Alt-A

Earnings That Weren’t at Impac 

I recall writing back in February — when very few were looking at the fallout of the subprime credit crunch — about my fear that the subprime market problems I was seeing would spill into Alt-A. Of course, by this point, most of us know that fear was realized — but Impac’s first quarter results underscore just how hard Alt-A has really been hit: