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 *
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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