SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C.  20549


                                        FORM 8-K


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  December 27, 2004
                            (Date of earliest event reported)

            Impac Secured Asset Corporation (as Depositor under the Pooling
          and Servicing Agreement, dated as May 1, 2004, providing for the
            issuance of Mortgage Pass-Through Certificates, Series 2004-2)
                   (Exact name of registrant as specified in charter)


                                       California
                    (State or Other Jurisdiction of Incorporation)

               333-85310-04                          33-0715871
          (Commission File Number)        (I.R.S. Employer Identification No.)


          1401 DOVE STREET
          NEWPORT BEACH, CALIFORNIA                    92660
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (949) 475-3600


     (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


     Item 8.01  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     December 27, 2004.

                                    Signatures

               Pursuant to the requirements of the Securities Exchange Act of
          1934, the Registrant has duly caused this report to be signed on its
          behalf by the undersigned, hereunto duly authorized.


                                  Deutsche Bank National Trust Company,
                                  in its capacity as Trustee under the
                                  Indenture Agreement on behalf of Impac
                                  Assets Corporation Inc., Registrant


          Date:  Dec 27, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of December 27, 2004.











			

< TD ALIGN="center" COLSPAN=11>Certificate Payment Report for December 27, 2004 Distribution 16,003,705.55 - < TD ALIGN="right">Avg SMM Since Cut-off3 Months Avg PSA Approximation< TD ALIGN="center" COLSPAN=8>Mortgage Pass-Through Certificates< /TR>< TD ALIGN="center">

