Ownership Submission
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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(Print or Type Responses)
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. Date of Earliest Transaction (Month/Day/Year)
02/12/2008
(Street)

IRVINE, CA 92612
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               41,526 I 401K
Common Stock               23,415 I by PSP
Common Stock               79,665 I by Trust
Series B Preferred Stock               5,000 I by PSP
Series C Preferred Stock               2,500 I by PSP
Series B Preferred Stock               2,500 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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) $ 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) $ 23.1             08/02/2005 08/02/2008 Common Stock 95,671   95,671 D  
Incentive Stock Option (right to buy) $ 9.94             08/18/2008 08/18/2010 Common Stock 20,120   20,120 D  
Non_Qualified Stock Option (right to buy) $ 9.94             08/18/2007 08/18/2010 Common Stock 204,880   204,880 D  
Incentive Stock Option (right to buy) $ 1.33 02/12/2008 02/12/2008 A   75,187   02/12/2010 02/12/2013 Common Stock 75,187 $ 1.33 75,187 D  
Non_Qualified Stock Option (right to buy) $ 1.33 02/12/2008 02/12/2008 A   1,924,813   02/12/2010 02/12/2013 Common Stock 1,924,813 $ 1.33 1,924,813 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   02/14/2008
**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).

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

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