Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL 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 *
ASHMORE WILLIAM
 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)
President and Director
(Last)
(First)
(Middle)

19500 JAMBOREE ROAD		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2007
(Street)


IRVINE, CA 92612		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(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 at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Common Stock 12/31/2007 12/31/2007 J 3,325 D $ 0 (1) 0 I by Daughter
Common Stock             33,077 I 401K
Common Stock             11,415 I by PSP
Common Stock             59,665 I by Trust
Series B Preferred Stock             2,500 I by PSP
Series C Preferred Stock             2,500 I by PSP

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2270 (9-02)

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 at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option (right to buy) $ 9.94           08/18/2008 08/18/2010 Common Stock
20,120
  20,120
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
200,000
  200,000
D
 
Non-Qualified Stock Option (right to buy) $ 9.94           08/18/2007 08/18/2010 Common Stock
204,880
  204,880
D
 
Non-Qualified Stock Option (right to buy) $ 10.95           07/30/2003 07/30/2006 Common Stock
24,202
  24,202
D
 
Non-Qualified Stock Option (right to buy) $ 14.27           07/29/2004 07/29/2007 Common Stock
93,000
  93,000
D
 
Non-Qualified Stock Option (right to buy) $ 23.1           08/02/2005 08/02/2008 Common Stock
95,671
  95,671
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
ASHMORE WILLIAM
19500 JAMBOREE ROAD
IRVINE, CA 92612		       President and Director  

Signatures

William S. Ashmore 01/08/2008
**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).
(1) The shares were transferred/distributed from a custodial account and the reporting person no longer has a reportable beneficial interest in the shares.

Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

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