UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q


(Mark One)


  X       QUARTERLY  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
-----     EXCHANGE ACT OF 1934


                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2007


                                       OR


          TRANSITION  REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES
-----     EXCHANGE ACT OF 1934


                         Commission File Number 0-23972

                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
             (Exact name of Registrant as specified in its charter)


          MASSACHUSETTS                                          13-6972380
(State or other jurisdiction of                             (I.R.S. Employer
  incorporation or organization)                             Identification No.)


 625 MADISON AVENUE, NEW YORK, NEW YORK                            10022
(Address of principal executive offices)                         (Zip Code)


Registrant's telephone number, including area code (212) 317-5700


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer or a  non-accelerated  filer (as defined in Rule 12b-2 of the
Exchange Act). Large Accelerated filer [ ] Accelerated filer [X] Non-accelerated
filer [ ]

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

As of April 30, 2007,  there were  8,402,049  outstanding  common  shares of the
registrant's shares of beneficial interest, $0.10 par value.


<PAGE>



                                TABLE OF CONTENTS

                      AMERICAN MORTGAGE ACCEPTANCE COMPANY

                                    FORM 10-Q

<TABLE>
<CAPTION>

                                                                                                PAGE
<S>            <C>         <C>                                                                   <C>
PART I
               Item 1.     Condensed Consolidated Financial Statements                            3
               Item 2.     Management's Discussion and Analysis of Financial Condition and
                            Results of Operations                                                17
               Item 3.     Quantitative and Qualitative Disclosures about Market Risk            24
               Item 4.     Controls and Procedures                                               25

PART II
               Item 1.     Legal Proceedings                                                     26
               Item 1A     Risk Factors                                                          26
               Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds           26
               Item 3.     Defaults Upon Senior Securities                                       26
               Item 4.     Submission of Matters to a Vote of Security Holders                   26
               Item 5.     Other Information                                                     26
               Item 6.     Exhibits                                                              26

SIGNATURES                                                                                       27

</TABLE>

                                        2
<PAGE>



                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                      Condensed Consolidated Balance Sheets
                    (In thousands, except per share amounts)

                                     ASSETS

<TABLE>
<CAPTION>

                                                                          March 31,   December 31,
                                                                            2007          2006
                                                                         -----------  ------------
                                                                         (Unaudited)
<S>                                                                       <C>          <C>
Cash and cash equivalents                                                 $  14,508    $   7,553
 Restricted cash                                                              2,116       14,951
 Investments
   Mortgage loans receivable, net                                           637,498      536,685
   Debt securities available for sale, at fair value                         80,955       82,582
   Notes receivable, net                                                      9,260        9,213
   Revenue bonds available for sale, at fair value                            5,012        4,967
   Investment in CDO securities, net                                         10,061           --
   Real estate owned                                                             --       48,692
Accounts receivable                                                           7,417        7,670
Deferred charges and other assets, net                                        8,261        8,671
                                                                          ---------    ---------

Total assets                                                              $ 775,088    $ 720,984
                                                                          =========    =========

                                   LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
  CDO notes payable                                                       $ 362,000    $ 362,000
  Repurchase facilities                                                     268,389      163,576
  Mortgages payable on real estate owned                                         --       39,944
  Preferred shares of subsidiary (subject to mandatory repurchase)           25,000       25,000
  Line of credit - related party                                             10,190       15,000
  Note payable - related party                                                4,968           --
  Accounts payable and accrued expenses                                      14,445       13,666
  Due to Advisor and affiliates                                               1,494        1,670
  Dividends payable                                                           1,890       15,120
                                                                          ---------    ---------

Total liabilities                                                           688,376      635,976
                                                                          ---------    ---------

Commitments and contingencies

Shareholders' equity:
  Shares of beneficial interest; $0.10 par value; 25,000 shares
   authorized; 8,817 issued and 8,402 outstanding in 2007 and
   8,815 issued and 8,400 outstanding in 2006                                   881          881
  Treasury shares of beneficial interest at par; 415 shares in
   2007 and 2006                                                                (42)         (42)
  Additional paid-in capital                                                128,009      127,971
  Accumulated deficit                                                       (36,901)     (40,174)
  Accumulated other comprehensive loss                                       (5,235)      (3,628)
                                                                          ---------    ---------

Total shareholders' equity                                                   86,712       85,008
                                                                          ---------    ---------

Total liabilities and shareholders' equity                                $ 775,088    $ 720,984
                                                                          =========    =========

</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                       3
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                   Condensed Consolidated Statements of Income
                    (In thousands, except per share amounts)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                               Three Months Ended
                                                                                    March 31,
                                                                              --------------------
                                                                                2007        2006
                                                                              --------    --------
<S>                                                                           <C>         <C>
Revenues:
  Interest income:
   Mortgage loans                                                             $ 10,216    $  1,989
   Debt securities                                                               1,227       3,219
   Notes receivable                                                                 --         233
   Revenue bonds                                                                   106         142
   Temporary investments                                                           170          83
   CDO securities                                                                    7          --
  Participation income                                                             699          --
  Other revenues                                                                    76           5
                                                                              --------    --------
   Total revenues                                                               12,501       5,671
                                                                              --------    --------

Expenses:
  Interest                                                                       8,495       2,216
  Interest - distributions to preferred shareholders of subsidiary (subject
   to mandatory repurchase)                                                        569         517
  General and administrative                                                       734         487
  Fees to Advisor                                                                  839         827
  Amortization and other                                                           200          15
                                                                              --------    --------
   Total expenses                                                               10,837       4,062
                                                                              --------    --------

Other (loss) income:
  Change in fair value of derivative instruments                                   (31)         --
  Equity in earnings of ARCap                                                       --         679
                                                                              --------    --------

   Total other (loss) income                                                       (31)        679
                                                                              --------    --------

   Income from continuing operations                                             1,633       2,288

   Income (loss) from discontinued operations, including gain on sale            3,531        (119)
                                                                              --------    --------

   Net income                                                                 $  5,164    $  2,169
                                                                              ========    ========

Per share amounts (basic and diluted):

   Net income from continuing operations                                      $   0.19    $   0.27

   Net income (loss) from discontinued operations                                 0.42       (0.01)
                                                                              --------    --------

   Net income                                                                 $   0.61    $   0.26
                                                                              ========    ========

  Dividends per share                                                         $  0.225    $  0.400
                                                                              ========    ========

  Weighted average shares outstanding
   Basic                                                                         8,402       8,304
                                                                              ========    ========
   Diluted                                                                       8,402       8,307
                                                                              ========    ========

</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                       4
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                 Condensed Consolidated Statements of Cash Flows
                                 (In thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                     Three Months Ended
                                                                                          March 31,
                                                                                   ----------------------
                                                                                      2007         2006
                                                                                   ---------    ---------
<S>                                                                                <C>          <C>
Cash flows from operating activities:
   Net income                                                                      $   5,164    $   2,169

   Adjustments  to  reconcile  net  income  to net cash  provided  by  operating
     activities:
       Depreciation expense                                                              336          450
       Equity in earnings of ARCap                                                        --         (679)
       Distributions received from ARCap                                                  --        1,037
       Gain on sale of real state owned                                               (3,611)          --
       Change in fair value of derivative instruments                                     31           --
       Amortization and accretion                                                        111            8
       Other non-cash income                                                            (263)         (85)
       Changes in operating assets and liabilities:
         Accounts receivable                                                             253          435
         Other assets                                                                     (3)         307
         Due to Advisor and affiliates                                                  (176)      (1,917)
         Accounts payable and accrued expenses                                          (213)         (71)
                                                                                   ---------    ---------

Net cash provided by operating activities                                              1,629        1,654
                                                                                   ---------    ---------

Cash flows from investing activities:
   Funding and purchase of mortgage loans                                           (102,335)      (1,263)
   Principal repayments of mortgage loans                                              1,846           --
   Investment in CDO securities                                                      (10,061)          --
   Principal repayments or sale of debt securities                                     1,360        1,458
   Decrease in restricted cash                                                        12,835           --
   Proceeds from sale of real estate owned                                            11,987           --
   Principal repayment on real estate owned                                               35           --
   Funding of notes receivable                                                           (47)          --
   Principal repayment of revenue bonds                                                   52           38
                                                                                   ---------    ---------

Net cash (used in) provided by investing activities                                  (84,328)         233
                                                                                   ---------    ---------

