Item 8.01 Other Events.

On November 3, 2009, MMA Mortgage Investment Corporation ("MMIC"), a subsidiary of Municipal Mortgage & Equity, LLC (the "Company"), entered into (a) an exchange agreement (the "Exchange Agreement") with certain holders of trust preferred securities (the "TruPS Holders") issued by MFH Financial Trust I, a trust formed by MMA Financial Holdings, Inc. ("MFH"), and (b) a junior subordinated indenture (the "New Indenture" and, together with the Exchange Agreement, the "Exchange Documents"). Pursuant to the Exchange Documents, the TruPS Holders exchanged trust preferred securities with a liquidation preference of $30,000,000 (the "TruPS") that had been issued by MFH Financial Trust I for $30,000,000 principal amount of junior subordinated debt securities due May 3, 2034 issued by MMIC (the "New Securities"). The New Securities are backed by a Junior Subordinated Debenture due 2034 in the same principal amount as the original debenture that had been issued by MFH to back the TruPS (the "Original Debenture"). A proportionate amount of the Original Debenture backing the exchanged TruPS was cancelled in connection with the exchange described herein.

The terms and conditions of the New Indenture, including the interest rate on the New Securities, are substantially similar to the terms and conditions of the indenture governing the Original Debenture and TruPS. The New Securities are guaranteed by the Company on a substantially similar basis as the Company's guarantee of the TruPS which were exchanged.

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