PRESS RELEASE                               Contact:   Angela Richardson,
FOR IMMEDIATE RELEASE                                  Investor Relations
                                                       1-888-788-3863


                  Company Announces Resignation of Board Member
                                -----------------

BALTIMORE,  MD, January 24, 2003 -- Municipal Mortgage & Equity, LLC (NYSE: MMA)
and its subsidiaries, also known as MuniMae and MuniMae Midland, announced today
the  resignation  of William L. Jews,  a board  member  since  1996.  Mr.  Jews,
President  and  Chief  Executive  Officer  of  CareFirst  BlueCross  BlueShield,
resigned  from the Board of  Directors  of MuniMae due to  personal  reasons and
other commitments.

MuniMae Chairman and CEO Mark K. Joseph, commenting on the resignation,  stated,
"Bill Jews joined the MuniMae  Board when we first listed the company in August,
1996.  He brought to us wide  knowledge  in  strategic  planning  and how large,
complex  organizations operate as well as experience in the governance of public
companies.  We well  understand  his need to cut back on outside  commitments at
this time, appreciate his service on MuniMae's Board and express both our thanks
and good wishes."

The Company plans to conduct a search to identify a suitable replacement for Mr.
Jews.

About the Company:
------------------
MuniMae and its subsidiaries originate,  service and asset manage investments in
multifamily  debt and equity for their own accounts and on behalf of others.  As
of September 30, 2002,  assets under management  totaled $3.4 billion secured by
868 properties and 92,159 units in 47 states and the U.S.  Virgin  Islands.  For
its proprietary accounts, MuniMae primarily holds tax-exempt multifamily housing
bonds.  This on-balance  sheet  portfolio of tax-exempt  bonds is secured by 140
properties containing 34,228 units in 27 states. For a portion of bonds, MuniMae
participates in the performance of the underlying properties.

MuniMae is organized  as a limited  liability  company.  This  structure  allows
MuniMae  to  combine   the  limited   liability,   governance   and   management
characteristics  of a corporation  with the  pass-through  income  features of a
partnership. As a result, the tax-exempt income derived from certain investments
remains  tax-exempt  when  passed  through  to  shareholders.  Distributions  to
shareholders  are  declared  quarterly  and paid in  February,  May,  August and
November.

This press release  contains  statements which are forward looking in nature and
reflect  management's  current views with respect to future events and financial
performance.  These statements are subject to many  uncertainties  and risks and
should not be considered  guarantees of future  performance.  Actual results may
vary materially from projected  results based on a number of factors,  including
the  actual  performance  of  the  properties  pledged  as  collateral  for  the
portfolio,  general  conditions  in the local real  estate  markets in which the
properties are located and prevailing interest rates.


          MUNIMAE: TAX-EXEMPT DIVIDENDS AND GROWTH THROUGH REAL ESTATE
                             www.munimaemidland.com
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PRESS RELEASE                               Contact:   Angela Richardson,
FOR IMMEDIATE RELEASE                                  Investor Relations
                                                       1-888-788-3863

                  Company Announces Resignation of Board Member
                                -----------------

BALTIMORE,  MD, January 24, 2003 -- Municipal Mortgage & Equity, LLC (NYSE: MMA)
and its subsidiaries, also known as MuniMae and MuniMae Midland, announced today
the  resignation  of William L. Jews,  a board  member  since  1996.  Mr.  Jews,
President  and  Chief  Executive  Officer  of  CareFirst  BlueCross  BlueShield,
resigned  from the Board of  Directors  of MuniMae due to  personal  reasons and
other commitments.

MuniMae Chairman and CEO Mark K. Joseph, commenting on the resignation,  stated,
"Bill Jews joined the MuniMae  Board when we first listed the company in August,
1996.  He brought to us wide  knowledge  in  strategic  planning  and how large,
complex  organizations operate as well as experience in the governance of public
companies.  We well  understand  his need to cut back on outside  commitments at
this time, appreciate his service on MuniMae's Board and express both our thanks
and good wishes."

The Company plans to conduct a search to identify a suitable replacement for Mr.
Jews.

About the Company:
------------------
MuniMae and its subsidiaries originate,  service and asset manage investments in
multifamily  debt and equity for their own accounts and on behalf of others.  As
of September 30, 2002,  assets under management  totaled $3.4 billion secured by
868 properties and 92,159 units in 47 states and the U.S.  Virgin  Islands.  For
its proprietary accounts, MuniMae primarily holds tax-exempt multifamily housing
bonds.  This on-balance  sheet  portfolio of tax-exempt  bonds is secured by 140
properties containing 34,228 units in 27 states. For a portion of bonds, MuniMae
participates in the performance of the underlying properties.

MuniMae is organized  as a limited  liability  company.  This  structure  allows
MuniMae  to  combine   the  limited   liability,   governance   and   management
characteristics  of a corporation  with the  pass-through  income  features of a
partnership. As a result, the tax-exempt income derived from certain investments
remains  tax-exempt  when  passed  through  to  shareholders.  Distributions  to
shareholders  are  declared  quarterly  and paid in  February,  May,  August and
November.

This press release  contains  statements which are forward looking in nature and
reflect  management's  current views with respect to future events and financial
performance.  These statements are subject to many  uncertainties  and risks and
should not be considered  guarantees of future  performance.  Actual results may
vary materially from projected  results based on a number of factors,  including
the  actual  performance  of  the  properties  pledged  as  collateral  for  the
portfolio,  general  conditions  in the local real  estate  markets in which the
properties are located and prevailing interest rates.

          MUNIMAE: TAX-EXEMPT DIVIDENDS AND GROWTH THROUGH REAL ESTATE
                             www.munimaemidland.com