MuniMae Reports Earnings Dive

Municipal Mortgage & Equity, Baltimore, has reported net income of $11.2 million ($0.32 per share) for the second quarter, a steep 64% decline from the $31.1 million ($1.06 per share) reported for the second quarter of 2003.The investor in multifamily debt and equity said that its cash available for distribution per share increased 17% to $0.61 for the period, from $0.52 for the comparable period of 2003. The company said it structured $688 million of multifamily financing for the second quarter and raised $244 million in tax credit equity. "Production volume increased over 50% compared to the second quarter of 2003. and our pipeline looks healthy," said Mark K. Joseph, chairman and chief executive officer of MuniMae. MuniMae can be found on the Web at http://www.munimaemidland.com.