</TABLE>

                                    continued

                                       5
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                 Condensed Consolidated Statements of Cash Flows
                                 (In thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                           Three Months Ended
                                                                March 31,
                                                         ----------------------
                                                            2007         2006
                                                         ---------    ---------
<S>                                                        <C>            <C>
Cash flows from financing activities:
   Proceeds from repurchase facilities                     107,134        3,830
   Repayments of repurchase facilities                      (2,321)      (7,281)
   Proceeds from line of credit - related party             71,240           --
   Repayments of line of credit - related party            (76,050)          --
   Proceeds from note payable - related party                4,968           --
   Repayments of warehouse facility                             --       (4,070)
   Deferred financing costs                                   (197)      (1,580)
   Dividends paid to shareholders                          (15,120)      (3,322)
                                                         ---------    ---------

Net cash provided by (used in) financing activities         89,654      (12,423)
                                                         ---------    ---------

Net increase (decrease) in cash and cash equivalents         6,955      (10,536)

Cash and cash equivalents at the beginning of the year       7,553       11,214
                                                         ---------    ---------

Cash and cash equivalents at the end of the period       $  14,508    $     678
                                                         =========    =========

</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                       6
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                                 March 31, 2007
                                   (Unaudited)



NOTE 1 - BASIS OF PRESENTATION

The condensed consolidated financial statements include the accounts of American
Mortgage Acceptance Company and its wholly owned subsidiaries.  All intercompany
accounts  and  transactions  have  been  eliminated  in  consolidation.   Unless
otherwise indicated, we herein refer to American Mortgage Acceptance Company and
its  subsidiaries  as "AMAC",  "we",  "us",  "our",  and "our  Company".  We are
externally  managed by  Centerline/AMAC  Manager Inc. (the "Advisor"),  formerly
known as CharterMac AMI  Associates,  Inc.,  which acts as our Advisor and is an
indirect subsidiary of Centerline Holding Company ("Centerline"), formerly known
as CharterMac. We operate in one business segment.

The condensed  consolidated  financial  statements  have been  prepared  without
audit.  In the  opinion of  management,  the  financial  statements  contain all
adjustments  (consisting  of only normal  recurring  adjustments)  necessary  to
present  fairly our financial  position as of March 31, 2007, and the results of
our  operations  and our cash  flows for the period  then  ended.  However,  the
operating  results for interim  periods may not be indicative of the results for
the full year.

Certain  information  and  footnote  disclosures  normally  included  in  annual
consolidated   financial  statements  prepared  in  accordance  with  accounting
principles generally accepted in the United States of America ("GAAP") have been
condensed or omitted. It is suggested that these financial  statements should be
read in conjunction with the consolidated financial statements and notes thereto
included in our annual report on Form 10-K for the year ended December 31, 2006.

Our annual report on Form 10-K for the year ended December 31, 2006,  contains a
summary of our  significant  accounting  policies.  There have been no  material
changes to these items since December 31, 2006.

The preparation of the condensed consolidated financial statements in conformity
with GAAP requires us to make estimates and assumptions that affect the reported
amounts of assets and  liabilities  and the disclosure of contingent  assets and
liabilities  as of the date of the financial  statements as well as the reported
amounts of revenues and expenses  during the reporting  period.  Actual  results
could differ from those estimates.

We have  reclassified  certain prior year amounts to conform to the current year
presentation,  in particular the  reclassification  of operating results for our
real estate owned portfolio to discontinued operations (see Notes 4 and 12).

NEW ACCOUNTING PRONOUNCEMENTS

In September  2006, the Financial  Accounting  Standards  Board ("FASB")  issued
Statement No. 157, FAIR VALUE  MEASUREMENTS,  which  established a framework for
calculating  the fair value of assets and  liabilities  as  required by numerous
other accounting  pronouncements and expands disclosure requirements of the fair
values of certain assets and  liabilities.  The statement is effective as of the
beginning of our 2008 fiscal year. We are currently  evaluating  the impact,  if
any, that the adoption of this statement will have on our consolidated financial
statements.

In January  2007,  the FASB issued  Statement No. 159, THE FAIR VALUE OPTION FOR
FINANCIAL ASSETS AND FINANCIAL  LIABILITIES.  This statement was issued with the
intent to provide an  alternative  measurement  treatment for certain  financial
assets and liabilities.  The alternative  measurement would permit fair value to
be used for both initial and subsequent measurement,  with changes in fair value
recognized in earnings as those changes occur. This "Fair Value Option" would be
available on a contract by contract basis. The effective date for this statement
is the beginning of our 2008 fiscal year. We are currently assessing the impact,
if any, that the adoption would have on our  consolidated  financial  statements
should  we elect to adopt  it.  If we were to do so,  we  would  not  apply  its
provisions until Statement No. 157 (described above) is adopted.


                                       7
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                                 March 31, 2007
                                   (Unaudited)



NOTE 2 - MORTGAGE LOANS AND NOTES RECEIVABLE

We partially or fully funded 12 first  mortgage,  bridge and mezzanine loans and
subordinated  notes,  totaling  approximately  $103.2  million  during the first
quarter of 2007,  including one to a related party (see Note 13). The loans bear
interest at a weighted average interest rate of 7.83%.

During  February 2007, one of our mortgage loans was repaid,  resulting in a one
time payment received, pursuant to a participating arrangement, of approximately
$699,000.  These fees are  recorded  as  participation  income in our  condensed
consolidated statements of income.

At March 31, 2007,  approximately  $611.1 million of our first mortgage,  bridge
and mezzanine  loans and  subordinated  notes were pledged as collateral for our
collateralized debt obligation ("CDO") notes payable or a repurchase facility.

NOTE 3 - INVESTMENTS IN DEBT SECURITIES - AVAILABLE FOR SALE

Information regarding our investments in debt securities is as follows:

<TABLE>
<CAPTION>

(In thousands)
                                                   March 31,    December 31,
                                                     2007           2006
                                                  ----------    -----------
<S>                                                <C>           <C>
Amortized cost                                     $ 82,107      $ 83,496

Unrealized gains                                        314           359
Unrealized losses                                    (1,466)       (1,273)
                                                   --------      --------
Net unrealized loss                                  (1,152)         (914)
                                                   --------      --------

Fair value                                         $ 80,955      $ 82,582
                                                   ========      ========

</TABLE>

The fair value and gross unrealized losses of our debt securities  aggregated by
length of time that these  individual  debt securities have been in a continuous
unrealized loss position at March 31, 2007, and December 31, 2006, is summarized
in the table below:

<TABLE>
<CAPTION>

(dollars in thousands)
                                  March 31, 2007                    December 31, 2006
                        ---------------------------------   ---------------------------------
                        Less than   12 Months               Less than   12 Months
                        12 Months    or More      Total     12 Months    or More      Total
                        ---------   ---------   ---------   ---------   ---------   ---------
<S>                      <C>         <C>         <C>         <C>         <C>         <C>
Number of securities           2          11          13           3           9          12
Fair value               $26,996     $45,975     $72,971     $35,799     $37,579     $73,378
Gross unrealized
loss                     $ 1,074     $   392     $ 1,466     $   246     $ 1,027     $ 1,273

</TABLE>

The unrealized losses shown above are as a result of increases in interest rates
subsequent to the acquisition of the securities.  All of the debt securities are
performing according to their terms. Furthermore, we have the intent and ability
to hold these  securities to maturity,  or at least until  interest rates change
such that the fair value is no longer less than book value. Accordingly, we have
concluded that these declines in value are temporary.

At March 31, 2007, all of our debt securities  were pledged as collateral  under
our debt securities repurchase facilities.


                                       8
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                                 March 31, 2007
                                   (Unaudited)



NOTE 4 - REAL ESTATE OWNED

During March 2007, we sold our economic interest in the Concord properties to an
affiliated  party (see Note 12),  resulting in proceeds of  approximately  $12.0
million and a gain of  approximately  $3.6 million.  As a result of the sale, we
have reclassified  property operations for the current period and all comparable
prior periods as discontinued operations (see Note 12).

NOTE 5 - INVESTMENT IN CDO SECURITIES

During March 2007,  we purchased a $10.1 million  investment  in CDO  securities
issued by Nomura CRE CDO 2007-2,  LTD  ("Nomura").  The  securities,  which bear
interest at a weighted  average  interest  rate of 9.00% and mature in May 2042,
represented  9.9% of the total investment made by Centerline Real Estate Special
Situations  Mortgage Fund LLC  ("CRESS"),  a fund managed by an affiliate of our
Advisor.  We could not initially take possession of the securities and they were
temporarily  held in the name of  CRESS as  nominee  for us,  pending  permanent
financing.  In April 2007,  we arranged the  permanent  financing  and took full
title to the securities. See also Notes 7 and 15.

