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O.C. BUSINESS PLUS | ORANGE COUNTY EARNINGS

Impac Mortgage Holdings Inc.

August 05, 2000

The Newport Beach real estate investment trust posted a second quarter net loss of $30.3 million, or $1.45 a share, which includes noncash accounting charges totaling $33.6 million. Impac Mortgage, citing continued performance deterioration, wrote off substantially all investment securities secured by high loan-to-value second trust deeds, investment securities secured by franchise mortgage receivables and certain subprime securities, all of which were acquired before 1998. Net income for the second quarter last year totaled $6 million, or 21 cents a share.

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