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



                               October 20, 1999
                Date of Report (Date of earliest event reported)


                         MUNICIPAL MORTGAGE & EQUITY, LLC
             (Exact Name of Registrant as Specified in its Charter)



    Delaware               001-11981                      52-1449733
 (State or Other     (Commission File Number)  (IRS Employer Identification No.)
 Jurisdiction of
  Incorporation)




                       218 North Charles Street, Suite 500
                            Baltimore, Maryland 21201
               (Address of Principal Executive Office) (Zip Code)


                                 (410) 962-8044
              (Registrant's telephone number, including area code)





<PAGE>



Item 2. Other Events.

(a)      On October 20, 1999 Municipal  Mortgage & Equity, LLC  ("MuniMae")
         consummated its acquisition of 100% of the capital stock of Midland
         Financial Holdings, Inc. ("Midland"), a Florida corporation, from
         Messrs. Robert Banks, Keith Gloeckl and Ray Mathis, for approximately
         $45  million, subject to certain post-closing adjustments. Of this
         amount, approximately $23 million in cash and approximately $12 million
         in MuniMae common shares was paid  at the closing of  the  transaction,
         respectively, and $3.33 million in MuniMae common shares is payable
         annually over a three year period if Midland meets certain performance
         targets,  including an annual contribution to Cash Available for
         Distribution (CAD) of at least $6.0 million in year one, $6.25 million
         in year two and $6.5 million in year three. MuniMae funded the $23
         million up-front payment from its working capital.

         Midland is a fully integrated real estate  investment firm specializing
         in  providing  debt  and  equity  capital  to the  multifamily  housing
         industry,  particularly in the area of affordable housing.  Since 1977,
         Midland  has  originated  approximately $2.6  billion in financing  for
         multifamily housing. Midland currently has approximately $225 million
         of assets, of which 98% represents construction loans, and
         approximately $217  million of liabilities of which 98% represents
         Notes Payable. Midland operates primarily in the following related
         areas:

          o   Commercial  Mortgage  Banking.  Midland provides  construction and
              permanent debt financing,  mortgage servicing and asset management
              services to the multifamily housing industry.  Midland is a Fannie
              Mae Deligated Underwriter and Servicer (DUS) lender and a Federal
              Housing Administration (FHA) approved mortgagee.
<TABLE>
<CAPTION>

         Midland's Portfolio (in 000's)
          <S>                                                             <C>

         Construction Loans Outstanding:
                  Construction loans for own account                   $  85,212
                  Construction loans for which risk is indemnified
                           by a third party*                           $ 136,060
                                                                       ---------
                  Total Construction Loans Outstanding                 $ 221,272
                                                                       =========

         Permanent Loan Servicing Portfolio:
                  Permanent  loans  serviced for FNMA with
                           risk sharing                                $  92,409
                  Permanent loans serviced for FNMA where risk is
                           indemnified by a third party*               $ 168,000
                  Permanent loans serviced which do not have risk      $ 246,305
                                                                       ---------
                  Total Permanent Loans Serviced                       $ 506,714
                                                                       =========

         *  The Midland Affordable Housing Group Trust indemnifies Midland for
            economic risks associated with approximately $136 million of
            construction loans and approximately $168 million of permanent loans
            serviced.
</TABLE>



          o   Equity Syndication and Asset Management. Midland syndicates equity
              for  investment  in low income  housing tax credits.  Midland also
              syndicates   equity  and   originates   debt  for   investment  in
              student/conventional  housing, a unique and growing segment of the
              multifamily  housing  industry.  Midland  currently  manages
              approximately $295 million of such equity.

          o   Pension  Fund  Advisory.   Midland  Advisory  Services,   Inc.,  a
              registered  investment  advisor with the  Securities  and Exchange
              Commission  and  a  wholly-owned  special  purpose  subsidiary  of
              Midland,  provides  advisory  services to pension  funds.  Midland
              currently manages approximately $259 million of pension fund
              money.

          o   Ancillary  Businesses  -  Real  Estate   Brokerage/Management  and
              Securities  Dealer.  Midland  Realty  Investment  Corporation,   a
              wholly-owned  special  purpose  subsidiary  of Midland,  acts as a
              licensed real estate broker in the states of Florida, Michigan and
              California.  Midland Securities  Corporation,  a registered broker
              dealer with the National  Association of Securities  Dealers and a
              wholly-owned  special  purpose  subsidiary  of  Midland,   markets
              syndications  of equity for real estate  investments  and provides
              securities broker dealer services.