NOTE 6 - REPURCHASE FACILITIES

Our repurchase facilities consisted of financing collateralized by:

<TABLE>
<CAPTION>

                                                   March 31,        December 31,
                                                     2007              2006
                                                   --------         -----------
<S>                                                <C>               <C>
Debt securities                                    $ 78,148          $ 79,427
Other (1)                                           190,241            84,149
                                                   --------          --------

Total                                              $268,389          $163,576
                                                   ========          ========

</TABLE>

(1) This  facility  includes  mortgage  loan,  bridge note,  mezzanine  loan and
subordinated B-note assets pledged as collateral.

As of March  31,  2007,  the debt  securities  repurchase  facilities  (with RBC
Capital Markets and UBS Financial Services) had a weighted average interest rate
of 5.37% as compared to 5.41% at December 31, 2006. These borrowings are subject
to 30-day settlement  terms. Our other repurchase  facility with Citigroup had a
weighted  average interest rate of 6.12% at March 31, 2007, as compared to 6.13%
at December 31, 2006. This repurchase  facility expires upon the completion of a
second planned CDO  securitization,  or twelve months after the inception of the
facility, whichever comes first.

NOTE 7 - LINE OF CREDIT AND NOTE PAYABLE - RELATED PARTIES

<TABLE>
<CAPTION>

                                                      March 31,     December 31,
                                                        2007           2006
                                                     -----------    -----------
<S>                                                    <C>            <C>
Line of credit - Centerline                            $10,190        $15,000
Note payable to CRESS                                    4,968             --
                                                       -------        -------

Total                                                  $15,158        $15,000
                                                       =======        =======

</TABLE>

In  addition to our  existing  line of credit with  Centerline,  we  temporarily
borrowed approximately $5.0 million from CRESS, in March 2007 in connection with
our  investment in CDO  securities  (see Note 5). The  borrowings had a weighted
average  interest  rate of 5.92%.  Subsequent to March 31, 2007, we entered into


                                       9
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                                 March 31, 2007
                                   (Unaudited)



repurchase  agreements with Bear Stearns and Wachovia to lever our investment in
the CDO securities and repaid our liability to CRESS from the proceeds received,
terminating the note (see Note 15).

NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following:

<TABLE>
<CAPTION>

(In thousands)                                        March 31,    December 31,
                                                        2007          2006
                                                     -----------   -----------
<S>                                                    <C>           <C>
Interest rate derivatives (see Note 9)                 $ 9,667       $ 8,673
Refundable deposits (1)                                    545         1,161
Accrued interest payable                                 3,131         3,078
Other                                                    1,102           754
                                                       -------       -------

                                                       $14,445       $13,666
                                                       =======       =======

</TABLE>

(1) Includes  refundable deposits collected during the due diligence period of a
loan transaction which are payable to other parties.

NOTE 9 - DERIVATIVE INSTRUMENTS

CASH FLOW HEDGES OF DEBT

Our borrowings under  repurchase  facilities,  CDO notes payable,  related party
line of credit and our manditorily redeemable preferred shares incur interest at
variable rates,  exposing us to interest rate risk. We have established a policy
for  risk  management  outlining  our  objectives  and  strategies  for  use  of
derivative instruments to potentially mitigate such risks.

Effective  March 30, 2007,  we entered into a three-year  interest  rate swap to
reduce our exposure to possible  increases in the variable  interest rate on our
preferred shares of a subsidiary  (subject to mandatory  repurchase).  Under the
swap  agreement,  we are required to pay Bear Stearns a fixed rate of 4.97% on a
notional  amount of $25.0 million and will receive a floating rate equivalent to
3-month LIBOR.

As of March 31, 2007,  including  the above  mentioned  swap, we had 38 interest
rate swaps  with an  aggregate  notional  amount of $563.5  million,  which will
expire on dates ranging from March 2008 through March 2017 and are designated as
cash flow  hedges,  with the hedged  item  being the  interest  payments  on our
variable-rate repurchase facilities, CDO notes payable, and mandatory redeemable
preferred  shares.  These swaps are recorded at fair value, with changes in fair
value recorded in comprehensive income to the extent the hedges are effective in
achieving  offsetting  cash flows.  Amounts in accumulated  other  comprehensive
income will be  reclassified  into  earnings in the same period during which the
hedged  forecasted  transaction  affects  earnings.  Since  we are  hedging  the
interest payments on our variable-rate debt, the forecasted transactions are the
interest payments.

We assess  both at  inception  and on an ongoing  basis,  whether  the swaps are
effective in  offsetting  changes in the variable cash flows of the hedged item.
We measure  ineffectiveness  of our cash flow  hedges on a  quarterly  basis and
record any  ineffectiveness  in interest  expense on the condensed  consolidated
statements  of income.  With the  exception  of one,  all of our swaps have been
effective,  and we expect they will  continue to be effective in the future.  We
have recorded  ineffectiveness  of  approximately  $59,000 related to that swap.
This swap includes an embedded  financing  component,  which has caused and will
continue to cause some  ineffectiveness,  within the limits  allowed by SFAS No.
133, ACCOUNTING FOR DERIVATIVE  INSTRUMENTS AND HEDGING ACTIVITIES,  to maintain
hedge accounting.

We estimate that approximately  $28,000 of the net unrealized losses included in
accumulated other  comprehensive loss will be reclassified into interest expense
within the next 12 months.


                                       10
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                                 March 31, 2007
                                   (Unaudited)



FREE-STANDING DERIVATIVES RELATED TO INVESTMENTS

We  have  three  interest  rate  swaps  with an  aggregate  notional  amount  of
approximately  $20.2  million,  which expire on dates ranging from February 2017
through  July  2017,  that are  hedging  changes  in the fair  value of  certain
investments.  We did not elect to apply  hedge  accounting  to these  swaps and,
therefore,  the changes in their fair values are included in other income in the
condensed consolidated statements of income.

We are required to maintain a minimum balance of collateral with Bank of America
in connection with these interest rate swaps. From time to time, as market rates
fluctuate, we may be called upon to post additional cash collateral with Bank of
America.  These  payments are held as deposits  with Bank of America and will be
used to settle the swap at termination date if market rates fall below the fixed
rates on the swaps. At March 31, 2007, we had approximately  $90,000 of deposits
held by Bank of America.

FINANCIAL STATEMENT IMPACT

Interest rate swaps for which we were in a net settlement liability position are
recorded in accounts  payable  and accrued  expenses  (see Note 8) and those for
which we are in a net settlement asset position are recorded in deferred charges
and other assets. The amounts recorded were as follows:

<TABLE>
<CAPTION>

(In thousands)                                        March 31,     December 31,
                                                        2007            2006
                                                     ----------     ------------
<S>                                                    <C>             <C>
Net asset position                                     $  732          $1,143
Net liability position                                 $9,667          $8,673

</TABLE>

Net income included the following related to our  free-standing  derivatives and
interest rate hedges:

<TABLE>
<CAPTION>

                                                   Three Months Ended March 31,
                                                   ---------------------------
(In thousands)                                         2007           2006
                                                    ----------     ----------
<S>                                                   <C>            <C>
Interest income                                       $(255)         $ (75)
Interest expense                                       --                5
Other income                                             31           (144)
                                                      -----          -----

Net                                                   $ 224          $(214)
                                                      =====          =====

</TABLE>

NOTE 10 - COMPREHENSIVE INCOME

Comprehensive  income for the three months ended March 31, 2007 and 2006, was as
follows:

<TABLE>
<CAPTION>

(In thousands)                                                    Three Months Ended
                                                                       March 31,
                                                                 ---------------------
                                                                   2007         2006
                                                                 --------     --------
<S>                                                              <C>          <C>
Net income                                                       $ 5,164      $ 2,169
Net unrealized (loss) gain on derivative instruments              (1,465)         147
Net unrealized holding loss on investments                          (142)      (1,586)
Reclassification adjustment for realized gain on investments          --         (166)
                                                                 -------      -------
Comprehensive income                                             $ 3,557      $   564
                                                                 =======      =======

</TABLE>

                                       11
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                                 March 31, 2007
                                   (Unaudited)



NOTE 11 - EARNINGS PER SHARE

Diluted net income from continuing  operations per share is calculated using the
weighted  average  number of  shares  outstanding  during  the  period  plus the
additional  dilutive effect of common share equivalents.  The dilutive effect of
outstanding share options is calculated using the treasury stock method.

