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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	May 31, 2006
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  	Municipal Mortgage & Equity, LLC
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	001-11981
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  	52-1449733
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	621 E Pratt Street, Suite 300, Baltimore, Maryland
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  	21202
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	(443) 263-2900
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  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:</FONT>
  </P>
  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  Flexible Early Purchase Facility<br><br>MMA Mortgage Investment Corporation ("MMIC"), an indirect wholly owned subsidiary of the registrant, has entered into a Multifamily and Health Care Mortgage Loan Repurchase Agreement dated as of May 31, 2006  (the "Repurchase Facility") with Washington Mutual Bank, a federal association (the "Bank").  The Repurchase Facility provides for the Bank to purchase up to $125,000,000 of certain qualifying mortgage loans from MMIC, on a service retained basis, after MMIC has originated such mortgage loans, subject to MMIC&#x2019;s obligation to repurchase the mortgage loans from the Bank and the other terms and conditions of the Repurchase Facility.  These mortgage loans will generally be subject to a commitment by a takeout investor to acquire such loans from MMIC on or before a specified delivery date, and, in any event, will be repurchased by MMIC from the Bank within 90 days of their acquisition by the Bank.  <br><br>The Bank&#x2019;s commitment to purchase mortgage loans terminates on February 1, 2008 or, at the option of the Bank after the giving of 30 days&#x2019; notice, on May 31, 2007.  The Repurchase Facility provides for the Bank to receive an investment return rate with respect to each mortgage loan purchased, based on the time during which the Bank holds the mortgage loan, at a fixed rate and/or the one month London Interbank Offered Rate ("LIBOR") plus a spread depending on the balance of non-interest bearing deposit accounts of the registrant and its subsidiaries maintained at the Bank.<br><br>The Repurchase Facility requires MMIC to maintain a minimum adjusted tangible net worth, a minimum debt service coverage ratio, a minimum specified servicing portfolio and a minimum amount of liquid assets.  The Repurchase Facility also contains customary events of default including, among others, the failure of MMIC to repurchase a mortgage loan at the time required or the failure to pay the principal and interest received by MMIC for mortgage loans sold under the facility, MMIC&#x2019;s breach of representations, warranties or covenants, MMIC&#x2019;s insolvency or unpaid judgments in excess of $7.5 million, MMIC&#x2019;s loss of control over its servicing portfolio, MMIC&#x2019;s loss of authority to originate mortgage loans and the acceleration of certain other indebtedness.  Upon the occurrence of such events, among other remedies, the Bank may accelerate the repurchase date for the mortgage loans.<br><br>Warehouse Credit and Security Agreement<br><br>MMA Construction Finance, LLC ("MMCF"), an indirect wholly owned subsidiary of the registrant, entered into a Warehousing Credit and Security Agreement dated as of May 31, 2006 (the "Warehousing Facility") with the Bank.  The Warehousing Facility provides for revolving loans to MMCF to finance specified types of mortgage loans in an amount of up to $70 million.  The Warehousing Facility is fully and unconditionally guaranteed by the registrant and is secured by a first priority lien on specified mortgage loans financed under the Warehousing Facility.  <br><br>The Warehousing Facility will terminate on April 1, 2008 (in which case all loans outstanding under the facility will be due on or before October 31, 2008) or, at the option of the Bank, on May 31, 2007 (in which case all loans outstanding under the facility will be due on or before May 31, 2008).   Loans under the Warehousing Facility bear interest at a fixed rate and/or the one month LIBOR plus a spread depending on the balance of non-interest bearing deposit accounts of the registrant and its subsidiaries maintained at the Bank.<br><br>The Warehousing Facility requires the registrant to maintain a minimum consolidated tangible net worth, a maximum consolidated leverage ratio, minimum liquidity, a maximum consolidated senior indebtedness ratio, and a minimum consolidated interest and distributions coverage ratio.  The Warehousing Facility contains customary events of default including, among others, failure to pay principal and interest, breach of representations, warranties and covenants, insolvency, dissolution or unpaid judgments in excess of $7.5 million, the acceleration of certain other indebtedness, and the registrant or its affiliates ceasing to be the servicer of any collateral under the Warehousing Facility.  Upon the occurrence of such events, among other remedies, the Bank may accelerate the obligation to repay outstanding principal and accrued interest.<br>
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  	Item 9.01 Financial Statements and Exhibits.
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  (d)  Exhibits<br><br>10.1  Multifamily and Health Care Mortgage Loan Repurchase Agreement dated as of May 31, 2006  between MMA Mortgage Investment Corporation and Washington Mutual Bank.<br><br>10.2  Warehousing Credit and Security Agreement dated as of May 31, 2006 between MMA Construction Finance, LLC and Washington Mutual Bank.
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  	SIGNATURES
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  	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.
