Real Estate Central

IRVINE, Calif., July 3 /PRNewswire-FirstCall/ — Impac Mortgage
Holdings, Inc. (NYSE: IMH), or the “Company” a Maryland corporation, being
taxed as a real estate investment trust (”REIT”), is pleased to announce
the restructuring of its existing repurchase agreement financing facility
with UBS Real Estate Securities, Inc. The Company has executed a detailed
letter of intent with UBS Real Estate Securities, Inc. to convert its sole
remaining repurchase warehouse line with a current approximate balance of
$200 million to a term facility of 12 months with extensions for up to an
additional 18 months if certain targets are met. The finalization of this
new facility will remove any and all technical defaults for the Company
that exist today and it will allow the Company to manage these loans for
eventual refinance, sale or securitization through the normal course of its
business operations without the risk of any margin calls.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070305/LAM033LOGO)

In connection with restructuring the finance facility, the Company will
issue to UBS warrants to purchase 7% of the Company’s outstanding common
stock, with the right to cancel warrants equal to 3% of the outstanding
shares if the Company satisfies certain thresholds. This transaction is
subject to execution of definitive agreements between the parties.

Mr. Joseph R. Tomkinson, Chairman and Chief Executive Officer of Impac
Mortgage Holdings, Inc. stated, “We are extremely pleased to have agreed
upon terms to continue the financing of remaining mortgage loans, giving
the Company more time to maximize recovery on the sale or refinance of the
loans. The anticipated finalization of this new facility will allow the
Company to focus on new initiatives and strategies. As more progress is
made in solidifying the Company’s future business plans, we will update our
stockholders.”

Forward-Looking Statements

This press 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,” “should,” “could,” “anticipate,” “proposed,” “possible,” or
similar terms or variations on those terms or the negative of those terms
and include statements related to the terms of converting the Company’s
existing repurchase facility with UBS to a term facility, the issuance of
warrants and the Company’s ability to focus on new initiative and
strategies. The forward-looking statements are based on current management
expectations. Actual results may differ materially as a result of several
factors, including, but not limited to entering into a definitive agreement
for the new term facility with UBS; the Company’s ability to maximize its
recovery on the sale or refinance the mortgage loans, which may be hindered
by worsening economic conditions in the mortgage market; potential
difficulties in meeting conditions set forth in the definitive purchase
agreement, including the ability to timely obtain or obtain at all any
required consents and approvals; the parties’ timely performance of their
respective pre-closing covenants and the satisfaction of other conditions
required to close, some of which may be beyond the control of the parties;
management’s ability to successfully implement future strategies and
initiatives related to the proposed term facility; and the Company’s
ability to successfully manage through the current market environment.

For a discussion of these and other risks and uncertainties that could
cause actual results to differ from those contained in the forward-looking
statements, see “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in the Company’s Annual
Report on Form 10-K for the period ended December 31, 2007. This press
release speaks only as of its date and we do not undertake, and
specifically disclaim any obligation, to publicly release the results of
any revisions that may be made to any forward-looking statements to reflect
the occurrence of anticipated or unanticipated events or circumstances
after the date of such statements.

About the Company

Impac Mortgage Holdings, Inc. is a mortgage REIT, which through its
Long Term Investment Operations is primarily invested in non-conforming Alt
A mortgage loans (Alt-A) and to a lesser extent small balance commercial
and multi-family loans. 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 Justin
Moisio in Investor Relations at (949) 475-3988 or email
jmoisio@impaccompanies.com. Web site: http://www.impaccompanies.com

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[Via Real Estate Newswire]