         Midland has over 100  employees.  It is  headquartered  in  Clearwater,
         Florida,  and has  branch  offices  in Dallas,  Texas,  San  Francisco,
         California,   Portland,  Oregon  and  Detroit,  Michigan.

         With the consummation of this transaction, the combined companies have
         approximately $1.7 billion of investments in real estate debt and
         equity under asset management.  The combined companies' portfolio of
         assets under management is comprised as follows:

          o  $429 million of tax-exempt bonds for its own account, comprised of:
             o  $222 million of participating bonds; and
             o  $207 million of fixed rate bonds;
          o  $113 million of taxable mortgages for its own account; and
          o  $1.15 billion of assets under management for others, comprised of:
             o  $722 million of permanent loans;
             o  $136 million of construction loans; and
             o  $295 million of equity.

         The combined company's property portfolio has:
          o  557 properties
          o  51,926 units
          o  94% occupancy (as of 6/30/99)
          o  Geographic diversity - properties located in 45 states, the
             District of Columbia and the U.S. Virgin Islands

         The combined property portfolio is broken out as follows:

         Own account
          o  101 properties
          o  20,835 units
          o  94% occupancy (as of 6/30/99)
          o  Properties located in 22 states, the District of Columbia and the
             U.S. Virgin Islands

         Managed for others
          o  456 properties
          o  31,091 units
          o  94% occupancy (as of 6/30/99)
          o  Properties located in 44 states

         A copy of MuniMae's press release announcing the consummation of this
         transactions is attached hereto as Exhibit 99.2.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(a)      Financial Statements of Business Aquired.
         The financial statements required by this item are not being included
         in this initial report on Form 8-K  MuniMae expects to file the
         financial statements required by this item not later than 60 days from
         date of this initial report.

(b)      Pro-Forma Financial Information.

         The pro-forma financial information required by this item is not being
         included in this initial report on Form 8-K.  MuniMae expects to file
         the pro-forma financial information required by this item not later
         than 60 days from the date of this initial report.

(c)      Exhibits.

         2.1  Stock  Purchase and  Contribution  Agreement  dated as of
              September 30, 1999, by and among Municipal Mortgage & Equity, LLC,
              and Robert J. Banks, Keith J. Gloeckl and Ray F. Mathis, filed
              as an exhibit to MuniMae's Current Report on Form 8-K, filed
              October 8, 1999, and incorporated by reference.

         99.1 Press Release of Municipal Mortgage & Equity, LLC, dated
              October 4, 1999, filed as an exhibit to MuniMae's Current Report
              on Form 8-K, filed on October 8, 1999, and incorporated by
              reference.

        99.2 Press Release of Municipal Mortgage & Equity, LLC, dated October
              20, 1999.
<PAGE>



         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



                                 By:      /s/ Michael L. Falcone
                                          Michael L. Falcone
                                          President and Chief Operating Officer






Date:  November 2, 1999


<PAGE>



                                  EXHIBIT INDEX

Exhibit No.                Exhibit

2.1                        Stock  Purchase  and  Contribution  Agreement  dated
                           as of September 30, 1999,  by and  among Municipal
                           Mortgage & Equity, LLC, and Robert J. Banks,
                           Keith J. Gloeckl and Ray F. Mathis, filed as an
                           exhibit to MuniMae's Current Report on Form 8-K,
                           filed October 8, 1999, and incorporated by reference.

99.1                       Press Release of Municipal Mortgage & Equity, LLC,
                           dated October 4, 1999 filed as an exhibit to
                           MuniMae's Current Report on Form 8-K, filed on
                           October 8, 1999, and incorporated by reference.

99.2                      Press Release of Municipal Mortgage & Equity, LLC,
                           dated October 20, 1999.


