U.S. News

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.