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Mortgage REIT Insider: Impac Gets Creative in Face of Cash Crunch 

It may or may not be on the ropes, depending on who you believe, but former Alt-A powerhouse Impac Mortgage Holdings Inc. [stock IMH][/stock] certainly scored some points for ingenuity this past week. The lender, which reported a disastrous $2 billion quarterly loss last week, said late this week that it is asking its preferred shareholders to give up their dividends.