Howd you like $152.5 million worth of containment?

How’s this for subprime containment theorists? Impac Mortgage Holdings plans to announce at its upcoming quarterly earnings call a loss of $152.5 million for the most recent quarter compared to $26.4 million in profit a year ago. It made the revelation in their statement regarding the delayed SEC filing of its quarterly 10-Q. A huge hat tip to Housing Wire for being all over this story.

How’d you like to pile up $152.5 million in front of Ben Bernanke and say “Containment? How you like that Containment?”

Impac Mortgage is 100% Alt-A; no subprime here. Just Alt-A loans all day long. We were an Impac correspondent seller and our rep would just push the fact that for Alt-A there was no one better than Impac. Well if there is no one better than Impac which other Alt-A companies are going to report massive losses to Wall Street upon their return from the back of the woodshed?

If I had a dollar for every time some pollyanna dragged the word containment or a version thereof out in some overly-simplified theory of why I’m over reacting I’d have close to … wait for it… $150 million.

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[Source: Blown Mortgage]