<TABLE>
<CAPTION>

(In thousands, except per share amounts)

Three Months Ended March 31, 2007:                   Income     Shares   Per Share
                                                     ------     ------   ---------
<S>                                                  <C>         <C>       <C>
   Basic EPS (from continuing operations)            $1,633      8,402     $ 0.19
   Effect of dilutive securities                         --         --         --
                                                     ------     ------     ------
   Diluted EPS (from continuing operations)          $1,633      8,402     $ 0.19
                                                     ======     ======     ======

Three Months Ended March 31, 2006:

   Basic EPS (from continuing operations)            $2,288      8,304     $ 0.27
   Effect of dilutive securities                         --          3         --
                                                     ------     ------     ------
   Diluted EPS (from continuing operations)          $2,288      8,307     $ 0.27
                                                     ======     ======     ======

</TABLE>

NOTE 12 - DISCONTINUED OPERATIONS

Income (loss) from discontinued operations included the following related to the
Concord  portfolio  (which we sold from our real estate owned portfolio in March
2007) and the Reserve at Autumn  Creek (which we sold from our Real Estate Owned
portfolio in 2006):

<TABLE>
<CAPTION>

                                                Three Months Ended March 31,
                                                ---------------------------
                                                    2007            2006
                                                  --------        --------
<S>                                               <C>             <C>
Revenues                                          $ 1,815         $ 2,393
                                                  =======         =======
Gain on sale of real estate owned                 $ 3,611         $    --
                                                  =======         =======
Net income (loss)                                 $ 3,531         $  (119)
                                                  =======         =======

</TABLE>

NOTE 13 - RELATED PARTY TRANSACTIONS

Fees to Advisor
---------------

Under our amended  Advisory  Services  Agreement with our Advisor (the "Advisory
Agreement"),  which was amended in March 2007,  we pay certain fees, in addition
to  reimbursements  of certain  administrative  and other costs that our Advisor
incurs on our behalf for its ongoing management and operations of our Company:

Fees/Compensation                  Annual Amount
-----------------                  -------------

I.  Asset management fees          Our Advisor  receives an asset management fee
                                   equal to 1.75% per  year for the first $300.0
                                   million of our adjusted  equity  balance  (as
                                   defined in  the Advisory Agreement) and 1.50%
                                   per year of our adjusted  equity  balance  in
                                   excess of $300.0 million.

II. Loan origination fees          Our Advisor is  entitled   to  receive,  with
                                   respect to each investment originated  by us,
                                   the  origination   points,  if  any,  paid by
                                   borrowers. In connection with the acquisition
                                   of investments  for us, our  Advisor may also
                                   act  as an  advisor  to  third  parties which
                                   participate with  us in  such investments and


                                       12
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                                 March 31, 2007
                                   (Unaudited)



                                   may receive origination points, if any,  from
                                   such third  parties or  their  borrowers.  In
                                   the event our  Advisor is not  entitled to an
                                   origination fee from  a  borrower  for a loan
                                   the  Advisor originated for investment by us,
                                   we will pay an origination  fee or a referral
                                   fee consistent with industry practice, amount
                                   and terms.

III.  Annual incentive management  Our Advisor is entitled to receive  incentive
      fees                         compensation  for  each  fiscal  year  in  an
                                   amount  equal to the product of:

                                   (A) 25% of the dollar amount by which

                                       (1) Adjusted   Funds   from    Operations
                                           ("AFFO")  before    this    incentive
                                           management fee  per share  (based  on
                                           the weighted average number of shares
                                           outstanding),   excluding    non-cash
                                           gains or losses due to the  recording
                                           of fair value hedges

                                       exceed


                                       (2) the weighted  average per share value
                                           of (x)  $20  and (y)  the  prices per
                                           share of any secondary offerings   by
                                           the Company multiplied by the greater
                                           of:

                                           (a) 9.00%; and

                                           (b) the Ten-Year  U.S. Treasury Rate
                                               plus 2% per annum

                                   multiplied by

                                   (B) the  weighted  average  number  of shares
                                       outstanding during such year.

                                   AFFO   means    net   income   (computed   in
                                   accordance  with  GAAP)  including   realized
                                   gains (or losses)  from   debt  restructuring
                                   and  sales of  non-real  estate assets,  plus
                                   depreciation   and    amortization   on  real
                                   property,   and     after   adjustments   for
                                   unconsolidated   partnerships    and    joint
                                   ventures.

                                   A minimum  of 10%  and a  maximum  of 50%  of
                                   the annual incentive  management fee is to be
                                   paid  in common shares, at the discretion  of
                                   our Board of Trustees.

IV.   Shared services expenses     Our Advisor  is  reimbursed by us for (i) the
                                   actual  costs  to   the  Advisor  of   goods,
                                   materials  and  services  used  for and by us
                                   obtained from unaffiliated parties,  (ii) the
                                   costs  of  certain  personnel employed by the
                                   Advisor  and   directly   involved   in   the
                                   organization  and business of our Company and
                                   for   legal,   accounting,   transfer  agent,
                                   reinvestment     and     redemption      plan
                                   administration,  data processing, duplication
                                   and    investor    communications    services
                                   performed  by  employees  or  officers of the
                                   Advisor.

Prior to the March 2007 amendment to the Advisory Agreement,  the following fees
were paid to the Advisor differently than they are currently paid.

     o    ASSET  MANAGEMENT FEES - We paid asset  management fees equal to 1.75%
          of our total equity  balance,  adjusted by certain  costs and one-time
          events.


                                       13
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                                 March 31, 2007
                                   (Unaudited)



     o    INCENTIVE MANAGEMENT FEES - We paid incentive management fees based on
          a calculation  that used an AFFO and specified yield - based threshold
          payment of this fee was made in cash only.

Other fees as described above are consistent  with the Advisory  Agreement prior
to the March 2007 amendment.

Other Related Party Transactions
--------------------------------

We pay our Advisor a fee for servicing and special  servicing our mortgage loans
and other  investments  equal to the Advisor's  actual costs of performing  such
services  but not less  tahn  0.08%  per year of the  pricinpal  balance  of the
related mortgage loan or other investment.

During 2006, we entered into a  co-investment  agreement with CRESS,  whereby we
and CRESS will  participate in investment  opportunities  that are originated by
affiliates and which meet the investment  criteria of both companies.  A portion
of our  2007  investments  were  made  pursuant  to this  agreement  and we will
continue to pursue investment opportunities with CRESS throughout 2007.

During  2007,  we  partially  or fully  funded  12 first  mortgage,  bridge  and
mezzanine  loans  and  subordinated   notes,   with  carrying  amounts  totaling
approximately  $103.2  million (see Note 2),  originated by Centerline  Mortgage
Capital Inc. ("CMC"), formerly known as CharterMac Mortgage Capital Corporation,
an  affiliate  of our  Advisor.  CMC  received  approximately  $588,000  in loan
origination  fees related to these  originations,  all of which were paid by the
borrowers.

During 2007, we funded two mezzanine loans aggregating $50.7 million  (including
one funded  subsequent to March 31 - see Note 15) to  properties  developed by a
company  partly owned by the chairman of  Centerline.  Those  transactions  were
approved by our Board of Trustees and, in the opinion of management the terms of
these  mezzanine  transactions  were  consistent  with those  transactions  with
independent third parties.

During March 2007,  we sold our economic  interest in the Concord  properties to
CRESS (see Note 4 and 12).

During March 2007, we purchased an investment in CDO securities issued by Nomura
which  was  temporarily  held in the name of CRESS as  nominee  for us,  pending
permanent  financing.  As a result,  a portion of the  purchase  price  remained
payable to CRESS as of March 31, 2007 (see Notes 7 and 15).

The  following  summarizes  all costs  paid or  payable  to our  Advisor  or its
affiliates:

<TABLE>
<CAPTION>

 thousands)                                                Three Months Ended
                                                                March 31,
                                                           ------------------
                                                             2007      2006
                                                           --------  --------
<S>                                                          <C>       <C>
Fee to Advisor:
  Shared services expenses                                   $455      $202
  Asset management fees                                       384       431
  Incentive management fee                                     --       194 (1)
                                                             ----      ----

Total fees to Advisor                                        $839      $827
                                                             ====      ====

Other Fees:
  Servicing fees                                              129        --
  Interest paid on related party line of credit (2)            97        --
                                                             ----      ----

Total other fees                                             $226      $ --
                                                             ====      ====

</TABLE>

                                       14
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                                 March 31, 2007
                                   (Unaudited)



(1)  Accrual was based on the  proportion of actual  earnings as compared to our
     estimates of full-year  results at March 31, 2006.  Later in 2006,  when it
     was determined that certain financial thresholds would not be achieved, the
     accrual was reversed and no incentive fees were paid.
(2)  Represents interest on the line of credit with Centerline (see Note 7).


