MuniMae Reports 3Q Profits

MuniMae, a Baltimore-based investor (and lender) in mainly affordable housing, has reported net income of $20.4 million ($0.52 per share) for the third quarter, a 77% increase from $11.5 million ($0.32 per share) a year earlier."Although our tax-exempt bond originations in 2005 have fallen significantly below 2004 levels, production volumes remain strong in our other lines of business, and the continued low interest rate environment has enabled us to sell selected investments at very attractive cap rates," said Michael Falcone, president and chief executive officer of MuniMae. The company can be found online at http://www.munimae.com.