 92101
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
September 26, 2008
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. ¨
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 45254P102
1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).
Kelly Capital Investments, LLC
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ¨
(b) x
3. SEC Use Only
4. Source of Funds (See Instructions)
5. Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
¨
6. Citizenship or Place of Organization
California
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7. Sole Voting Power
0 shares of Common Stock
8. Shared Voting Power
9. Sole Dispositive Power
0 shares of Common Stock
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
0 shares of Common Stock
12. Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨
13. Percent of Class Represented by Amount in Row (11)
0%
14. Type of Reporting Person (See Instructions)
OO
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 45254P102
1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).
Kelly Capital, LLC
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ¨
(b) x
3. SEC Use Only
4. Source of Funds (See Instructions)
5. Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
¨
6. Citizenship or Place of Organization
California
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7. Sole Voting Power
0 shares of Common Stock
8. Shared Voting Power
9. Sole Dispositive Power
0 shares of Common Stock
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
0 shares of Common Stock
12. Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨
13. Percent of Class Represented by Amount in Row (11)
0%
14. Type of Reporting Person (See Instructions)
OO
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 45254P102
1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).
Michael Kelly
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ¨
(b) x
3. SEC Use Only
4. Source of Funds (See Instructions)
5. Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
¨
6. Citizenship or Place of Organization
United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7. Sole Voting Power
0 shares of Common Stock
8. Shared Voting Power
9. Sole Dispositive Power
0 shares of Common Stock
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
0 shares of Common Stock
12. Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨
13. Percent of Class Represented by Amount in Row (11)
0%
14. Type of Reporting Person (See Instructions)
IN
--------------------------------------------------------------------------------
SCHEDULE 13D/A
This Amendment No. 1 to Schedule 13D (this “Amendment”) relates to the shares of common stock, par value $0.01 (the “Common Stock”), of Impac Mortgage Holdings, Inc. (the “Issuer”). This Amendment amends the statement on Schedule 13D previously jointly filed by Kelly Capital Investments, LLC, a California limited liability company (“Kelly Capital Investments”), Kelly Capital, LLC, a California limited liability company (“Kelly Capital”), and Mr. Michael Kelly, an individual and citizen of the United States (“Mr. Kelly” and, together with Kelly Capital Investments and Kelly Capital, the “Reporting Persons”) with the U.S. Securities and Exchange Commission on January 10, 2008 (the “Prior Schedule 13D”).
The Reporting Persons ceased to be the beneficial owners of more than five percent of the Common Stock on September 26, 2008 and shall cease to be Reporting Persons pursuant to the Prior Schedule 13D as of the filing of this Amendment.
Item 5. Interest in Securities of the Issuer
The beneficial ownership of the Common Stock by the Reporting Persons as of the filing of this Amendment is reflected on the cover page, the contents of which are incorporated herein by reference. The Reporting Persons ceased to be the beneficial owners of more than five percent of the Common Stock on September 26, 2008.
The Reporting Persons effected the following transactions in the Common Stock in open market transactions on the dates indicated, and as of the date of this Amendment, such transactions are the only transactions in the Common Stock effected by the Reporting Persons since the filing of the Prior Schedule 13D:
Trade Date
Purchase (P)
or Sale (S)
Quantity
Price
9/26/2008
S 1,438,700 $0.25
9/29/2008
S 1,670,000 $0.20
9/30/2008
S 720,106 $0.21
Item 7. Material to be Filed as Exhibits
(1) Joint Filing Agreement by and between Kelly Capital Investments, Kelly Capital and Mr. Kelly (incorporated herein by reference to Exhibit 1 to the Prior Schedule 13D).
--------------------------------------------------------------------------------
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this statement with respect to such person is true, complete and correct.
KELLY CAPITAL INVESTMENTS, LLC
By: /s/ Michael Kelly
Name: Michael Kelly
Title: President
Date: October 2, 2008
KELLY CAPITAL, LLC
By: /s/ Michael Kelly
Name: Michael Kelly
Title: Chairman and Chief Executive Officer
Date: October 2, 2008
MICHAEL KELLY
/s/ Michael Kelly
Michael Kelly
Date: October 2, 2008
It's nice buying at 20 cents and selling at 28 cents!
Hitting some pretty big lows lately. .18 LOD
Keeping on Radar.
Mortgage application volume falls 9.3 percent
Wednesday June 25, 7:23 am ET
Mortgage application volume falls to lowest level of the year even as interest rates decline
WASHINGTON (AP) -- Mortgage application volume fell 9.3 percent during the week ended June 20, according to the trade group Mortgage Bankers Association's weekly application survey.
The MBA's application index hit its lowest point of the year, falling to 461.3, down from 508.4 a week earlier.
ADVERTISEMENT
Refinance volume fell 12.1 percent during the week, while purchase volume declined 7.4 percent. Refinance applications accounted for 36.3 percent of total mortgage applications, compared with 37.4 percent the previous week.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 461.3 means mortgage application activity is 4.613 times higher than it was when the MBA began tracking the data.