NOTE 14 - COMMITMENTS AND CONTINGENCIES

(a)  Guarantees

Prior to 2000,  we entered into a loan  program with Fannie Mae,  under which we
agreed to guarantee a  first-loss  position on certain  loans,  which could have
potentially  resulted  in an  aggregate  exposure of $7.5  million.  In June and
October  of 2000,  we  originated  two loans  totaling  $3.3  million  under the
program.  In September  2003, we transferred and assigned all of our obligations
with  respect to these two loans to CMC, a  subsidiary  of  Centerline,  both of
which  are  affiliates  of the  Advisor.  Pursuant  to the  agreement  with CMC,
Centerline guaranteed CMC's obligations, and we agreed to indemnify both CMC and
Centerline  for any losses  incurred in exchange for retaining all fees which we
were  otherwise  entitled  to receive  from  Fannie Mae under the  program.  The
maximum exposure at March 31, 2007, was $3.1 million, although we expect that we
will not be called upon to fund these guarantees.

In the first quarter of 2003, we  discontinued  our loan program with Fannie Mae
and will issue no further guarantees pursuant to such program.

For these  guarantees,  we monitor the status of the  underlying  properties and
evaluate our exposure under the  guarantees.  To date, we have concluded that no
accrual  for  probable  losses is  required  under  SFAS No. 5,  ACCOUNTING  FOR
CONTINGENCIES.

(b)  Future Funding Commitments

We are committed to additionally fund the following first mortgage and mezzanine
loans at March 31, 2007:

<TABLE>
<CAPTION>

                                                                                    (In thousands)
                                                                             MAXIMUM AMOUNT OF COMMITMENT
                                                                        ---------------------------------------
                                                            NO. OF APT.               LESS THAN 1
ISSUE DATE   PROJECT                 LOCATION                 UNITS        TOTAL         YEAR      1-3 YEARS
---------------------------------------------------------------------------------------------------------------
<S>          <C>                     <C>                        <C>      <C>          <C>          <C>
Apr-05       Atlantic Hearthstone    Hillsborough, NJ           198      $     733    $     733          --
Feb-05       Aberdeen Apartments     Houston, TX                656          1,276        1,276          --
                                                           ----------------------------------------------------

TOTAL FUTURE FUNDING COMMITMENTS                                854      $   2,009    $   2,009    $     --
                                                           ====================================================

</TABLE>

NOTE 15 - SUBSEQUENT EVENTS

In April 2007, we received  approximately  $337,000 of proceeds from the release
of an escrow that was held back from the proceeds of our 2006 sale of ARCap. The
entire amount will be recognized as income during the second quarter of 2007.

During April 2007, we took  possession of the Nomura CDO  securities  and repaid
our liability to CRESS (see Notes 5 and 6). We obtained third party financing on
the investment from Bear Stearns and Wachovia.

During April 2007,  we partially  funded an $18.2 million  mezzanine  loan to an
affiliate partly owned by the chairman of Centerline (see Note 13).


                                       15
<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                                 March 31, 2007
                                   (Unaudited)



During April 2007,  we purchased an $84.0  million  participation  interest in a
mezzanine  loan.  We obtained  $67.2  million of financing  for this  investment
through the use of a master repurchase agreement with Bear Stearns.


                                       16
<PAGE>



ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

Forward-Looking Statements
--------------------------

Certain   statements  made  in  this  report  may  constitute   "forward-looking
statements"  within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of 1934, as amended.
Such forward-looking  statements include statements regarding the intent, belief
or current  expectations  of us and our management  (which includes our Advisor)
and involve known and unknown risks,  uncertainties  and other factors which may
cause the actual results, performance or achievements to be materially different
from any future  results,  performance or  achievements  expressed or implied by
such forward-looking statements.  These factors, which are outlined in detail in
our annual report on Form 10-K for the year ended December 31, 2006, include the
following:

     o    Risks of investing  in uninsured  and  non-investment  grade  mortgage
          assets;

     o    Competition in acquiring desirable investments;

     o    Interest rate fluctuations;

     o    Risks  associated  with  investments in real estate  generally and the
          properties which secure many of our investments;

     o    General economic conditions,  particularly as they affect the value of
          our assets and the credit status of our borrowers;

     o    Dependence on our external Advisor for all services  necessary for our
          operations;

     o    Conflicts which may arise among us and other entities  affiliated with
          our Advisor that have similar investment policies to ours;

     o    Risks associated with the repurchase  agreements we utilize to finance
          our investments and the ability to raise capital;

     o    Risks  associated  with  the  failure  to  qualify  as a  Real  Estate
          Investment Trust ("REIT"); and

     o    Risks associated with Collateral Debt Obligation ("CDO") transactions,
          which include, but are not limited to:

          o    The inability to acquire eligible investments for a CDO issuance;

          o    Interest rate fluctuations on variable-rate swaps entered into to
               hedge fixed-rate loans;

          o    The inability to find  suitable  replacement  investments  within
               reinvestment periods; and

          o    The negative impact on our cash flow that may result from the use
               of  CDO  financings  with   over-collateralization  and  interest
               coverage requirements.

Readers  are  cautioned  not to place undue  reliance  on these  forward-looking
statements, which speak only as of the date of this quarterly report.

Factors Affecting Comparability
-------------------------------

During 2007, we sold our economic interest in the Concord properties,  resulting
in a gain of approximately $3.6 million. This amount is recorded in discontinued
operations along with rental income, property operations,  mortgage interest and
depreciation  for the  period up to the sale.  Property  operations  from  prior
comparable   periods  have  been  reclassified  to  conform  to  current  period
presentation.


                                       17
<PAGE>



Investment Activity
-------------------

During the three months  ended March 31, 2007,  we partially or fully funded the
following investments, not reflecting any discounts or premiums:

<TABLE>
<CAPTION>

(In thousands)                                                        Weighted
                                                                      Average
                                                                      Interest
                                                       Amount           Rate
                                                      --------        --------
<S>                                                   <C>               <C>
Mortgage loans:
  First mortgage loans                                $ 34,700           5.72%
  Bridge loans                                          19,660           6.51
  Mezzanine loans                                       45,693          10.06
  Subordinated B-notes                                   3,110           6.98
CDO securities                                          10,084           9.00
                                                      --------        -------
Total                                                 $113,247           7.90%
                                                      ========        =======

</TABLE>

During the three months ended March 31, 2006, we had no origination activity.

Results of Operations
---------------------

The  following is a summary of our  operations  for the three months ended March
31, 2007 and 2006:

<TABLE>
<CAPTION>

(In thousands)

                                              Three Months Ended March 31,
                                          ------------------------------------
                                            2007          2006         Change
                                          --------      --------      --------
<S>                                       <C>           <C>             <C>
Total revenues                            $ 12,501      $  5,671        120.4%
Total expenses                              10,837         4,062        166.8
Total other (loss) income                      (31)          679       (104.6)
Income (loss) from discontinued
 operations, including gain on sale          3,531          (119)         N/A
                                          --------      --------      -------
Net income                                $  5,164      $  2,169        138.1%
                                          ========      ========      =======

</TABLE>

The growth in our annual  revenues during the three month period ended March 31,
2007, as compared to the same period in 2006,  resulted primarily from increases
in investment  volume,  as well as  participation  income received in connection
with a paydown of one of our mortgage loans.

Expenses also increased for these periods due to:

     o    financing costs  (particularly  due to higher debt balances and steady
          increases in interest rates);
     o    amortization costs due to a higher balance of deferred costs resulting
          from our 2006 CDO securitization; and
     o    general  and  administrative  costs  (particularly  legal costs due to
          higher  amount of  specially  serviced  assets in our  portfolio,  CDO
          administrative  costs as a result of our 2006 CDO  securitization  and
          loan servicing costs which we no longer pay through  quarterly expense
          reimbursement to our Advisor).

Other income (loss)  decreased  during 2007 primarily as a result of the sale of
ARCap during 2006 and the  resulting  absence of equity  income.  The balance in
2007  relates  entirely  to  the  change  in the  fair  value  of  free-standing
derivatives.

Income from discontinued  operations  includes operations from real estate owned
that  was  sold  during  2007  and  2006.  The  increase  in  2007 is due to the
recognition of a gain on sale of a portfolio of properties.


