<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal"><DIV STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; border-top: Black 1pt solid; width: 100%; letter-spacing: normal; word-spacing: normal">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; font-variant: normal; letter-spacing: normal; word-spacing: normal"></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal"><FONT STYLE="font-size: 13.5pt"><A NAME="a_001"></A>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT><FONT STYLE="font-size: 10pt">WASHINGTON, D.C. 20549</FONT></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">FORM 8-K</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">CURRENT REPORT</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">Pursuant to Section&nbsp;13 or 15(d)
of the Securities Exchange Act of 1934</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; width: 100%; border-collapse: collapse; letter-spacing: normal; word-spacing: normal">
<TR STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">Date of Report (Date of Earliest Event Reported):</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">January 18, 2012</TD></TR>
</TABLE>
<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal"><FONT STYLE="font-size: 24pt">Municipal
Mortgage &amp; Equity, LLC</FONT><FONT STYLE="font-size: 10pt"><BR> </FONT></P>

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<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal"><FONT STYLE="font-size: 10pt"><BR>
(Exact name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; width: 100%; border-collapse: collapse; letter-spacing: normal; word-spacing: normal">
<TR STYLE="vertical-align: top; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; width: 32%; border-bottom: Black 1pt solid; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">Delaware</TD>
    <TD STYLE="line-height: normal; letter-spacing: normal; word-spacing: normal; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; width: 32%; border-bottom: Black 1pt solid; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">001-11981</TD>
    <TD STYLE="line-height: normal; letter-spacing: normal; word-spacing: normal; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; width: 32%; border-bottom: Black 1pt solid; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">52-1449733</TD></TR>
<TR STYLE="vertical-align: top; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">(State or other jurisdiction</TD>
    <TD STYLE="line-height: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">(Commission</TD>
    <TD STYLE="line-height: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">of incorporation)</TD>
    <TD STYLE="line-height: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">File Number)</TD>
    <TD STYLE="line-height: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">Identification No.)</TD></TR>
<TR STYLE="vertical-align: top; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="line-height: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="line-height: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal; border-bottom: Black 1pt solid">621 E Pratt Street, Suite 600</TD>
    <TD STYLE="line-height: normal; letter-spacing: normal; word-spacing: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">Baltimore, Maryland&nbsp;</TD>
    <TD STYLE="line-height: normal; letter-spacing: normal; word-spacing: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal; border-bottom: Black 1pt solid">21202</TD></TR>
<TR STYLE="vertical-align: top; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">(Address of principal executive offices)</TD>
    <TD STYLE="line-height: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="line-height: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; text-align: center; vertical-align: middle; letter-spacing: normal; word-spacing: normal">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; width: 100%; border-collapse: collapse; letter-spacing: normal; word-spacing: normal">
<TR STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">
    <TD STYLE="width: 66%; vertical-align: top; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">Registrant&rsquo;s telephone number, including area code:</TD>
    <TD STYLE="width: 2%; vertical-align: bottom; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="width: 32%; vertical-align: top; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">(443) 263-2900</TD></TR>
</TABLE>
<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">Not Applicable</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal"></P>

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<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">Former name or former address, if changed since last report</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; letter-spacing: normal; word-spacing: normal">Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; letter-spacing: normal; word-spacing: normal">&#9633;&nbsp;&nbsp;Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)<BR>
&#9633;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
&#9633;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
&#9633;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</P>



<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: justify; letter-spacing: normal; word-spacing: normal"><B><A HREF="#a_001">Top of the Form</A></B></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; text-align: justify; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; font-variant: normal; font-variant: normal; text-align: justify; letter-spacing: normal; word-spacing: normal"></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: justify; letter-spacing: normal; word-spacing: normal"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 1.01 Entry into a Material Definitive
Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 18, 2012, the registrant and Lisa
M. Roberts executed an employment agreement effective as of October 1, 2011 pursuant to which Ms. Roberts continues to be employed
as Chief Financial Officer. The employment agreement has a term ending on April 1, 2014 and provides for an annual base compensation
of <FONT STYLE="letter-spacing: -0.15pt">$400,000 as of October 1, 2011; $425,000 as of January 1, 2012; and $450,000 as of January
1, 2013</FONT>. The agreement provides for incentive compensation payable in cash as determined by the Compensation Committee based
on <FONT STYLE="letter-spacing: -0.15pt">the recommendation of the CEO that Employee has met specific goals and objectives for
each calendar year 2011, 2012 and 2013, which goals shall include but not be limited to timely filing of our Form 10K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The employment agreement also contains the
following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We may terminate the agreement for cause, which
includes Ms. Roberts&rsquo;s gross negligence, intentional misconduct, conviction of a serious crime, breach of certain non-competition
restrictions or breach of the duty of loyalty. &quot;Cause&quot; also includes certain violations of the law and certain failures
by Ms. Roberts to perform services reasonably requested of her. If we terminate the agreement for cause or Ms. Roberts terminates
the agreement for other than good reason (as defined in the Agreement), she will receive her base salary up through the date of
termination but no portion of any incentive compensation for the fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon termination of the agreement (i) by us
without cause, (ii) by Ms. Roberts for good reason or (iii) upon disability, Ms. Roberts is entitled to receive benefits through
the date of termination, a cash severance of $650,000 in the case of termination by us or her or $400,000 in the case of disability,
in each case to be paid in four equal quarterly payments beginning on the first day of the first calendar month following the termination
date, and any outstanding deferred cash and equity awards will become fully vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreement provides for a death benefit
equal to $400,000 in the event of Ms. Roberts' death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the longer of twelve months following the
expiration or termination of the agreement, or the remaining term of the agreement, Ms. Roberts has agreed not to compete with
the company, not to divulge confidential company information, or solicit company employees or customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The agreement requires us to indemnify Ms.
Roberts from any and all liability for acts or omissions performed in the course of her employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: justify; letter-spacing: normal; word-spacing: normal"><B>&nbsp;</B></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: justify; letter-spacing: normal; word-spacing: normal"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: justify; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: justify; letter-spacing: normal; word-spacing: normal">(d) Exhibits.</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; text-align: justify; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; font-variant: normal; text-align: justify; letter-spacing: normal; word-spacing: normal">10.01
Employment Agreement between Lisa Roberts and the Registrant</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt; font-variant: normal; font-variant: normal; font-variant: normal; text-align: justify; letter-spacing: normal; word-spacing: normal"><B>&nbsp;</B></P>

