Reuters - Impac Mortgage Holdings Inc , a struggling mortgage lender, said it lost $2.05 billion in 2007, largely because of mounting credit losses tied to higher delinquencies and defaults as the housing market slumped.
The loss totaled $27.10 per share, and compared with a loss of $75.3 million, or $1.18 per share, in 2006, Impac said late Tuesday.
Impac said it lost $1.65 billion from continuing operations in 2007, compared with an $8 million profit a year earlier. The taxable loss available to common shareholders was $136 million, or $1.79 per share. Impac is a real estate investment trust.
The Irvine, California-based company set aside $1.39 billion for credit losses, up from $34.6 million a year earlier, and said capital markets remain “very volatile and illiquid and have effectively been unavailable to the company.”
It said until bond spreads and credit trends…