The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.
Application volume fell despite a drop in interest rates. The average rate for traditional 30-year fixed-rate mortgages fell to 6.39 percent from 6.57 percent a week earlier.
The average rate for 15-year fixed-rate mortgages, often a popular option for refinancing a home, fell to 5.95 percent from 6.14 percent.
Rates for one-year adjustable-rate mortgages fell to 7.09 percent from 7.22 percent.
Mortgage application volume declines as rates rise
Mortgage application volume falls during week ended June 13 as interest rates rise sharply
WASHINGTON (AP) -- Mortgage application volume fell 8.7 percent during the week ended June 13, according to the Mortgage Bankers Association's weekly application survey.
The MBA's mortgage application index fell to 508.4 during the week, from 557.1 the previous week.
ADVERTISEMENT
Refinance application volume tumbled 15 percent, while purchase activity declined 4.3 percent during the week. Refinance applications accounted for 37.4 percent of all applications -- the lowest level all year.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 508.4 means mortgage application activity is 5.084 times higher than it was when the MBA began tracking the data.
The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.
Application volume declined as interest rates rose. The average rate for traditional, 30-year fixed-rate mortgages rose to 6.57 percent during the week ended June 13, from 6.24 percent the previous week.
Rates for 15-year fixed-rate mortgages, a popular option for refinancing a home, rose to 6.14 percent from 5.78 percent.
The average rate for one-year adjustable-rate mortgages jumped to 7.22 percent from 6.87 percent.
Impac Mortgage Holdings, Inc. Announces Dividend Payments on Its 9.375% Series B and 9.125% Series C Cumulative Redeemable Preferred Stock
Wednesday June 4, 9:00 am ET
IRVINE, Calif., June 4 /PRNewswire-FirstCall/ -- Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. (NYSE: IMH - News), or the "Company" a Maryland corporation, being taxed as a real estate investment trust ("REIT"), is pleased to announce that in accordance with the terms of the Company's 9.375% Series B Cumulative Redeemable Preferred Stock (NYSE: IMHPrB - News), the Board of Directors has declared a preferred stock dividend of $0.58594 per share for the period beginning on April 1, 2008 ending June 30, 2008. The dividend will be paid on June 30, 2008 to those preferred stockholders of record as of June 19, 2008. The ex-dividend date will be June 17, 2008.
Impac Mortgage Holdings, Inc. Announces Possible Preferred Stock Exchange Offer and the Granting of a Motion to Dismiss the 2006 Class Action Lawsuit
Wednesday May 28, 5:28 pm ET
IRVINE, Calif., May 28 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings, Inc. (NYSE: IMH - News), or the "Company", a Maryland corporation being taxed as a real estate investment trust ("REIT"), is considering making an offer to the holders of its Series B and Series C Preferred Stock, to exchange those shares for common stock of the Company. The Company has included within its preliminary proxy statement a request for common stockholders to approve the issuance of common stock in excess of 20% of the outstanding shares in connection with the possibility of such an exchange. If approved, and if completed, it would reduce the Company's continuing obligation to pay or accrue quarterly preferred dividends, thereby allowing the Company to use or preserve the cash for other purposes. Further, if completed on favorable terms it may have the effect of increasing common stockholders' equity.
Liquidity
The Company has taken steps to reduce operating costs, including reducing staff and lease costs, to a level at which the cash flows from the long-term mortgage portfolio and its master servicing portfolio could support the Company's ongoing operations. The Company continues to re-size the organization to a level more in line with its ongoing operations. Once the Company is able to reduce the uncertainty surrounding the remaining reverse repurchase lines in discontinued operations the Company should be able to meet its liquidity needs from cash flows
Mortgage application volume falls as both refinance and purchase volume declines
NEW YORK (AP) -- Mortgage application volume fell 7.8 percent during the week ending May 16, according to the trade group Mortgage Bankers Association's weekly application survey.
The MBA's application index fell to 621.6 from 674.4 the previous week as both refinance and purchase volume declined.
Refinance volume fell 8.7 percent during the week, while purchase application volume fell 6.9 percent.
Refinance applications accounted for 48.2 percent of all applications during the week, compared with 48.7 percent the previous week.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 621.6 means mortgage application activity is 6.216 times higher than it was when the MBA began tracking the data.
The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.
Application volume fell as interest rates moved higher. The average rate for traditional, 30-year fixed-rate mortgages rose to 5.9 percent from 5.82 percent a week earlier.
The average rate for 15-year fixed-rate mortgages, a popular option for refinancing a home, rose to 5.42 percent from 5.38 percent.
Rates for a one-year adjustable-rate mortgage averaged 6.71 percent during the week, compared with 6.6 percent the previous week.