<PAGE>


PRESS RELEASE                    Contact:          Derek K. Cole
                                                   Director, Investor Relations
FOR IMMEDIATE RELEASE                              (888) 788-3863


             MuniMae Completes Acquisition of the Midland Companies
                 ----------------------------------------------
                 Company Now Manages $1.7 Billion of Multifamily
                      Real Estate Debt & Equity Investments


BALTIMORE, MD, October 20, 1999 -- Municipal Mortgage & Equity, LLC (NYSE: MMA),
also  known  as  MuniMae,  announced  today  the  closing  of  its  $45  million
cash-and-stock  acquisition  of the  Midland  Companies  ("Midland"),  based  in
Clearwater, Florida. Midland is a privately held Fannie Mae lender that  manages
construction and  permanent  loans as well as equity  investments  on behalf of
pension fund investors.  Midland also raises equity from  corporations for
investments in the federal tax credit program.

Having  completed  this  acquisition,   MuniMae  now  manages  $1.7  billion  of
investments  in  multifamily  real estate debt and  equity.  A portfolio  of 557
multifamily  housing  communities,  encompassing  51,926  apartment  units in 45
states,  the  District  of  Columbia  and the U.S.  Virgin  Islands  secures the
investments.

MuniMae  Chairman  and CEO Mark K. Joseph,  stated,  "We are pleased to complete
this  transaction  which  combines  two  companies  into a national  multifamily
organization  with the  experience  and  expanded  resources to better serve our
clients, challenge our employees and deliver growing tax-exempt distributions to
our  shareholders.  We believe that this better prepares MuniMae to benefit from
opportunities we see in the multifamily finance marketplace."

MuniMae  originates,  services and asset manages investments in multifamily debt
and equity  totaling  $1.7  billion for its own  account  and for  institutional
investors.  For its own account,  MuniMae primarily holds tax-exempt multifamily
housing  bonds,  backed by real  estate  valued at over $750  million.  Of these
bonds,  over one-half  provide for MuniMae to participate in the appreciation of
the underlying apartments.

MuniMae is organized as a limited liability company,  which makes it exempt from
tax at the corporate level and provides the benefit of corporate governance.  In
addition,  the Company passes through to its shareholders  primarily  tax-exempt
dividends  that are generated by its municipal  bond  investments.  Dividends to
shareholders  are  declared  quarterly  and paid in  February,  May,  August and
November.

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

                               October 20, 1999
                Date of Report (Date of earliest event reported)

                         MUNICIPAL MORTGAGE & EQUITY, LLC
             (Exact Name of Registrant as Specified in its Charter)

    Delaware               001-11981                      52-1449733
 (State or Other     (Commission File Number)  (IRS Employer Identification No.)
 Jurisdiction of
  Incorporation)

                       218 North Charles Street, Suite 500
                            Baltimore, Maryland 21201
               (Address of Principal Executive Office) (Zip Code)

                                 (410) 962-8044
              (Registrant's telephone number, including area code)
Item 2. Other Events.

(a)      On October 20, 1999 Municipal  Mortgage & Equity, LLC  ("MuniMae")
         consummated its acquisition of 100% of the capital stock of Midland
         Financial Holdings, Inc. ("Midland"), a Florida corporation, from
         Messrs. Robert Banks, Keith Gloeckl and Ray Mathis, for approximately
         $45  million, subject to certain post-closing adjustments. Of this
         amount, approximately $23 million in cash and approximately $12 million
         in MuniMae common shares was paid  at the closing of  the  transaction,
         respectively, and $3.33 million in MuniMae common shares is payable
         annually over a three year period if Midland meets certain performance
         targets,  including an annual contribution to Cash Available for
         Distribution (CAD) of at least $6.0 million in year one, $6.25 million
         in year two and $6.5 million in year three. MuniMae funded the $23
         million up-front payment from its working capital.