	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	December 27, 2004 Distribution
	Contents
			TABLE OF CONTENTS
								Page
& nbsp;
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				6
			4.	Credit Enhancement Report				9
			5.	Collateral Report				10
			6.	Delinquency Report				13
			7.	REO Report				14
			8.	Prepayment Report				15
			9.	Prepayment Detail Report				18
			10.	Realized Loss Report				19
			11.	Realized Loss Detail Report				22
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				23
	&nbs p;		13.	Additional Certificate Report				24
		&nbs p;
				Total Number of Pages				24
			CONTACTS
				Administrator:
				Direct Phone Number:
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.tss.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		IMPAC Mortgage Holdings Inc.					Cut-Off Date: May 1, 2004
	Certificate Insurer(s):							Closing Date: May 28, 2004
							First Payment Date: June 25, 2004
	Servicer(s):		Impac Funding Corp. Master Servicer
			Countrywide Home Loans Serv Sub-Servicer
			GMAC Sub-Servicer
								Distribution Date: December 27, 2004
	Underwriter(s):		Countrywide Securities Underwriter					Record Date: December 24, 2004
								November 30, 2004
						Page 1 of 24					© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REMIC 2
	Certificate Payment Report for December 27, 2004 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A-1	FLT,AS	57,124,000.00			43,281,157.56	88,353.11	3,242,608.15	3,330,961.26	-	-	40,038,549.41
A-2	AFC,SEQ,AS	13,944,000.00			13,944,000.00	46,933.18	-	46,933.18	-	-	13,944,000.00
A-3	AFC,SEQ,AS	40,997,000.00			40,997,000.00	170,650.01	-	170,650.01	-	-	40,997,000.00
A-4	AFC,SEQ,AS	26,259,000.00			26,259,000.00	127,246.74	-	127,246.74	-	-	26,259,000.00
A-5	STEP,AFC,SE	31,326,000.00			31,326,000.00	154,019.50	-	154,019.50	-	-	31,326,000.00
A-6	STEP,AFC,SE	18,850,000.00			18,850,000.00	90,165.83	-	90,165.83	-	-	18,850,000.00
M-1	MEZ,STEP,AF	5,000,000.00			5,000,000.00	24,583.33	-	24,583.33	-	-	5,000,000.00
M-2	MEZ,STEP,AF	4,000,000.00			4,000,000.00	12,505.50	-	12,505.50	-	-	4,000,000.00
M-3	MEZ,STEP,AF	2,500,000.00			2,500,000.00	9,861.08	-	9,861.08	-	-	2,500,000.00
C	SUB	-			-	231,878.22	-	231,878.22	-	-	-
P	SUB	100.00			100.00	11,149.04	-	11,149.04	-	-	100.00
R	R	-			-	-	-	-	-	-	-
Total		200,000,100.00			186,157,257.56	967,345.54	3,242,608.15	4,209,953.69	-	-	182,914,649.41
					;
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A-1	05/28/04	12/26/04		A-Act/360	45254TPG3	57,124,000.00	757.670288	1.546690	56.764375	58.311065	700.905914
A-2	05/28/04	12/26/04		A-30/360	45254TPH1	13,944,000.00	1,000.000000	3.365833	-	3.365833	1,000.000000
A-3	05/28/04	12/26/04		A-30/360	45254TPJ7	40,997,000.00	1,000.000000	4.162500	-	4.162500	1,000.000000
A-4	05/28/04	12/26/04		A-30/360	45254TPK4	26,259,000.00	1,000.000000	4.845833	-	4.845833	1,000.000000
A-5	05/28/04	12/26/04		A-30/360	45254TPL2	31,326,000.00	1,000.000000	4.916667	-	4.916667 < /FONT>	1,000.000000
A-6	05/28/04	12/26/04		A-30/360	45254TPM0	18,850,000.00	1,000.000000	4.783333	-	4.783333	1,000.000000
M-1	05/28/04	12/26/04		A-30/360	45254TPN8	5,000,000.00	1,000.000000	4.916666	-	4.916666	1,000.000000
M-2	05/28/04	12/26/04		A-30/360	45254TPP3	4,000,000.00	1,000.000000	3.126375	-	3.126375	1,000.000000
M-3	05/28/04	12/26/04		A-30/360	45254TPQ1	2,500,000.00	1,000.000000	3.944432	-	3.944432	1,000.000000
C	05/28/04	12/26/04		A-30/360	45254TPR9	-	-	-	-	-	-
P	05/28/04	12/26/04		A-30/360	45254TPS7	100.00	1,000.000000	111,490.400000	-	111,490.400000	1,000.000000
R	05/28/04	12/26/04		A-30/360	45254TPT5	-	-	-	-	-	-
							Page 2 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REMIC 2
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A-1	57,124,000.00		559,050.08		1,081,745.04	17,085,450.59	17,644,500.67	-	-	40,038,549.41
A-2	13,944,000.00		328,532.26		-	-	-	328,532.26	-	-	13,944,000.00
A-3	40,997,000.00		1,194,550.07		-	-	-	1,194,550.07	-	-	40,997,000.00
A-4	26,259,000.00		890,727.18		- -	-	-	890,727.18	-	-	26,259,000.00
A-5	31,326,000.00		1,078,136.50		-	-	1,078,136.50	-	-	31,326,000.00
A-6	18,850,000.00		631,160.81		-	-	-	631,160.81	-	-	18,850,000.00
M-1	5,000,000.00		172,083.31		-	-	-	172,083.31	-	-	5,000,000.00
M-2	4,000,000.00		73,078.28		-	-	-	73,078.28	-	-	4,000,000.00
M-3	2,500,000.00		59,726.01		-	-	-	59,726.01	-	-	2,500,000.00
C	-		731,931.20		-	-	-	731,931.20	-	-	-
P	100.00		70,422.22		-	-	-	70,422.22	-	-	100.00
R	-		-		-	-	-	-	-	-	-
Total	200,000,100.00		5,789,397.92		16,003,705.55	1,081,745.04	17,085,450.59	22,874,848.51	-	-	182,914,649.41
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A - -1	2.37063%	43,281,157.56			88,353.11	-	-	-	88,353.11	88,353.11	-
A-2	4.03900%	13,944,000.00			46,933.18	-	-	-	46,933.18	46,933.18	-