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<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal"><B>&nbsp;</B></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; text-align: left; letter-spacing: normal; word-spacing: normal"><B><A HREF="#a_001">Top of the Form</A></B></P>



<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal"><B>&nbsp;</B></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; text-align: center; letter-spacing: normal; word-spacing: normal"><B>SIGNATURES</B></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; font-variant: normal; letter-spacing: normal; word-spacing: normal">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; border-collapse: collapse; letter-spacing: normal; word-spacing: normal">
<TR STYLE="vertical-align: bottom; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">
    <TD STYLE="width: 31%; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="width: 39%; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD></TR>
<TR STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 2.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">Municipal Mortgage &amp; Equity, LLC</TD></TR>
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    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">January 19, 2012</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal"><I>By:</I></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; border-bottom: Black 1pt solid; font-variant: normal; letter-spacing: normal; word-spacing: normal"><I>/s/ Michael L. Falcone</I></TD></TR>
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    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal"><I>Name: Michael L. Falcone</I></TD></TR>
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    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal">&nbsp;</TD>
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    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font: normal 10pt/normal Times New Roman, Times, Serif; font-variant: normal; letter-spacing: normal; word-spacing: normal"><I>Title: Chief Executive Officer and President</I></TD></TR>
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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
January 18, 2012
Municipal
Mortgage & Equity, LLC
(Exact name of registrant as specified in its charter)
Delaware
001-11981
52-1449733
(State or other jurisdiction
(Commission
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
621 E Pratt Street, Suite 600
Baltimore, Maryland
21202
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(443) 263-2900
Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
□  Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)
□  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
□  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
□  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Top of the Form
Item 1.01 Entry into a Material Definitive
Agreement.
On January 18, 2012, the registrant and Lisa
M. Roberts executed an employment agreement effective as of October 1, 2011 pursuant to which Ms. Roberts continues to be employed
as Chief Financial Officer. The employment agreement has a term ending on April 1, 2014 and provides for an annual base compensation
of
$400,000 as of October 1, 2011; $425,000 as of January 1, 2012; and $450,000 as of January
1, 2013
. The agreement provides for incentive compensation payable in cash as determined by the Compensation Committee based
on
the recommendation of the CEO that Employee has met specific goals and objectives for
each calendar year 2011, 2012 and 2013, which goals shall include but not be limited to timely filing of our Form 10K.
The employment agreement also contains the
following terms and conditions:
We may terminate the agreement for cause, which
includes Ms. Roberts's gross negligence, intentional misconduct, conviction of a serious crime, breach of certain non-competition
restrictions or breach of the duty of loyalty. "Cause" also includes certain violations of the law and certain failures
by Ms. Roberts to perform services reasonably requested of her. If we terminate the agreement for cause or Ms. Roberts terminates
the agreement for other than good reason (as defined in the Agreement), she will receive her base salary up through the date of
termination but no portion of any incentive compensation for the fiscal year.
Upon termination of the agreement (i) by us
without cause, (ii) by Ms. Roberts for good reason or (iii) upon disability, Ms. Roberts is entitled to receive benefits through
the date of termination, a cash severance of $650,000 in the case of termination by us or her or $400,000 in the case of disability,
in each case to be paid in four equal quarterly payments beginning on the first day of the first calendar month following the termination
date, and any outstanding deferred cash and equity awards will become fully vested.
The agreement provides for a death benefit
equal to $400,000 in the event of Ms. Roberts' death.
For the longer of twelve months following the
expiration or termination of the agreement, or the remaining term of the agreement, Ms. Roberts has agreed not to compete with
the company, not to divulge confidential company information, or solicit company employees or customers.
The agreement requires us to indemnify Ms.
Roberts from any and all liability for acts or omissions performed in the course of her employment.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
10.01
Employment Agreement between Lisa Roberts and the Registrant
Top of the Form
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Municipal Mortgage & Equity, LLC
January 19, 2012
By:
/s/ Michael L. Falcone
Name: Michael L. Falcone
Title: Chief Executive Officer and President