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  	Municipal Mortgage & Equity, LLC
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  	&nbsp;&nbsp;
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  <I>
  	June 6, 2006
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  	By:
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  <I>
  	Melanie M. Lundquist
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  <I>
  	Name: Melanie M. Lundquist
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  <I>
  	Title: Executive Vice President and Chief Financial Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  	&nbsp;
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  Multifamily and Health Care Mortgage Loan Repurchase Agreement dated as of May 31, 2006  between MMA Mortgage Investment Corporation and Washington Mutual Bank
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  	10.2
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  	&nbsp;
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  Warehousing Credit and Security Agreement dated as of May 31, 2006 between MMA Construction Finance, LLC and Washington Mutual Bank
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_12974.htm", "description": "LIVE FILING", "secsgml_size_bytes": 15039}]
metadata_filer: {"company-data": {"conformed-name": "MUNICIPAL MORTGAGE & EQUITY LLC", "cik": "0001003201", "assigned-sic": "6500", "irs-number": "521449733", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11981", "film-number": "06889927"}, "business-address": {"street1": "621 E PRATT STREET", "street2": "SUITE 300", "city": "BALTIMORE", "state": "MD", "zip": "21202", "phone": "(443) 263-2900"}, "mail-address": {"street1": "621 E PRATT STREET", "street2": "SUITE 300", "city": "BALTIMORE", "state": "MD", "zip": "21202"}}
text: Municipal Mortgage & Equity, LLC (Form: 8-K)
  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):
  May 31, 2006
  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 300, 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.
  Flexible Early Purchase Facility
  MMA Mortgage Investment Corporation ("MMIC"), an indirect wholly owned subsidiary of the registrant, has entered into a Multifamily and Health Care Mortgage Loan Repurchase Agreement dated as of May 31, 2006  (the "Repurchase Facility") with Washington Mutual Bank, a federal association (the "Bank").  The Repurchase Facility provides for the Bank to purchase up to $125,000,000 of certain qualifying mortgage loans from MMIC, on a service retained basis, after MMIC has originated such mortgage loans, subject to MMIC's obligation to repurchase the mortgage loans from the Bank and the other terms and conditions of the Repurchase Facility.  These mortgage loans will generally be subject to a commitment by a takeout investor to acquire such loans from MMIC on or before a specified delivery date, and, in any event, will be repurchased by MMIC from the Bank within 90 days of their acquisition by the Bank.
  The Bank's commitment to purchase mortgage loans terminates on February 1, 2008 or, at the option of the Bank after the giving of 30 days' notice, on May 31, 2007.  The Repurchase Facility provides for the Bank to receive an investment return rate with respect to each mortgage loan purchased, based on the time during which the Bank holds the mortgage loan, at a fixed rate and/or the one month London Interbank Offered Rate ("LIBOR") plus a spread depending on the balance of non-interest bearing deposit accounts of the registrant and its subsidiaries maintained at the Bank.
  The Repurchase Facility requires MMIC to maintain a minimum adjusted tangible net worth, a minimum debt service coverage ratio, a minimum specified servicing portfolio and a minimum amount of liquid assets.  The Repurchase Facility also contains customary events of default including, among others, the failure of MMIC to repurchase a mortgage loan at the time required or the failure to pay the principal and interest received by MMIC for mortgage loans sold under the facility, MMIC's breach of representations, warranties or covenants, MMIC's insolvency or unpaid judgments in excess of $7.5 million, MMIC's loss of control over its servicing portfolio, MMIC's loss of authority to originate mortgage loans and the acceleration of certain other indebtedness.  Upon the occurrence of such events, among other remedies, the Bank may accelerate the repurchase date for the mortgage loans.
  Warehouse Credit and Security Agreement
  MMA Construction Finance, LLC ("MMCF"), an indirect wholly owned subsidiary of the registrant, entered into a Warehousing Credit and Security Agreement dated as of May 31, 2006 (the "Warehousing Facility") with the Bank.  The Warehousing Facility provides for revolving loans to MMCF to finance specified types of mortgage loans in an amount of up to $70 million.  The Warehousing Facility is fully and unconditionally guaranteed by the registrant and is secured by a first priority lien on specified mortgage loans financed under the Warehousing Facility.
  The Warehousing Facility will terminate on April 1, 2008 (in which case all loans outstanding under the facility will be due on or before October 31, 2008) or, at the option of the Bank, on May 31, 2007 (in which case all loans outstanding under the facility will be due on or before May 31, 2008).   Loans under the Warehousing Facility bear interest at a fixed rate and/or the one month LIBOR plus a spread depending on the balance of non-interest bearing deposit accounts of the registrant and its subsidiaries maintained at the Bank.
  The Warehousing Facility requires the registrant to maintain a minimum consolidated tangible net worth, a maximum consolidated leverage ratio, minimum liquidity, a maximum consolidated senior indebtedness ratio, and a minimum consolidated interest and distributions coverage ratio.  The Warehousing Facility contains customary events of default including, among others, failure to pay principal and interest, breach of representations, warranties and covenants, insolvency, dissolution or unpaid judgments in excess of $7.5 million, the acceleration of certain other indebtedness, and the registrant or its affiliates ceasing to be the servicer of any collateral under the Warehousing Facility.  Upon the occurrence of such events, among other remedies, the Bank may accelerate the obligation to repay outstanding principal and accrued interest.
  Item 9.01 Financial Statements and Exhibits.
  (d)  Exhibits
  10.1  Multifamily and Health Care Mortgage Loan Repurchase Agreement dated as of May 31, 2006  between MMA Mortgage Investment Corporation and Washington Mutual Bank.
  10.2  Warehousing Credit and Security Agreement dated as of May 31, 2006 between MMA Construction Finance, LLC and Washington Mutual Bank.
  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
  June 6, 2006
  By:
  Melanie M. Lundquist
  Name: Melanie M. Lundquist
  Title: Executive Vice President and Chief Financial Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Multifamily and Health Care Mortgage Loan Repurchase Agreement dated as of May 31, 2006  between MMA Mortgage Investment Corporation and Washington Mutual Bank
  10.2
  Warehousing Credit and Security Agreement dated as of May 31, 2006 between MMA Construction Finance, LLC and Washington Mutual Bank