Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 25, 2009 Municipal Mortgage & Equity, LLC, (the "Company"), announced three retirements from its Board of Directors. (See Press Release dated September 25, 2009 entitled "MuniMae Announces Director Retirements", attached as Exhibit 99.1 to this Current Report).

On September 23, 2009, Eddie C. Brown, Robert S. Hillman, and Barbara L. Lucas announced their intent to resign from the Board effective September 30, 2009. Independent Directors Brown, Hillman and Lucas served on the Board since 2003, 1996 and 2005, respectively. Mr. Brown is a member of the Company's Audit Committee. Mr. Hillman is a member of the Company's Audit and Governance Committees and is Chair of the Company's Compensation Committee. Ms. Lucas is a member of the Company's Compensation Committee. The departing Directors stated that their respective resignations were not the result of a disagreement with the Company on any matter relating to its operations, policies or practices.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 - Press Release dated September 25, 2009.

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