FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * JOHNSON RICHARD JAMES   2. Issuer Name and Ticker or Trading Symbol IMPAC MORTGAGE HOLDINGS INC [IMH] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chief Operations Officer (Last) (First) (Middle) 1401 DOVE STREET 3. Date of Earliest Transaction (Month/Day/Year) 07/11/2006 (Street) NEWPORT BEACH, CA 92660 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock               9,749 I 401K Common Stock               150 I IRA Common Stock               105 I by Son Common Stock 07/11/2006   M   10,000 A $ 10.95 120,309 I By Trust Common Stock 07/11/2006   S   10,000 D $ 11.3139 110,309 I By Trust Common Stock 07/12/2006   M   20,000 A $ 10.95 130,309 I By Trust Common Stock 07/12/2006   S   20,000 D $ 11.429 110,309 I By Trust Series B Preferred Stock               10,000 I By Trust Series C Preferred Stock               39,700 I By Trust

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Incentive Stock Option (right to buy)

$ 4.18

03/27/2001

03/27/2011

Common Stock

23,000

23,000

D

Incentive Stock Option (right to buy)

$ 10.95

07/30/2003

07/30/2006

Common Stock

9,132

9,132

D

Incentive Stock Option (right to buy)

$ 14.27

07/29/2006

07/29/2007

Common Stock

7,000

7,000

D

Incentive Stock Option (right to buy)

$ 23.1

08/02/2005

08/02/2008

Common Stock

4,329

4,329

D

Non-Qualified Stock Option (right to buy)

$ 4.18

03/27/2001

03/27/2011

Common Stock

117,000

117,000

D

Non-Qualified Stock Option

$ 10.95

07/11/2006

M

10,000

07/30/2003

07/30/2006

Common Stock

10,000

$ 11.3139

38,403

D

Non-Qualified Stock Option

$ 10.95

07/12/2006

M

20,000

07/30/2003

07/30/2006

Common Stock

20,000

$ 11.429

18,403

D

Non-Qualified Stock Option

$ 14.27

07/29/2004

07/29/2007

Common Stock

143,000

143,000

D

Non-Qualified Stock Option

$ 23.1

08/02/2005

08/02/2008

Common Stock

45,671

45,671

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
JOHNSON RICHARD JAMES 1401 DOVE STREET NEWPORT BEACH, CA 92660			Chief Operations Officer

Signatures

Richard James Johnson		07/13/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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