         Midland is a fully integrated real estate  investment firm specializing
         in  providing  debt  and  equity  capital  to the  multifamily  housing
         industry,  particularly in the area of affordable housing.  Since 1977,
         Midland  has  originated  approximately $2.6  billion in financing  for
         multifamily housing. Midland currently has approximately $225 million
         of assets, of which 98% represents construction loans, and
         approximately $217  million of liabilities of which 98% represents
         Notes Payable. Midland operates primarily in the following related
         areas:

          o   Commercial  Mortgage  Banking.  Midland provides  construction and
              permanent debt financing,  mortgage servicing and asset management
              services to the multifamily housing industry.  Midland is a Fannie
              Mae Deligated Underwriter and Servicer (DUS) lender and a Federal
              Housing Administration (FHA) approved mortgagee.
Midland's Portfolio (in 000's)
Construction Loans Outstanding:
                  Construction loans for own account                   $  85,212
                  Construction loans for which risk is indemnified
                           by a third party*                           $ 136,060
                                                                       ---------
                  Total Construction Loans Outstanding                 $ 221,272
                                                                       =========

         Permanent Loan Servicing Portfolio:
                  Permanent  loans  serviced for FNMA with
                           risk sharing                                $  92,409
                  Permanent loans serviced for FNMA where risk is
                           indemnified by a third party*               $ 168,000
                  Permanent loans serviced which do not have risk      $ 246,305
                                                                       ---------
                  Total Permanent Loans Serviced                       $ 506,714
                                                                       =========

         *  The Midland Affordable Housing Group Trust indemnifies Midland for
            economic risks associated with approximately $136 million of
            construction loans and approximately $168 million of permanent loans
            serviced.
o   Equity Syndication and Asset Management. Midland syndicates equity
              for  investment  in low income  housing tax credits.  Midland also
              syndicates   equity  and   originates   debt  for   investment  in
              student/conventional  housing, a unique and growing segment of the
              multifamily  housing  industry.  Midland  currently  manages
              approximately $295 million of such equity.

          o   Pension  Fund  Advisory.   Midland  Advisory  Services,   Inc.,  a
              registered  investment  advisor with the  Securities  and Exchange
              Commission  and  a  wholly-owned  special  purpose  subsidiary  of
              Midland,  provides  advisory  services to pension  funds.  Midland
              currently manages approximately $259 million of pension fund
              money.

          o   Ancillary  Businesses  -  Real  Estate   Brokerage/Management  and
              Securities  Dealer.  Midland  Realty  Investment  Corporation,   a
              wholly-owned  special  purpose  subsidiary  of Midland,  acts as a
              licensed real estate broker in the states of Florida, Michigan and
              California.  Midland Securities  Corporation,  a registered broker
              dealer with the National  Association of Securities  Dealers and a
              wholly-owned  special  purpose  subsidiary  of  Midland,   markets
              syndications  of equity for real estate  investments  and provides
              securities broker dealer services.

         Midland has over 100  employees.  It is  headquartered  in  Clearwater,
         Florida,  and has  branch  offices  in Dallas,  Texas,  San  Francisco,
         California,   Portland,  Oregon  and  Detroit,  Michigan.

         With the consummation of this transaction, the combined companies have
         approximately $1.7 billion of investments in real estate debt and
         equity under asset management.  The combined companies' portfolio of
         assets under management is comprised as follows:

          o  $429 million of tax-exempt bonds for its own account, comprised of:
             o  $222 million of participating bonds; and
             o  $207 million of fixed rate bonds;
          o  $113 million of taxable mortgages for its own account; and
          o  $1.15 billion of assets under management for others, comprised of:
             o  $722 million of permanent loans;
             o  $136 million of construction loans; and
             o  $295 million of equity.

         The combined company's property portfolio has:
          o  557 properties
          o  51,926 units
          o  94% occupancy (as of 6/30/99)
          o  Geographic diversity - properties located in 45 states, the
             District of Columbia and the U.S. Virgin Islands

         The combined property portfolio is broken out as follows:

         Own account
          o  101 properties
          o  20,835 units
          o  94% occupancy (as of 6/30/99)
          o  Properties located in 22 states, the District of Columbia and the
             U.S. Virgin Islands

         Managed for others
          o  456 properties
          o  31,091 units
          o  94% occupancy (as of 6/30/99)
          o  Properties located in 44 states

         A copy of MuniMae's press release announcing the consummation of this
         transactions is attached hereto as Exhibit 99.2.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(a)      Financial Statements of Business Aquired.
         The financial statements required by this item are not being included
         in this initial report on Form 8-K  MuniMae expects to file the
         financial statements required by this item not later than 60 days from
         date of this initial report.

(b)      Pro-Forma Financial Information.

