EXHIBIT 1



            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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The Board of Directors
Ambac Assurance Corporation:

We consent to the incorporation by reference in the registration statement (No.
333-117991) of Impac Secured Assets Corp. (the "Registrant"), and in the
Prospectus Supplement of the Registrant (the "Prospectus Supplement"), via the
Form 8-K of the Registrant dated August 30, 2004 of our report dated February
27, 2004 on the consolidated financial statements of Ambac Assurance Corporation
and subsidiaries as of December 31, 2003 and 2002, and for each of the years in
the three-year period ended December 31, 2003, which report appears in the
Annual Report on Form 10-K of Ambac Financial Group, Inc. which was filed with
the Securities and Exchange Commission on March 15, 2004 and to the reference to
our firm under the heading "Experts" in the Prospectus Supplement. Our report
refers to changes, in 2003, in Ambac Assurance Corporation's methods of
accounting for variable interest entities and stock-based compensation.



/s/ KPMG LLP
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KPMG LLP
New York, New York
August 27, 2004