Impac Mortgage posts $2 billion loss for 2007 as it takes $1.4 billion loan-loss provision
IRVINE, Calif. (AP) -- Impac Mortgage Holdings Inc., a real estate investment trust, said late Tuesday it lost $2.05 billion in 2007 because of rising loan-loss provisions.
Impac Mortgage lost $2.05 billion, or $27.10 per share during the year, compared with a loss of $75.3 million, or $1.18 per share in 2006.
The results were mostly attributable to a $1.39 billion reserve to cover loan losses as the REIT -- which used to specialize in alt-A mortgage lending -- set aside cash to cover rising defaults. Impac Mortgage set aside just $34.6 million for loss reserves in 2006.
Alt-A mortgages are loans given to customers with minor credit problems or who cannot properly document their income and assets.
Since the middle of 2007, mortgages have increasingly defaulted, forcing lenders and banks to set aside more cash to cover losses. Also, investors have shied away from purchasing all but the safest types of debt in the credit markets, essentially shutting off an avenue for Impac Mortgage to generate new cash.
Impac Mortgage used the investor market to sell a portion of the loans it originated and did not hold. That in turn would provide them with more cash to continue originating new mortgages.
Because of the paralysis of that investor market, Impac essentially shut down its mortgage origination operations, instead focusing on maintaining its investment portfolio.
Impac Mortgage currently holds about $3 billion in primarily alt-A mortgages in a portfolio along with an additional $234.9 million in commercial mortgages. It was forced to sell a portion of the portfolio in 2007 to help keep up with mounting losses.
Since a peak north of $22 per share in June 2005, Impac shares have been on a long and steady decline. The stock closed at $1.25 Tuesday.
S&P: Delinquencies among subprime mortgages from 2005 through 2007 continue to rise
NEW YORK (AP) -- Credit ratings agency Standard & Poor's said Thursday that subprime mortgages bundled into securities that were rated between 2005 and 2007 continue to increasingly default.
Subprime mortgages are loans given to customers with poor credit history.
At the end of April, delinquencies among 2005 vintage loans reached 36.8 percent, an increase of 2 percent from the previous month.
Delinquent loans from 2006 totaled 37.1 percent, a 4 percent jump from March.
About 25.9 percent of loans from 2007 were delinquent at the end of April, a 6 percent increase from a month earlier.
Loans from 2007 continue to be the worst-performing of the bunch, S&P said in a statement. After 12 months, cumulative losses in 2007 represent 0.49 percent of the original aggregate size of securities. After a similar period, 2006 vintage loans cumulative losses were 0.29 percent.
WCI was similar and it ran up nicely although it may have peaked.
I'm thinking IMH is going for the same ride up, so I increased my position today. Sure nice to have a 22% day and looking for more next week.
Another hot stock is tous.pk
Almost guaranteed to be a 10 bagger within a year and a doubler within a month.
prognosis i think this stock is worth at least 5.00 maybe more jmho I am going to try and pick up as much as I can at these low prices they provide alt-a mortgages and if they stay above 1.00 they won't get delisted so I think we are in the clear especially with all these fed cuts and more to come
Ok, not much action on this board for imh. But the shares are trading between 1.05 and 1.48 today.
What's the prognosis?
ya buy as much as you can iam taking options 09 and buying weekly this will be a 4-5 dollar stock in 6-8 months or less
consoladation -- buy out
will save imh and spike the stock value up quick
this stock is back a company came in for a 5% stake and i beleive itll be 2 bucks again soon
NYSE has an information about need above $1.00 for keep IMH stock.
On November 28, 2007, Impac Mortgage Holdings, Inc. (the "Company") received a notice from NYSE Regulation Inc. ( "NYSE Regulation") that the Company was not in compliance with the New York Stock Exchange ("NYSE") continued listing standard related to maintaining a consecutive thirty day average closing stock price of over $1.00 per common share. At November 27, 2007, the Company's thirty day average price was $0.91 per common share and its absolute closing price was $0.69 per common share. Under NYSE rules, the Company has six months to bring its share price and average price back above $1.00, during which time the Company's common and preferred stock will continue to be listed and traded on the NYSE, subject to ongoing reassessment by NYSE Regulation. Impac has notified NYSE Regulation that it intends to submit plans within the required 10 day period to address the price deficiency. If the share price and average price are not above $1.00 at the expiration of the six-month period, then NYSE Regulation will commence suspension and delisting procedures. In addition, even if such minimum price is achieved and maintained, there can be no assurance that the Company will be able to continue to meet the NYSE's other qualitative or quantitative listing standards for continued listing. NYSE Regulation has informed that Company that it will continue to monitor share price levels and that it reserves the right to take more immediate listing action in the event that the stock trades at levels that are viewed as "abnormally low" on a sustained basis or based on other qualitative factors. Beginning December 5, 2007, the NYSE will make available on its consolidated tape an indicator ".BC" to reflect that the Company is below the NYSE's quantitative continued listing standards.
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