Mr. Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. commented, "We are deeply saddened by the displacement of these employees, many of whom have been loyal to the Company for more than a decade. During this very difficult time, the Company is hosting a variety of seminars, career days, daily lab environments and a job fair to assist our employees in their job searches. Further, we have engaged multiple business partners within the industry to place infrastructures in various sale regions either partially or in their entirety."

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; our inability to sell non-performing loans in the secondary market due to lack of interest; unexpected increases in our loan repurchase obligations; unexpected increases 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; unexpected loss of personnel due to uncertain market conditions and prior staffing changes; changes in laws that affect our products and our business; and other general market and economic conditions.

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 is primarily invested 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 residential 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