                                       18
<PAGE>



REVENUES

<TABLE>
<CAPTION>

                                 Three Months Ended
                               ----------------------
(In thousands)                                                        % of        % of
                                                        % Change      2007        2006
                                March 31,   March 31,  from Prior     Total       Total
                                  2007        2006       Period     Revenues    Revenues
                               ----------  ----------  ----------   --------    --------
<S>                             <C>         <C>          <C>        <C>          <C>
Interest income:
   Mortgage loans               $10,216     $ 1,989       413.6 %    81.72 %      35.1 %
   Debt securities                1,227       3,219       (61.9)      9.82        56.8
   Notes receivable                  --         233      (100.0)      0.00         4.1
   Revenue bonds                    106         142       (25.4)      0.85         2.5
   Temporary investments            170          83       104.8       1.36         1.5
   CDO securities                     7          --       100.0       0.06          --
Participation income                699          --       100.0       5.59          --
Other revenues                       76           5         N/A       0.61         0.1
                                -------     -------     -------    -------     -------

  Total revenues                $12,501     $ 5,671       120.4 %   100.00 %     100.0 %
                                =======     =======     =======    =======     =======

</TABLE>

At March 31, we had the  following  investments  (exclusive of Real Estate Owned
and temporary investments):

<TABLE>
<CAPTION>

(In thousands)
                                    2007                                 2006
                     ----------------------------------    ---------------------------------
                                               Weighted                            Weighted
                                               Average                             Average
                     Carrying        % of      Interest    Carrying      % of      Interest
                      Amount         Total       Rate       Amount       Total       Rate
                     -----------------------------------------------------------------------
<S>                  <C>              <C>         <C>      <C>            <C>         <C>
Mortgage loans       $637,498          85.8%      7.25%    $ 53,297        18.2%      14.98%
Debt securities        80,955          10.9       6.49      219,639        74.9        6.23
Notes receivable        9,260           1.2       9.78       13,725         4.7       10.26
Revenue bonds           5,012           0.7       8.70        6,581         2.2        8.68
CDO securities         10,061           1.4       9.00           --          --          --
                     --------      --------    -------     --------    --------    --------
                     $742,785         100.0%      7.23%    $293,242       100.0%       8.18%
                     ========      ========    =======     ========    ========    =======

</TABLE>

Interest income from mortgage loans increased significantly for the 2007 periods
as compared to 2006,  primarily due to the funding of 70 first  mortgage  loans,
bridge notes,  mezzanine loans, and subordinated  notes throughout 2006 and 2007
and the partial  funding of several  existing  mezzanine  loans during 2006. The
decrease in the weighted  average  interest  rates on mortgage loans as of March
31, 2007,  as compared to March 31, 2006,  was primarily due to the funding of a
greater  amount of higher credit quality  loans,  as opposed to riskier,  higher
rate loans as we had done in the past.

Interest income from debt securities  decreased for the three months ended March
31, 2007, primarily due to the sale of 20 FNMA certificates in November 2006, as
well as the payoff of three GNMA  certificates  during 2006. The increase in the
weighted  average  interest  rate on debt  securities  during 2007 is due to the
lower  yields of the FNMA  certificates  sold  relative  to the  yields of those
retained.

Interest  income from notes  receivable  decreased  in 2007 as compared to 2006,
primarily  due to the  payoff of several  notes,  as well as three  loans  which
defaulted in August 2006, for which we do not currently accrue interest.

Interest  income from  revenue  bonds for the three months ended March 31, 2007,
was lower than the comparable prior year period,  primarily due to the payoff of
two revenue bonds during 2006.

Interest  income from temporary  investments  increased for the 2007 period,  as
compared  to  2006,  primarily  due to the  investment  of  excess  cash on hand
resulting from the payoff of several mortgage loans and debt securities, as well
as the funds received from the sale of ARCap in August 2006 and interest  earned
on restricted cash balances held with custodians.


                                       19
<PAGE>



Participation  income  represents  a one time  payment  received  pursuant  to a
participating arrangement for a mortgage loan that was repaid in 2007. There was
no such income received during 2006.

Other  revenues  increased for the three months ended March 31, 2007,  primarily
due to the recognition of unamortized  loan  origination fees resulting from the
payoff of one of our mortgage loans. There were no comparable fees in 2006.

EXPENSES

<TABLE>
<CAPTION>

(In thousands)                  Three Months Ended
                               --------------------
                                                       % Change   % of 2007  % of 2006
                               March 31,   March 31,  from Prior    Total      Total
                                 2007        2006       Period     Revenues   Revenues
                               --------    --------   ----------  ---------- ---------
<S>                             <C>         <C>           <C>         <C>        <C>
Interest                        $ 8,495     $ 2,216       283.3 %     68.0 %     39.1 %
Interest-preferred shares           569         517        10.1        4.6        9.1
General and administrative          734         487        50.7        5.9        8.6
Fees to Advisor                     839         827         1.5        6.7       14.6
Amortization and other              200          15         N/A        1.6        0.3
                                -------     -------     -------     ------     ------

Total expenses                  $10,837     $ 4,062       166.8 %     86.7 %     71.6 %
                                =======     =======     =======     ======     ======

</TABLE>

Interest  expense  increased  for the three  months  ended  March 31,  2007,  as
compared to 2006,  primarily due to the increased  borrowings  made through 2007
and 2006 to fund origination  activity and the increase in market interest rates
during 2006 and 2007.  Excluding  mortgages  on real  estate  owned (in the 2006
period), we had total debt as follows:

<TABLE>
<CAPTION>

                                                        Three Months Ended
                                                             March 31,
                                                   ----------------------------
(dollars in thousands)                                 2007             2006
                                                   -----------      -----------
<S>                                                <C>              <C>
Total outstanding                                  $   670,547      $   230,650
Weighted average interest rate
  (including effect of interest rate swaps)               5.35%            5.04%
Notional amount of interest rate swaps             $   583,692      $    35,000
Weighted average rate of interest rate swaps              5.17%            3.69%

</TABLE>

In accordance  with FASB  Statement No. 150,  ACCOUNTING  FOR CERTAIN  FINANCIAL
INSTRUMENTS WITH  CHARACTERISTICS  OF BOTH  LIABILITIES AND EQUITY,  we classify
distributions  made on  preferred  shares  of our  wholly  owned  subsidiary  as
interest  expense.  Distributions  to preferred  shareholders  increased for the
three months  ended March 31,  2007,  as compared to 2006 due to the increase in
interest  rates  during 2007 and 2006,  as the  distributions  are at a variable
rate, based on LIBOR.

General and  administrative  expenses increased for the three months ended March
31, 2007, as compared to 2006, due to increased legal fees due to an increase in
the  amount  of  watched  assets  as our  portfolio  has  grown,  recurring  CDO
administrative costs incurred during the 2007 period as a result of our 2006 CDO
securitization and increased  servicing costs.  During 2006, our servicing costs
were paid through quarterly expense  reimbursements  made to our Advisor.  These
increases  were partially  offset by decreased  stock option costs (all of which
were fully  amortized  in April 2006) and excise tax accrual (as no excise taxes
are anticipated for 2007).

Fees to Advisor  increased  for the 2007  periods,  as compared to 2006,  due to
higher shared services costs because of expansion of our business, offset by the
absence of an accrual of incentive  management fees in the 2007 period, as we do
not anticipate current year earnings to reach incentive fee payment hurdles.

Amortization  and other costs increased for the 2007 period,  as compared to the
same period in 2006, due to higher  deferred  financing costs as a result of our
2006 CDO securitization.


                                       20
<PAGE>



OTHER INCOME

Other income decreased for the three months ended March 31, 2007, as compared to
2006,  primarily  due to the sale of an  equity  investment  in 2006,  which had
earned equity income in the 2006 period.

Funds from Operations
---------------------

Funds  from  operations  ("FFO"),  represents  net income or loss  (computed  in
accordance  with  GAAP),  excluding  gains or  losses  from  sales of  property,
excluding  depreciation and amortization  related to real property and including
funds from operations for unconsolidated  joint ventures  calculated on the same
basis.  FFO is calculated in accordance  with the National  Association  of Real
Estate  Investment  Trusts  ("NAREIT")  definition.  FFO does not represent cash
generated  from  operating  activities  in  accordance  with  GAAP  and  is  not
necessarily  indicative of cash available to fund cash needs.  FFO should not be
considered  as an  alternative  to net income as an indicator  of our  operating
performance or as an  alternative  to cash flows as a measure of liquidity.  Our
management considers FFO a supplemental measure of operating  performance,  and,
along with cash flows  from  operating  activities,  financing  activities,  and
investing activities, it provides investors with an indication of our ability to
incur and service debt, make capital expenditures, and fund other cash needs.

The  following  table  reconciles  net income to FFO for the three  months ended
March 31, 2007 and 2006:

<TABLE>
<CAPTION>

(In thousands)

                                                         Three Months Ended
                                                              March 31,
                                                       ------------------------
                                                         2007            2006
                                                       --------        --------
<S>                                                    <C>             <C>
Net income                                             $  5,164        $  2,169

Add back: Depreciation of real property (1)                 336             450
Less: Gain on sale of real property (1)                  (3,611)             --
                                                       --------        --------

FFO                                                    $  1,889        $  2,619
                                                       ========        ========

Cash flows from:
  Operating activities                                 $  1,629        $  1,654
                                                       ========        ========
  Investing activities                                 $(84,328)       $    233
                                                       ========        ========
  Financing activities                                 $ 89,654        $(12,423)
                                                       ========        ========

Weighted average shares outstanding:
Basic                                                     8,402           8,304
                                                       ========        ========
Diluted                                                   8,402           8,307
                                                       ========        ========

</TABLE>

(1) Related to properties sold during 2007 and 2006 and included in discontinued
operations in our condensed consolidated statements of income.

