EXHIBIT 1



                       CONSENT OF INDEPENDENT ACCOUNTANTS



We hereby consent to the incorporation by reference in the Prospectus Supplement
of Impac Secured Assets Corp., relating to Mortgage Pass-Through Certificates,
Series 2001-8, of our reports, dated February 2, 2001, each of which is included
or incorporated by reference in MBIA Inc.'s Annual Report on Form 10-K for the
year ended December 31, 2000, relating to our audits of: the consolidated
financial statements of MBIA Inc. and Subsidiaries as of December 31, 2000 and
1999 and for each of the three years in the period ended December 31, 2000; the
consolidated financial statement schedules of MBIA Inc. and Subsidiaries as of
December 31, 2000 and 1999 and for each of the three years in the period ended
December 31, 2000; and, the consolidated financial statements of MBIA Insurance
Corporation and Subsidiaries as of December 31, 2000 and 1999 and for each of
the three years in the period ended December 31, 2000. We also consent to the
reference to our firm under the caption "Experts."

                                        /s/ Pricewaterhouse Coopers LLP
                                        -------------------------------------
                                        PricewaterhouseCoopers LLP
Dated: December 20, 2001