News Release

Announces Upcoming Posting of Unaudited May Monthly Fact Sheet

IRVINE, Calif., June 26, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Impac Mortgage Holdings, Inc. (NYSE: IMH), or the "Company," a Maryland corporation, being taxed as a real estate investment trust ("REIT"), announces that as a result of the Company's previously disclosed strategy to accelerate the liquidation of its real estate owned ("REO") portfolio through the new auction process implemented this quarter, the Company is experiencing higher than expected loss levels. The Company believes accelerating the disposition of REO's through this auction process will ultimately reduce losses and preserve capital over the long run. As a result, the Board of Directors has elected not to declare a second quarter 2007 dividend on its common shares. To maintain REIT status, the Company is required to distribute 90% of its taxable income for the calendar year.

Joseph R. Tomkinson, Chairman and Chief Executive Officer, states, "Although we are seeing charge offs at levels higher than we anticipated, we are pleased to have reduced our exposure to future losses by auctioning REO's, especially as real estate values may deteriorate in the near future. In light of increased delinquencies, REO and loan losses, we believe it is prudent to aggressively liquidate REOs in this market."

Unaudited Monthly Fact Sheet

The May 2007 unaudited monthly fact sheet will be posted after the market closes on Monday, July 2, 2007. The Company generally posts to its web site an unaudited monthly fact sheet upon the end of the following month or concurrent with the release or filing of quarterly or annual earnings. You can subscribe to receive instant notification of conference calls, news releases and the unaudited monthly fact sheets by using our e-mail alert feature located at the website http://www.impaccompanies.com under Stockholder Relations / Contact IR / Email Alerts.

Safe Harbor

This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, some of which are based on various assumptions and events that are beyond our control may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "likely," "should," "could," "anticipate," "projected," or similar terms or variations on those terms or the negative of those terms. The forward-looking statements are based on management expectations. Actual results may differ materially as a result of several factors, including, but not limited to: the ability to generate sufficient liquidity; higher than expected losses on REOs; changes in assumptions of future allowance of losses on REOs; a change in the housing market and real estate values that is different than management's

expectations; unexpected deterioration in the housing market changing previously appraised home values; decline in the failure to sell non-performing loans in the secondary market due to lack of interest; unexpected increases in our loan repurchase obligations; unexpected increase in prepayment rates on our mortgages; changes in assumptions regarding estimated loan losses or an increase in loan losses; changes in markets which the Company serves, such as mortgage refinancing activity and housing price appreciation; the adoption of new laws that affect our business or the business of people with whom we do business; changes in laws that affect our products and our business; and other general market and economic conditions. The Company typically declares dividends on a quarterly basis; however the Board of Directors has the right to change any announced dividend record date and payment date at any time and without prior notice. The declaration of any future dividends will be subject to the Company's taxable income, financial position, capital position, contractual restrictions and other relevant factors.

About the Company

Impac Mortgage Holdings, Inc. is a mortgage REIT, which operates four core businesses: (1) the Long -Term Investment Operations, (2) the Mortgage Operations, (3) the Warehouse Lending Operations and (4) the Commercial Operations. The Long -Term Investment Operations invests primarily in non-conforming Alt -A ("Alt-A") mortgage loans and to a lesser extent small-balance commercial and multi-family loans originated by the Commercial Operations. The Mortgage Operations acquires, originates, sells and securitizes primarily Alt-A mortgage loans, the Warehouse Lending Operations provides short-term financing to mortgage loan originators and the Commercial Operations originates small-balance commercial and multi-family loans for sale to the Long-Term Investment Operations or to third parties. The Company is organized as a REIT for tax purposes, which generally allows it to pass through earnings to stockholders without federal income tax at the corporate level.

For additional information, questions or comments, please call Tania Jernigan, VP of Investor Relations at (949) 475-3722 or email tjernigan@impaccompanies.com. Web site: http://www.impaccompanies.com

SOURCE Impac Mortgage Holdings, Inc.

Tania Jernigan, VP of Investor Relations of Impac Mortgage Holdings, Inc.,
+1-949-475-3722, tjernigan@impaccompanies.com