Since not all companies  calculate  FFO in a similar  fashion,  our  calculation
presented above may not be comparable to similarly  titled measures  reported by
other companies.

Liquidity and Capital Resources
-------------------------------

SOURCES OF FUNDS

We expect that cash  generated  from our  investments,  as well as our borrowing
capacity, will meet our needs for short-term liquidity and will be sufficient to
pay all expenses and distributions to our shareholders in amounts  sufficient to
retain our REIT status in the foreseeable  future. In order to qualify as a REIT
under the Internal  Revenue Code, as amended ("the Code"),  we must, among other
things, distribute at least 90% of our taxable income. We believe that we are in
compliance with the REIT-related provisions of the Code.


                                       21
<PAGE>



As of March 31, 2007, our credit facilities consisted of:

     o    repurchase facilities; and
     o    a line of credit with Centerline.

Repurchase Facilities
---------------------

At March 31, 2007, we had the following repurchase facilities in place:

DEBT SECURITIES

As a vehicle to leverage our investments in debt securities,  we have repurchase
agreements  with two  counter  parties,  RBC Capital  Markets and UBS  Financial
Services. These facilities offer advance rates between 94% and 97% of collateral
value and borrowing  rates  between LIBOR minus 0.03% and LIBOR plus 0.10%.  The
borrowings  are subject to 30-day  settlement  terms.  As of March 31, 2007, the
amount outstanding under these repurchase  facilities was $78.1 million,  with a
weighted average interest rate of 4.64% which is weighted  including the effects
of interest rate hedges in place on these facilities.

OTHER

During  2006,  we  began  financing  our  investment  growth  by  utilizing  CDO
securitizations.  Prior to a securitization,  we finance  investments  through a
repurchase  facility,  which is repaid from the proceeds  received  when the CDO
securitization is complete.

During December 2006, we executed a repurchase  agreement with Citigroup  Global
Markets,  Inc.  ("Citigroup")  for the purpose of funding  investment  activity.
Advance rates on the borrowings  from this facility,  ranging from 80% to 90% of
collateral  value, are determined on an  asset-by-asset  basis.  Interest on the
borrowings,  which  ranges  from LIBOR plus 0.40% to LIBOR plus  1.25%,  is also
determined  on a  loan-by-loan  basis.  The  repurchase  facility  expires  upon
completion of a second  planned CDO  securitization,  or twelve months after the
inception of the repurchase facility,  whichever comes first. At March 31, 2007,
we had  approximately  $190.2  million  of  borrowings  outstanding  under  this
facility at a weighted average interest rate of 5.07%,  including the effects of
interest rate hedges.

During  April of 2007,  we  executed  repurchase  agreements  with Bear  Stearns
international limited ("Bear Stearns") and Wachovia Capital Markets ("Wachovia")
for the purposes of providing  financing for our  investment  in CDO  securities
issued by Nomura. Advance rates on the borrowings from the Bear Stearns facility
range from 60-75% of the collateral value  (non-investment  grade CDO securities
issued by Nomura) and interest on the  borrowings  ranged from 30-day LIBOR plus
..55% to 30-day LIBOR plus .85%. The borrowings are subject to 30-day  settlement
terms.  Advance rates on the borrowings from the Wachovia facility are at 80% of
the collateral  value  (investment  grade CDO  securities  issued by Nomura) and
interest on these  borrowings  are at 30-day LIBOR plus .40%. The borrowings are
subject to 30-day settlement terms.

Related Party Line of Credit
----------------------------

We finance our remaining  investing activity primarily through borrowings from a
credit facility we maintain with Centerline.  This $50.0 million facility offers
borrowing  rates  of  LIBOR  plus  3.00%.  As of  March  31,  2007,  the  amount
outstanding was $10.2 million with a weighted average interest rate of 8.32%. We
had  approximately  $39.8 million  available to borrow on this line at March 31,
2007.

Other Financing
---------------

As noted above, in 2006, we began  financing our investment  growth by utilizing
CDO  securitizations.  At March 31, 2007, we had outstanding CDO  securitization
certificates  totaling  $362.0  million  at a  weighted  average  rate of 5.29%,
including the effects of interest rate hedges.

We have capacity to raise  approximately  $170.0 million of additional  funds by
issuing  either  common or  preferred  shares  pursuant to a shelf  registration
statement filed with the SEC. If market conditions warrant, we may seek to raise


                                       22
<PAGE>



additional funds for investment through further  offerings,  although the timing
and amount of such offerings cannot be determined at this time.

SUMMARY OF CASH FLOWS

During the three months  ended March 31,  2007,  as compared to the three months
ended March 31, 2006, the net change in cash and cash  equivalents  increased by
approximately $17.5 million. Operating cash flows were consistent with the prior
year  period.  While net income  excluding  the gain on sale of our real  estate
owned was lower than in 2006,  this decrease was offset by lower payments to our
Advisor.

An  increase  in net cash  used in  investing  activities  (approximately  $84.6
million) was due to investments made in mortgage loans and CDO securities during
2007 as compared to no origination activity in the 2006 period, partially offset
by  proceeds  received  from the sale of real estate  owned and the  decrease in
restricted cash held with a custodian for the purpose of investment activity for
our CDO.

The increase in net cash provided by financing activities  (approximately $102.1
million) can be attributed to the higher level of investing  activity during the
2007 period, offset by partial repayments of the repurchase facilities.

LIQUIDITY REQUIREMENTS AFTER MARCH 31, 2007

During April 2007, we partially or fully funded  approximately $133.7 million of
mezzanine,  subordinate  B-notes and CMBS.  Financing for these acquisitions was
made through our repurchase facilities.

During May 2007,  dividends of  approximately  $1.9 million  ($0.225 per share),
which were declared in March 2007, will be paid to common shareholders.

OTHER MATTERS

We are not aware of any trends or events,  commitments or  uncertainties,  which
have not otherwise been disclosed that will or are likely to impact liquidity in
a material way.

Dividends
---------

The following table outlines our total dividends and return of capital  amounts,
determined in accordance with GAAP, for the three months ended March 31:

<TABLE>
<CAPTION>

(In thousands)
                                             2007            2006
                                            ------          ------
<S>                                         <C>             <C>
Total dividends                             $1,890          $3,322
Return of capital:
  Amount                                        --           1,152
  Per share                                     --            0.14
  Percent of total dividends                    --           34.69%

</TABLE>

Commitments, Contingencies and Off-Balance Sheet Arrangements
-------------------------------------------------------------

See Note 14 to our condensed  consolidated financial statements for a summary of
our guarantees and commitments and contingencies.

We  have no  unconsolidated  subsidiaries,  special  purpose  off-balance  sheet
financing entities, or other off-balance sheet arrangements.


                                       23
<PAGE>



CONTRACTUAL OBLIGATIONS

In conducting business, we enter into various contractual  obligations.  Details
of these  obligations,  including  expected  settlement  periods as of March 31,
2007, are contained below.

<TABLE>
<CAPTION>

                                                                Payments Due by Period
                                                                    (In thousands)
                                        ----------------------------------------------------------------------
                                                       Less than                                    More than
                                           Total         1 Year      1 - 3 Years   3 - 5 Years       5 Years
                                        ----------    -----------    -----------   -----------     -----------
<S>                                     <C>           <C>            <C>           <C>             <C>
Debt:
  CDO notes payable (1)                 $  362,000    $              $       --    $        --     $   362,000
  Repurchase facilities:
    Debt securities (1)                     78,148         78,148            --             --              --
    Other (1)                              190,241        190,241            --             --              --
  Preferred shares of subsidiary
    (subject to mandatory repurchase)
    (1)                                     25,000             --            --             --          25,000
  Line of credit - related party (1)        10,190         10,190            --             --              --
  Note payable - related party (1)           4,968          4,968            --             --              --
Funding Commitments:
  Future funding loan commitments            2,009          2,009            --             --              --
                                        -----------   ------------  ------------   ------------     -----------

Total                                   $  672,556    $   285,556    $       --    $        --     $   387,000
                                        ===========   ============  ============   ============     ===========

</TABLE>

(1) Includes  principal  amounts only. At March 31, 2007,  the weighted  average
    interest rate on our debt was 5.94%.