A-3	4.99500%	40,997,000.00			170,650.01	-	-	-	170,650.01	170,650.01	-
A-4	5.81500%	26,259,000.00			127,246.74	-	-	-	127,246.74	127,246.74	-
A-5	5.90000%	31,326,000.00			154,019.50	-	-	-	154,019.50	154,019.50	-
A-6	5.74000%	18,850,000.00			90,165.83	-	-	-	90,165.83	90,165.83	-
M-1	5.90000%	5,000,000.00			24,583.33	-	-	-	24,583.33	24,583.33	-
M-2	3.63063%	4,000,000.00			12,505.50	-	- < /FONT>	-	12,505.50	12,505.50	-
M-3	4.58063%	2,500,000.00			9,861.08	-	-	-	9,861.08	9,861.08	-
C	1.68925%	-			263,841.92	-	-	-	263,841.92	231,878.22	31,963.70
P		100.00			-	-	-	-	11,149.04	11,149.04	-
R		-			-	-	-	-	-	-	-
											< /TD>
Total		186,157,257.56			988,160.20	-	-	-	999,309.24	967,345.54	31,963.70
							Page 3 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for December 27, 2004 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
REMIC1		200,000,100.00			186,157,257.56	967,345.54	3,242,608.15	4,209,953.69	-	-	182,914,649.41
Total		200,000,100.00			186,157,257.56	967,345.54	3,242,608.15	4,209,953.69	-	-	182,914,649.41
									&nb sp;
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
REMIC1	05/28/04	12/26/04		A-30/360		200,000,100.00	930.785822	4.836725	16.213033	21.049758	914.572790
< I>
							Page 4 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates< /TD>
	REMIC I
	Certificate Payment Report for December 27, 2004 Distribution
	Distribution in Dollars - to Date				&nbs p;
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
REMIC1	200,000,100.00		5,789,397.92		-	17,085,450.59	17,085,450.59	22,874,848.51	-	-	182,914,649.41
Total	200,000,100.00		5,789,397.92		-	17,085,450.59	17,085,450.59 < /FONT>	22,874,848.51	-	-	182,914,649.41
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid o r	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
REMIC1	6.32669%	186,157,257.56			-	-	-	-	-	967,345.54	-
Total		186,157,257.56			-	-	-	-	-	967,345.54	-
							Page 5 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
		&nbs p;
SUMMARY								TOTAL
	Principal Collections							3,210,644.44
	Other Principal Deposits							0.00
	TOTAL NET PRINCIPAL							3,210,644.44
	Interest Collections							1,034,628.93
	Interest Withdrawals							0.00
	Interest Fees							(35,319.68)
	TOTAL NET INTEREST							999,309.25
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS						< FONT SIZE="-1" FACE="Times New Roman">	4,209,953.69
										& nbsp;
PRINCIPAL - COLLECTIONS								TOTAL
	Scheduled Principal							169,579.32
	Curtailments							23,502.09
	Prepayments In Full							3,017,563.03
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Principal							0.00
	Delinquent Principal							(49,991.18)
	Total Realized Loss Of Principal							0.00
	Principal Advanced							49,991.18
	TOTAL PRINCIPAL COLLECTED							3,210,644.44
				Page 6 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
&nbs p;	Mortgage Pass-Through Certificates
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS								TOTAL
	Scheduled Interest							1,036,221.04	< /TD>
	Repurchases/Substitutions							0.00
	Liquidation Interest							0.00
< /TD>	Insurance Interest							0.00
	Other Interest							0.00
	Prepayment Interest Shortfalls		& nbsp;					(10,255.43)
	Delinquent Interest							(313,747.07)
	Interest Realized Losses							0.00
	Compensating Interest							10,255.43
	Civil Relief Act Shortfalls							0.00	& nbsp;
	Prepayment Premiums							11,149.04
	Interest Advanced							301,005.92
	TOTAL INTEREST COLLECTED							1,034,628.93
				Page 7 of 24				© COPYRIGHT 20 04 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS								TOTAL
	Credit Risk Manager Fees							0.00
	TOTAL INTEREST WITHDRAWALS							0.00
INTEREST - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - FEES								TOTAL
	Radian PMI Fee							2,297.45
	Trustee Fee Amount					< /FONT>		2,030.44
	Retained Spread							0.00
	Current Servicing Fees							43,732.94
	Delinquent Servicing Fees							(12,741.15)
	TOTAL INTEREST OTHER FEES							35,319.68
				Page 8 of 24	< /TD>			© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for December 27, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
											&nb sp;
INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK
										;
STRUCTURAL FEATURES								TOTAL
									< /TD>
	Overcollateralization Amount							1,300,000.65
	Excess Overcollateralized Amount							0.00
	Overcollateralization Release Amount							0.00
	Overcollateral ization Deficiency Amount							31,963.71
	Overcollateralization Target Amount	&n bsp;						1,300,000.65
				Page 9 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
COLLATERAL								TOTAL
	Loan Count:
	Original							778
	Prior							939
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(13)	&n bsp;
	Repurchases							-
	Liquidations							-
	Current							926
	Principal Balance:
	Original							159,954,948.80
	Prior							187,426,900.79
	Prefunding							-
	Scheduled Principal							(169,579.32)
	Partial and Full Voluntary Prepayments							(3,041,065.12)
	Repurchases							-
	Liquidations							-
	Current							184,216,256.35
PREFUNDING								TOTAL
	Prefund Amount Deposited	< FONT SIZE="-1" FACE="Times New Roman">						(1,606.29)
	Am ount of Funds Transferred							0.00
	Prefund Amount Remaining							(1,606.29)
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 10 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004 - -2
	Mortgage Pass-Through Certificates
											&nbs p;
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							6.570520%
	Weighted Average Coupon Prior							6.636486%
	Weighted Average Coupon Current							6.634401%
	Wei ghted Average Months to Maturity Original							352
	Weighted Average Months to Maturity Prior							347
	Weighted Average Months to Maturity Current							345
	Weighted Avg Remaining Amortization Term Original							352
	Weighted Avg Remaining Amortization Term Prior							346
	Weighted Avg Remaining Amortization Term Current						345
	Weighted Average Seasoning Original							1.38
	Weighted Average Seasoning Prior							6.26
	Weighted Average Seasoning Current							7.26		;
Note: Original information refers to deal issue.
						< /FONT>
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
;
Note: Dates correspond to distribution dates.
				Page 11 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Collateral Report for December 27, 2004 Distribution								&nb sp;
	Collateral Report
ARM CHARACTERISTICS								TOTAL
	Wei ghted Average Margin Original							0.000%
	Weighted Average Margin Prior							0.000%
	Weighted Average Margin Current							0.000%
	Weighted Average Max Rate Original							0.000%
	Weighted Average Max Rate Prior					< /FONT>		0.000%
	Weighted Average Max Rate Current							0.000%
	Weighted Average Min Rate Original							0.000%
	Weighted Average Min Rate Prior							0.000%
	Weighted Average Min Rate Current							0.000%
	Weighted Average Cap Up Original							0.000%
	Weighted Average Cap Up Prior							0.000%
	Weighted Average Cap Up Current							0.000%
	Weighted Average Cap Down Original							0.000%
	Weighted Average Cap Down Prior							0.000%
	Weighted Average Cap Down Current					&nbs p;		0.000%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES								TOTAL
	Current Servicing Fees							30,991.79
	Delinquent Servicing Fees							12,741.15			< /TD>
	TOTAL SERVICING FEES							43,732.94
	Total Servicing Fees							43,732.94
	Compensating Interest							10,255.43
	Delinquent Servicing Fees							(12,741.15)
	COLLECTED SERVICING FEES							41,247.22
	Current PPIS							(10,255.43)
	Current Net PPIS							0.00
	Total Advanced Principal For Current Payment Date							49,991.18
	Total Advanced Interest For Current Payment Date							301,005.92
	TOTAL ADVANCES FOR CURRENT PERIOD							350,997.10
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Weighted Average Mortgage Rate							6.6344%
	Weighted Average Net Mortgage Rate							6.3267%
				Page 12 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,891,197.56	2,007,040.02	-	3,898,237.58
		% Balance			1.03%	1.09%	0.00%	2.12%
		# Loans			12	8	-	20
		% # Loans			1.30%	0.86%	0.00%	2.16%
FORECLOSURE		Balance		-	-	-	1,838,086.73	1,838,086.73
		% Balance		0.00%	0.00%	0.00%	1.00%	1.00%
		# Loans		-	-	-	9	9
		% # Loans		0.00%	0.00%	0.00%	0.97%	0.97%
BANKRUPTCY		Balance		402,739.20	-	-	-	402,739.20
		% Balance		0.22%	0.00%	0.00%	0.00%	0.22%
		# Loans		3	-	-	-	3
		% # Loans		0.32%	0.00%	0.00%	0.00%	0.32%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0. 00%	0.00%	0.00%
TOTAL		Balance		402,739.20	1,891,197.56	2,007,040.02	1,838,086.73	6,139,063.51
		% Balance		0.22%	1.03%	1.09%	1.00%	3.33%
		# Loans		3	12	8	9	32
		% # Loans		0.32%	1.30%	0.86%	0.97%	3.46%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 24	&nb sp;			© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REO Report for December 27, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP							&n bsp;
Total Loan Count = 0				Loan Group 1 = Group 1; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
							&n bsp;
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
				Page 14 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntar y Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
	Current
	Number of Paid in Full Loans							13
	Number of Repurchased Loans						-
	Total Number of Loans Prepaid in Full						< FONT SIZE="-1" FACE="Times New Roman">	13
	Paid in Full Balance							3,017,563.03
	Repurchased Loans Balance							-
	Curtailments Amount							23,502.09
	Total Prepayment Amount							3,041,065.12
	Cumulative
	Number of Paid in Full Loans							70
