Summary of MUNICIPAL MORTGAGE & EQUITY LLC

Item 8.01. Other Events.
On June 30, 2009, MuniMae TE Bond Subsidiary, LLC (the "Company"), a subsidiary of Municipal Mortgage & Equity, LLC (the "Registrant"), amended and restated the terms of the respective governing series exhibits (the "Amended and Restated Series A Exhibit" and the "Amended and Restated Series A-1 Exhibit," respectively) to its operating agreement, dated May 17, 1999, with respect to the Series A Cumulative Preferred Shares due 2049 (the "Series A Preferred Shares") and the Series A-1 Cumulative Preferred Shares due 2049 (the "Series A-1 Preferred Shares"). The terms of the Amended and Restated Series A Exhibit and the Amended and Restated Series A-1 Exhibit provide for the distributions and redemptions described in the table below in lieu of remarketing such securities in accordance with their pre-amended and restated terms on June 30, 2009. According to the terms of the Amended and Restated Series A Exhibit and the Amended and Restated Series A-1 Exhibit, the Company may elect to conduct a remarketing at any time following these amendments subject to certain procedural requirements set forth therein, but the Company will only be required to conduct a remarketing on June 30, 2010 and, if unsuccessful, on each anniversary thereof until a successful remarketing occurs. The following is a comparison of the terms before and following the Amended and Restated Series A Exhibit and the Amended and Restated Series A-1 Exhibit, assuming in the case before such amendments and restatements that a failed remarketing occurs.

                                                                Before                                  After
                                                         Terms under a Failed                   Terms under Amendment
                                                             Remarketing                           and Restatement
                                                       (in $)              (in %)              (in $)              (in %)
Series A
Liquidation Preference currently outstanding          84,000,000                              84,000,000

Interest distribution                                 10,651,200            12.68 %            6,300,000             7.50 %
Principal redemption                                           -             0.00 %            4,351,200             5.18 %

Total annual distribution                             10,651,200            12.68 %           10,651,200            12.68 %


Series A-1
Liquidation Preference currently outstanding          16,000,000                              16,000,000

Interest distribution                                  2,028,800            12.68 %            1,008,000             6.30 %
Principal redemption                                           -             0.00 %            2,192,000            13.70 %

Total annual distribution                              2,028,800            12.68 %            3,200,000            20.00 %


Series A and Series A-1
Liquidation Preference currently outstanding         100,000,000                             100,000,000

Interest distribution                                 12,680,000            12.68 %            7,308,000             7.31 %
Principal redemption                                           -             0.00 %            6,543,200             6.54 %

Total annual distribution                             12,680,000            12.68 %           13,851,200            13.85 %

Note: The amount of dividends and redemption payments noted above are annualized amounts based upon the first quarterly dividend and redemption obligations. Until there is a successful remarketing, as the liquidation preference is reduced by the redemptions, and therefore the total required dividends declines, the required redemption payments will increase so that the combined dividend and redemption payments will remain the same.