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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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  	July 10, 2007
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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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  	&nbsp;
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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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  	&nbsp;
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  	&nbsp;
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  	621 E Pratt Street, Suite 300, Baltimore, Maryland
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  	&nbsp;
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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>
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  <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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     On July 16, 2007, Ms. Lundquist, the registrant and MMA Financial, Inc. entered into a Separation and Transition Agreement pursuant to which (a) the parties agreed to terminate Ms. Lundquist&#x2019;s employment agreement dated as of December 31, 2004 (the "Employment Agreement") and (b) the registrant agreed to make a severance payment of $600,000 in settlement of all obligations under the Employment Agreement and for providing transition and future consulting services.
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  	Item 1.02 Termination of a Material Definitive Agreement.
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     Reference is made to the disclosure above under Item 1.01.<br>
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  	Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
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     (a) On July 10, 2007, the registrant&#x2019;s board of directors amended the description of the duties and responsibilities of the president in the registrant&#x2019;s bylaws to clarify that the roles of chief executive officer and chief operating officer may be performed by different persons.
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  	Item 9.01 Financial Statements and Exhibits.
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     (c) Exhibits<br><br>       3(ii).1  Second Amended and Restated Bylaws.<br><br>       10.1 Separation and Transition Agreement dated as of July 9, 2007, by and among Melanie M. Lundquist, Municipal Mortgage & Equity, LLC and MMA Financial, Inc.
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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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  	&nbsp;
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  	Municipal Mortgage & Equity, LLC
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  	&nbsp;&nbsp;
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  	&nbsp;
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  	&nbsp;
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  <I>
  	July 16, 2007
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  	&nbsp;
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  <I>
  	By:
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  	&nbsp;
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  <I>
  	/s/ Michael L. Falcone
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  	&nbsp;
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  <I>
  	Name: Michael L. Falcone
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  	&nbsp;
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  <I>
  	Title: President and Chief Executive Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	&nbsp;
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  	Description
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  	3.(ii).1
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  	&nbsp;
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  Second Amended and Restated Bylaws
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  	10.1
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  	&nbsp;
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  Separation and Transition Agreement
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_21454.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11520}]
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": "07982116"}, "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):
  July 10, 2007
  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.
  On July 16, 2007, Ms. Lundquist, the registrant and MMA Financial, Inc. entered into a Separation and Transition Agreement pursuant to which (a) the parties agreed to terminate Ms. Lundquist's employment agreement dated as of December 31, 2004 (the "Employment Agreement") and (b) the registrant agreed to make a severance payment of $600,000 in settlement of all obligations under the Employment Agreement and for providing transition and future consulting services.
  Item 1.02 Termination of a Material Definitive Agreement.
  Reference is made to the disclosure above under Item 1.01.
  Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
  (a) On July 10, 2007, the registrant's board of directors amended the description of the duties and responsibilities of the president in the registrant's bylaws to clarify that the roles of chief executive officer and chief operating officer may be performed by different persons.
  Item 9.01 Financial Statements and Exhibits.
  (c) Exhibits
  3(ii).1  Second Amended and Restated Bylaws.
  10.1 Separation and Transition Agreement dated as of July 9, 2007, by and among Melanie M. Lundquist, Municipal Mortgage & Equity, LLC and MMA Financial, Inc.
  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
  July 16, 2007
  By:
  /s/ Michael L. Falcone
  Name: Michael L. Falcone
  Title: President and Chief Executive Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  3.(ii).1
  Second Amended and Restated Bylaws
  10.1
  Separation and Transition Agreement