MuniMae to Restate '03-'05 Earnings

Municipal Mortgage & Equity LLC, Baltimore, has announced that it will restate its financial results for the first quarter and for the years 2003-2005, and will miss the deadline for filing its third-quarter Form 10-Q.MuniMae said the restatements stem from the need to record adjustments for errors related primarily to three areas: accounting for syndication fees, accounting for equity commitments related to affordable housing projects, and the classification of cash received from investors in guaranteed tax credit equity funds. The company, which arranges debt and equity financing for developers of real estate and clean energy projects, said the restatements will not affect cash available for distribution, a supplemental performance measure reported by MuniMae in addition to net earnings. The company can be found online at http://www.munimae.com.