Replies to post #123194 on Naz News, Gappers and FLE''s

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IMH...here is a pr blurb...a link or a copy of it would have been appreciated, hussler...

IMPAC Mortgage says despite significant volatility in the secondary mkt co has negotiated sales of approximately $1.0 bln of their $1.6 bln of loans (IMH) 1.22 : Co announces the following response to recent broker reports: "1) The Company has made all margin calls to date and on July 31, 2007 we declared a stock dividend on our Series B and Series C preferred stock; 2) We have financing facilities and are continuing to fund loans. While we have temporarily suspended originating and funding of loans previously referred to as Alt-A loans, we will, through our wholesale and retail platforms, continue to fund loans eligible to be sold to government sponsored agencies. In late May, Impac, with its acquisition of the assets of Pinnacle Financial Corporation, became a nationwide retail lender with expertise in conforming agency loan programs. Further, we are pleased to announce that the Company has also secured definitive agreements to begin originating and selling reverse mortgage loans through its wholesale and retail platforms. 3) Despite the significant volatility in the secondary market we have negotiated sales of approximately $1.0 billion of our $1.6 billion of loans held on financed facilities. We expect the sale of these loans to satisfy the related current borrowing balances with the excess cash proceeds to be credited to the Company." Finally, the co adds: "While we can not make any guarantees, we continue to believe that we can successfully navigate through this cycle emerging as a stronger, more competitive company."