GO
Loading...

Impac Mortgage CEO: We Have No Plans for Declaring Bankruptcy

Impac Mortgage Holdings has no intention of declaring bankruptcy amid turmoil in U.S. mortgage markets, Chief Executive Joseph Tomkinson said on Wednesday.

"Despite the severe disruptions to the mortgage industry and our business, we continue to believe that our seasoned team and portfolio of unencumbered assets" put the company in a good position to survive, Tomkinson said on a conference call.

"We have no intention of declaring bankruptcy," he said.

Shares of Impac soared more than 24 percent Wednesday before pulling back somewhat.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • Concerts leveraging the latest technology and using big data to improve consumer experiences and make more money.

  • The smartwatch wars are heating up. CNBC's Carl Quintanilla reports Apple is reportedly set to launch its smartwatch September 9th, and Samsung has unveiled its Gear S featuring curved display.

  • Discussing how geopolitical forces are impacting the U.S. economy and where the S&P 500 will end the year, with Brian Wesbury, First Trust Advisors chief economist, and James Paulsen, Wells Capital Management chief investment strategist.