| MuniMae Multifamily Activity Falling
62% drop from prior quarter April 24, 2003 By MortgageDaily.com staff |
| Municipal Mortgage & Equity, LLCÂ (MuniMae) reported $154 million in finance structuring during its first quarter 2003, down 28 percent from the same period last year.
Almost all of the slide is attributable to a dip in construction and permanent lending, down to $75.8 million from last year’s first-quarter volume of $138.5 million, according to company statements. Other finance structuring segments, including supplemental loans, tax-exempt bonds and equity investments remained generally level compared to volume in the first quarter of 2002. Comparing first-quarter volume 2003 for taxable construction and permanent lending, numbers were down 45 percent from the first quarter 2002 and 62 percent from fourth quarter 2002, according to previous earnings reports. All reported investment activity slowed down from the previous quarter, according to the statement. Company officers attributed the drop to the fact that government awards for affordable housing peak midyear. Municipal Mortgage & Equity. LLC is traded on the NYSE under the symbol MMA. The limited-liability corporation arranges financing for multifamily housing and is a Fannie Mae DUS lender. |