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							70
	Paid in Full Balance							14,703,238.56
	Repurchased Loans Balance							-
	Curtailments Amount							466.34
	Total Prepaym ent Amount							14,703,704.90
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 15 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
		< /FONT>
VOLUNTARY PREPAYMENT RATES								TOTAL
	SMM							1.62%
	3 Months Avg SMM							1.84%
	12 Months Avg SMM
							1.09%
	CPR							17.84%
	3 Months Avg CPR							20.01%
	12 Months Avg CPR						&nb sp;
	Avg CPR Since Cut-off							12.32%
	PSA							1227.88%
							1596.82%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							1436.43%
								&nb sp;
CPR by Groups					Total CPR
PSA by Groups					Total PSA				< FONT SIZE="-1" FACE="Arial">
				Page 16 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off				< /FONT>
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
								&nb sp;
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) *.......*(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
				Page 17 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for December 27, 2004 Distribution
;	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 13						Loan Group 1 = Group 1
Total Original Principal Balance = 3,032,350.00
Total Prepayment Amount = 3,017,563.03
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
1103129942 1			320,150.00	318,665.68	Nov-19-04	7.375%	NY - 95.00%	Paid Off - 360	May-27-04
1103153930 1			192,000.00	190,892.39	Nov-18-04	6.250%	CA - 62.14%	Paid Off - 360	May-12-04
1103158377 1			170,600.00	169,892.59	Nov-16-04	7.000%	MD - 89.98%	Paid Off - 360	Jun-09-04
1103169757 1			252,000.00	252,000.00	Nov-16-04	7.500%	NV - 90.00%	Paid Off - 360	May-27-04
1103171964 1			168,000.00	167,098.31	Nov-15-04	6.625%	CA - 70.00%	Paid Off - 360	May-27-04
1103173802 1			94,000.00	93,972.30	Nov-10-04	7.125%	AZ - 71.22%	Paid Off - 360	Jun-07-04
1103175202 1			170,000.00	169,354.87	Nov-01-04	8.375%	NV - 94.98%	Paid Off - 360	May-28-04
1103182754 1			401,000.00	398,516.73	Nov-05-04	5.875%	NY - 77.87%	Paid Off - 360	May-24-04
1103185319 1			165,000.00	164,135.53	Nov-01-04	6.750%	CA - 75.00%	Paid Off - 360	May-26-04
1103185554 1			246,900.00	245,168.07	Nov-11-04	7.500%	AZ - 95.00%	Paid Off - 360	May-26-04
1103185581 1			320,700.00	319,176.07	Nov-05-04	7.250%	CO - 91.24%	Paid Off - 360	May-26-04
1103186479 1			342,000.00	339,746.99	Nov-29-04	6.375%	NY - 88.83%	Paid Off - 360	May-19-04		< /TD>
1103188178 1			190,000.00	188,943.50	Nov-24-04	7.250%	CA - 42.22%	Paid Off - 360	May-24-04
			;
					Page 18 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES								TOTAL
	Current
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-
	Cumulative
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-		;
	Net Liquidation Proceeds							-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
SPACE INTENTIONALLY LEFT BLANK
							3 Months Moving Average
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 19 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Realized Loss Rep ort for December 27, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS								TOTAL
	MDR							0.00%
	3 Months Avg MDR							0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off							0.00%
	CDR							0.00%
	3 Months Avg CDR							0.00%		< /FONT>
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.00%
	< /TD>
	SDA							0.00%
	3 Months Avg SDA Approximation							0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation							0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 20 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.
								< FONT SIZE="-1" FACE="Times New Roman">
				Page 21 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for December 27, 2004 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY							LOAN GROUP		&n bsp;
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(G ain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions< /TD>	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK
							&n bsp;
					Page 22 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 27, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS								TOTAL
	Optional Termination Date Reached							No
	Trigger Event Occured							No
			;
	Step Down Date Reached							No
ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 23 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Additional Certificate Report for December 27, 2004 Distribution
	Additional Certificate Report
	CLASS							Net PPIS & Other Int. Shortfalls
	A-1							0.00
	A-2							0.00
	A-3							0.00
	A-4					< /FONT>		0.00
	A-5							0.00
	A-6							0.00
	M-1							0.00
	M-2							0.00
	M-3		&nbs p;					0.00
	C							0.00
	P							0.00
				Page 24 of 24				© COPYRIGHT 2004 Deutsche Bank