Impac Mortgage Reports $20.6-Million Loss

Impac Mortgage Holdings Inc., a Santa Ana Heights real estate investment trust, reported a third-quarter net loss of $20.6 million, or 85 cents a share, compared with net income of $7.2 million, or 45 cents a share, for the third quarter of 1997. The company said the net loss was primarily due to noncash charges from writing down mortgage loans, equity investments and investment securities portfolios that are available for sale.