News Release

NEWPORT BEACH, Calif., Nov. 7 /PRNewswire-FirstCall/ -- Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. (NYSE: IMH), or the "Company", a Maryland corporation, being taxed as a Real Estate Investment Trust, is pleased to announce that the Impac Foundation will make a charitable donation of $50,000 to the "Southern California Wildfire Relief Fund" on behalf of the families that have lost their homes in the fires that have destroyed over 700,000 acres of Southern California. The Southern California Wildfire Relief Fund was established to help with the immediate and longer-term rebuilding and recovery efforts in the aftermath of the devastation. The Company will also make a donation of $5,000 each to the Steve Rucker Fund and Doug McDonald Fund. These funds were formed to help the families of these firefighters who have experienced personal tragedy while serving to protect the homes of many Californians during this epic fire.

Mr. Tomkinson commented, "On behalf of all the employees of Impac Mortgage Holdings, Inc., we are deeply saddened by this tragic event and we would like to express our sincere condolences to all of the victims of these fires, and equally, our gratitude to the firefighters." Mr. Tomkinson further commented, "Although we know that no amount of money can replace the personal damage experienced by these families, we hope that it will help to begin the long restoration process."

Impac Foundation

Impac Foundation proudly supports our employees' charities. Established in April of 1998, the foundation was created to assist our employees in their volunteer work for charities and charitable projects in Orange County and across the United States.

Impac Mortgage Holdings, Inc.

Impac Mortgage Holdings, Inc. is a Mortgage Real Estate Investment Trust ("REIT"), which operates three core businesses: (1) the Long-Term Investment Operations, (2) the Mortgage Operations, and (3) the Warehouse Lending Operations. The Long-Term Investment Operations invests primarily in Alt-A mortgage loans. The Mortgage Operations acquires, originates, sells and securitizes primarily Alt-A mortgage loans and the Warehouse Lending Operations provides short-term financing to mortgage loan originators. 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, V.P. of Investor Relations at (949) 475-3722 or email tjernigan@impaccompanies.com .

Web site: www.impaccompanies.com

SOURCE  Impac Mortgage Holdings, Inc.
    -0-                             11/07/2003
    /CONTACT:  Tania Jernigan, V.P. of Investor Relations of Impac Mortgage
Holdings, Inc., +1-949-475-3722, tjernigan@impaccompanies.com /
    /Web site:  http://www.impaccompanies.com /
    (IMH)

CO:  Impac Mortgage Holdings, Inc.; Impac Foundation
ST:  California, Maryland
IN:  FIN RLT
SU:  NPT



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1949 11/07/2003 09:30 EST http://www.prnewswire.com