Impac Mortgage Holdings, Inc. Announces Major Strategic Accomplishment

IRVINE, Calif., Nov. 2 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings, Inc.
(Pink Sheets: IMPM), a Maryland corporation, or the "Company," is pleased to
announce a major accomplishment regarding its strategic initiative to
restructure its balance sheet.

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

The Company has executed a settlement agreement with its last warehouse
lender. As part of the settlement agreement, the Company settled the
warehouse borrowing by transferring the loans to the lender, making a cash
payment and entering into a term loan to pay off the balance. This
settlement retires the current facility and removes any further exposure
associated with the warehouse borrowing or the loans that secured the
borrowing.

Since 2007, the Company has focused on strategic initiatives to restructure
its balance sheet by settling or restructuring its debt obligations. The
Company has accomplished the following:

-- During the first and second quarters of 2009, the Company was
successful
in settling a large portion of the trust preferred obligations at a
significant discount and restructuring more than half of the original
balance to a 2% interest rate for the next five years, reducing the
annual interest obligation from approximately $8 million to $2
million.
-- In the second quarter of 2009, the Company successfully completed a
tender offer for its preferred stock allowing it to purchase back and
retire over 2/3 of its preferred stock as well as amend the terms of
the
remaining preferred stock to eliminate any continuing obligation to
pay
approximately $15 million in annual dividends.
-- The successful tender offer coupled with our trust preferred
settlements, will save the Company in excess of $20 million a year in
dividend and interest obligations.

-- Through this settlement with our last warehouse lender, the Company
has
completed its last restructuring initiative, which began in 2007 and
resolves the final outstanding issue regarding its previous warehouse
lenders. The settlement agreement eliminates any further shortfall
risk
on the loans that secured this facility.

Mr. Joseph R. Tomkinson, Chairman and Chief Executive Officer of Impac
Mortgage Holdings, Inc. commented that, "This milestone for the Company allows
us to execute on our new strategic business plan without the overhang of these
legacy loans and the warehouse facility."

About the Company
The Company's operations include the management of the long-term mortgage
portfolio to mitigate losses and maximize cash flows and the mortgage and real
estate related fee-based businesses, including loan modifications, real estate
disposition, monitoring and surveillance services and real estate brokerage
and lending services.

For additional information, questions or comments, please call Justin Moisio
in Investor Relations at (949) 475-3988 or email jmoisio@impaccompanies.com.
Web site: www.impaccompanies.com

SOURCE Impac Mortgage Holdings, Inc.

Justin Moisio, Investor Relations of Impac Mortgage Holdings, Inc.,
+1-949-475-3988, jmoisio@impaccompanies.com