Impac Mortgage Holdings (IMH)

[stockmagic]

Q3/'08 conference call:

Direct link...

(Might not post as intended. Possibly a need for copying and pasting in order to reach the target web page.)

http://webcastingplayer.corporate-ir.net/player/playerHOST.aspx?c=119470&EventId=2026443&StreamId=1223607&IndexId=&TIK={8338899c-9d96-44ac-97f3-bc125006ca22}&RGS=3

Indirect link…

http://ir.impaccompanies.com/phoenix.zhtml?c=119470&p=irol-irhome

And, if interested, a PDF transcript of the Q1-Q2/'08 conference call…

http://media.corporate-ir.net/media_files/irol/11/119470/IMH_Q1_Q2_trans.pdf

With two passages from same:

[ Joseph Tomkinson - Impac Mortgage Holdings, Inc. - Chairman, CEO ]

(1) PRESENTATION section...

"In closing, I want to let all Impac shareholders understand that this management team has been working extremely hard and
focused this last year to give the company the opportunity to redefine itself and return to profitability. This management team
has worked together since 1986. It has managed successfully the bond crisis of 1987, the real estate recession of the early '90s,
the liquidity crisis of 1998, and now the collapse of the financial and secondary markets of '07. As we finish cleaning up this year
and redirecting ourselves, I am optimistically looking forward to 2009 as the year to rebuild and return to profitability."

(2) QUESTIONS AND ANSWERS section...

"No, I have no closing remarks, other than, again, I want to reiterate to everyone that we appreciate your patience. I really believe
that in the fourth quarter we will have the remaining issues resolved, and we look forward to getting back in to business. So
with that said, thank you very much."

IMH, at the current cost of admission, equating to a no-brainer. Risk/reward situation as good as it ever gets. Severely beaten down. Tremendous upside potential. Capable/competent management team hard at work. Getting the job done. Change of strategic direction. Back to profitability in the near-term.

Money in the bank.