Municipal Mortgage & Equity LLC, Baltimore, has reported that it will restate its net earnings upward for 2004 and the nine-month period ended Sept. 30, 2005, and restate them downward for 2002 and 2003.The restatements involve a recognition of syndication fees and interest income, the application of the equity method of accounting, and the amortization of mortgage servicing rights, the company said. They are expected to result in net earnings increases of $10.5 million ($027 per share) for the first nine months of 2005 and $19.4 million ($0.56 per share) for 2004, MuniMae said. Net earnings are expected to be revised downward by $4.2 million ($0.15 per share) for 2003 and $2.6 million ($0.09 per share) for 2002. MuniMae, a multifamily financing company, can be found online at http://www.munimae.com.

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