         The pro-forma financial information required by this item is not being
         included in this initial report on Form 8-K.  MuniMae expects to file
         the pro-forma financial information required by this item not later
         than 60 days from the date of this initial report.

(c)      Exhibits.

         2.1  Stock  Purchase and  Contribution  Agreement  dated as of
              September 30, 1999, by and among Municipal Mortgage & Equity, LLC,
              and Robert J. Banks, Keith J. Gloeckl and Ray F. Mathis, filed
              as an exhibit to MuniMae's Current Report on Form 8-K, filed
              October 8, 1999, and incorporated by reference.

         99.1 Press Release of Municipal Mortgage & Equity, LLC, dated
              October 4, 1999, filed as an exhibit to MuniMae's Current Report
              on Form 8-K, filed on October 8, 1999, and incorporated by
              reference.

        99.2 Press Release of Municipal Mortgage & Equity, LLC, dated October
              20, 1999.
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

                                 By:      /s/ Michael L. Falcone
                                          Michael L. Falcone
                                          President and Chief Operating Officer

Date:  November 2, 1999
EXHIBIT INDEX

Exhibit No.                Exhibit

2.1                        Stock  Purchase  and  Contribution  Agreement  dated
                           as of September 30, 1999,  by and  among Municipal
                           Mortgage & Equity, LLC, and Robert J. Banks,
                           Keith J. Gloeckl and Ray F. Mathis, filed as an
                           exhibit to MuniMae's Current Report on Form 8-K,
                           filed October 8, 1999, and incorporated by reference.

99.1                       Press Release of Municipal Mortgage & Equity, LLC,
                           dated October 4, 1999 filed as an exhibit to
                           MuniMae's Current Report on Form 8-K, filed on
                           October 8, 1999, and incorporated by reference.

99.2                      Press Release of Municipal Mortgage & Equity, LLC,
                           dated October 20, 1999.
PRESS RELEASE                    Contact:          Derek K. Cole
                                                   Director, Investor Relations
FOR IMMEDIATE RELEASE                              (888) 788-3863

             MuniMae Completes Acquisition of the Midland Companies
                 ----------------------------------------------
                 Company Now Manages $1.7 Billion of Multifamily
                      Real Estate Debt & Equity Investments

BALTIMORE, MD, October 20, 1999 -- Municipal Mortgage & Equity, LLC (NYSE: MMA),
also  known  as  MuniMae,  announced  today  the  closing  of  its  $45  million
cash-and-stock  acquisition  of the  Midland  Companies  ("Midland"),  based  in
Clearwater, Florida. Midland is a privately held Fannie Mae lender that  manages
construction and  permanent  loans as well as equity  investments  on behalf of
pension fund investors.  Midland also raises equity from  corporations for
investments in the federal tax credit program.

Having  completed  this  acquisition,   MuniMae  now  manages  $1.7  billion  of
investments  in  multifamily  real estate debt and  equity.  A portfolio  of 557
multifamily  housing  communities,  encompassing  51,926  apartment  units in 45
states,  the  District  of  Columbia  and the U.S.  Virgin  Islands  secures the
investments.

MuniMae  Chairman  and CEO Mark K. Joseph,  stated,  "We are pleased to complete
this  transaction  which  combines  two  companies  into a national  multifamily
organization  with the  experience  and  expanded  resources to better serve our
clients, challenge our employees and deliver growing tax-exempt distributions to
our  shareholders.  We believe that this better prepares MuniMae to benefit from
opportunities we see in the multifamily finance marketplace."

MuniMae  originates,  services and asset manages investments in multifamily debt
and equity  totaling  $1.7  billion for its own  account  and for  institutional
investors.  For its own account,  MuniMae primarily holds tax-exempt multifamily
housing  bonds,  backed by real  estate  valued at over $750  million.  Of these
bonds,  over one-half  provide for MuniMae to participate in the appreciation of
the underlying apartments.

MuniMae is organized as a limited liability company,  which makes it exempt from
tax at the corporate level and provides the benefit of corporate governance.  In
addition,  the Company passes through to its shareholders  primarily  tax-exempt
dividends  that are generated by its municipal  bond  investments.  Dividends to
shareholders  are  declared  quarterly  and paid in  February,  May,  August and
November.

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