Orange County once was home to eight of the nation’s top 12 subprime lenders, with thousands of employees issuing nonconforming mortgages to tarnished borrowers as fast as they could.
Today, at least a dozen Orange County lenders offering exotic loans are gone, having collapsed, shut down or been sold off at a loss.
But one firm still carries on, a rare survivor of the subprime-mortgage meltdown.
Impac Mortgage Holdings still operates on the top floor of its namesake building on Jamboree Road in Irvine, though it barely resembles its former self.
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