Thursday, June 28, 2007

Irvine's Impac Mortgage Holdings: "Sorry, no dividend this quarter."

While trying to auction off the shittiest of loans, Impac is taking a major beating, having underestimated the losses it would incur by this corrective action.

They then politely proceeded to inform their dumbfounded shareholders that they would not be receiving a 2nd quarter dividend.

Investors responded. Impac's share price fell 21% yesterday.

Impac's share values are down 60% over the last 12 months.

Gee, and it was so much fun on that wild ride to the top.

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