Of our  $285.6  million  of  debt  that  is due  within  the  next  year,  it is
anticipated  that the $190.2  million  related to a repurchase  facility will be
repaid upon due closing of our second CDO securitization  currently  anticipated
to take place during the second half of 2007.  The note payable - related  party
was  repaid  during  April  2007  with  a  repurchase  facility  borrowing  with
third-party  lenders  (see  Note  15 to  the  condensed  consolidated  financial
statements).  We also anticipate that our line of credit with Centerline will be
extended one year upon its June 30, 2007, maturity date.

Recently Issued Accounting Standards
------------------------------------

See  NEW  ACCOUNTING  PRONOUNCEMENTS  in  Note 1 to the  condensed  consolidated
financial statements.

Inflation
---------

Inflation  did not  have a  material  effect  on our  results  for  the  periods
presented.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the exposure to loss resulting from changes in interest rates and
equity prices.  The primary market risk to which we are exposed is interest rate
risk, which is highly sensitive to many factors, including governmental monetary
and  tax   policies,   domestic  and   international   economic  and   political
considerations and other factors beyond our control.

INTEREST RATE RISK

Interest  rate  fluctuations  can  adversely  affect our income in many ways and
present a variety of risks,  including the risk of mismatch between asset yields
and borrowing rates.

Our operating  results  depend in large part on  differences  between the income
from our assets (net of credit losses) and our borrowing costs. Although we have
originated  variable-rate  loans,  most of our assets generate fixed returns and
have terms in excess of five years. We fund the origination and acquisition of a
significant  portion of our assets with borrowings  that have variable  interest
rates that reset relatively rapidly, such as weekly,  monthly, or quarterly.  In
most cases,  the income from assets will  respond  more slowly to interest  rate
fluctuations  than the cost of  borrowings,  creating a mismatch  between  asset
yields  and  borrowing   rates.   Consequently,   changes  in  interest   rates,


                                       24
<PAGE>



particularly  short-term  interest  rates,  may  influence  our net income.  Our
borrowings under repurchase  facilities and our trust preferred  securities bear
interest at rates that fluctuate with LIBOR.

Various  financial  vehicles  exist which would allow our management to mitigate
the impact of interest  rate  fluctuations  on our cash flows and  earnings.  We
enter into certain  hedging  transactions to protect our positions from interest
rate  fluctuations and other changes in market  conditions.  These  transactions
include  interest  rate swaps and fair  value  hedges.  Interest  rate swaps are
entered  into in order to  hedge  against  increases  in  floating  rates on our
repurchase  facilities.  Fair  value  hedges  are  entered  into for some of our
investments  to hedge our risk that interest  rates may affect the fair value of
these investments, prior to securitization.

Based on the $66.7 million  unhedged portion of the $670.6 million of borrowings
outstanding  at March 31, 2007, a 1% change in LIBOR would impact our annual net
income and cash flows by approximately $667,000. However, as the interest income
from some of our loans is also based on LIBOR, a 1% change in LIBOR would impact
our annual net income and cash flows from such loans by approximately  $566,000.
The net effect of a 1% change in LIBOR would therefore result in a change of our
annual net income by  approximately  $101,000.  In  addition,  a change in LIBOR
could also impede the  collections of interest on our  variable-rate  loans,  as
there might not be sufficient cash flow at the properties securing such loans to
pay the  increased  debt  service.  Because  the  value of our  debt  securities
fluctuates with changes in interest rates,  rate  fluctuations  will also affect
the market value of our net assets.

If we were to complete a second CDO transaction,  substantially  all of our debt
will be fixed through interest rate swaps on the CDO debt.

ITEM 4.   CONTROLS AND PROCEDURES

(a)       EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES.  Our Chief Executive
          Officer and Chief Financial  Officer have evaluated the  effectiveness
          of  our  disclosure  controls  and  procedures  (as  defined  in  Rule
          13a-15(e) or Rule 15a-15(e) of the Securities Exchange Act of 1934, as
          amended (the  "Exchange  Act")) as of the end of the period covered by
          this quarterly  report.  Based on such evaluation,  such officers have
          concluded that our disclosure controls and procedures as of the end of
          the period covered by this  quarterly  report were effective to ensure
          that  information  required  to be  disclosed  by the  Company  in the
          reports  that the Company  files or submits  under the Exchange Act is
          recorded,  processed,  summarized and reported within the time periods
          specified  in the  SEC  rules  and  forms,  and to  ensure  that  such
          information  is  accumulated   and   communicated   to  the  Company's
          management,  including the Chief Executive Officer and Chief Financial
          Officer, as appropriate,  to allow timely decisions regarding required
          disclosure.

(b)       INTERNAL  CONTROL OVER  FINANCIAL  REPORTING.  There have not been any
          significant  changes in our internal control over financial  reporting
          during the  fiscal  quarter to which  this  report  relates  that have
          materially  affected,  or are reasonably likely to materially  affect,
          our internal control over financial reporting.


                                       25
<PAGE>



                           PART II. OTHER INFORMATION


ITEM 1.   LEGAL PROCEEDINGS

          We are not party to any pending material legal proceedings.

ITEM 1A.  RISK FACTORS

          There have been no material  changes to the risk factors as disclosed
          in our  annual  report on Form 10-K for the year ended  December  31,
          2006.

ITEM 2.   UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS - None

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES - None

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS - None

ITEM 5.   OTHER INFORMATION - None

ITEM 6.   EXHIBITS

          31.1 Chief Executive Officer certification  pursuant to Section 302 of
               the Sarbanes-Oxley Act of 2002.*

          31.2 Chief Financial Officer certification  pursuant to Section 302 of
               the Sarbanes-Oxley Act of 2002.*

          32.1 Certification  pursuant to Section 906 of the  Sarbanes-Oxley Act
               of 2002.*

          *    Filed herewith.


                                       26
<PAGE>



                                   SIGNATURES



Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized.



                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                                  (Registrant)



Date: May 8, 2007             By:     /s/ James L. Duggins
                                      --------------------
                                      James L. Duggins
                                      Chief Executive Officer
                                      (Principal Executive Officer)


Date: May 8, 2007             By:     /s/ Robert L. Levy
                                      ------------------
                                      Robert L. Levy
                                      Chief Financial Officer
                                      (Principal Financial Officer and
                                       Principal Accounting Officer)


                                       27
<PAGE>



                                                                    Exhibit 31.1


                                  CERTIFICATION

I, James L. Duggins, hereby certify that:

     1.  I have  reviewed  this  quarterly  report on Form  10-Q for the  period
         ending March 31, 2007, of American Mortgage Acceptance Company;

     2.  Based on my  knowledge,  this  quarterly  report  does not  contain any
         untrue  statement of a material  fact or omit to state a material  fact
         necessary to make the  statements  made, in light of the  circumstances
         under which such  statements  were made, not misleading with respect to
         the period covered by this report;

     3.  Based on my knowledge,  the financial  statements,  and other financial
         information  included in this quarterly  report,  fairly present in all
         material  respects the financial  condition,  results of operations and
         cash flows of the  registrant as of, and for, the periods  presented in
         this report;

     4.  The  registrant's  other  certifying  officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rules  13a-15(e)  and  15d-15(e))  and internal
         control  over  financial  reporting  (as defined in Exchange  Act Rules
         13a-15(f) and 15d-15(f)) for the registrant and have:

         a) designed  such  disclosure  controls and  procedures  or caused such
         disclosure   controls  and   procedures   to  be  designed   under  our
         supervision,  to  ensure  the  material  information  relating  to  the
         registrant,  including its consolidated subsidiaries,  is made known to
         us by others within those entities,  particularly  during the period in
         which this report is being prepared;

         b) designed such internal control over financial  reporting,  or caused
         such internal control over financial reporting to be designed under our
         supervision,  to provide reasonable assurance regarding the reliability
         of financial reporting and the preparation of financial  statements for
         external  purposes in accordance  with  generally  accepted  accounting
         principles;

         c) evaluated the effectiveness of the registrant's  disclosure controls
         and procedures and presented in this quarterly  report our  conclusions
         about the effectiveness of the disclosure  controls and procedures,  as
         of the  end of  the  period  covered  by  this  report  based  on  such
         evaluation; and

         d)  disclosed  in this report any change in the  registrant's  internal
         control over financial  reporting that occurred during the registrant's
         most  recent  fiscal  quarter  that  has  materially  affected,  or  is
         reasonably  likely to  materially  affect,  the  registrant's  internal
         control over financial reporting; and

     5.  The registrant's other certifying  officer and I have disclosed,  based
         on our most  recent  evaluation  of  internal  control  over  financial
         reporting,  to the registrant's auditors and the audit committee of the
         registrant's  board of trustees (or persons  performing  the equivalent
         functions):

         a) all significant  deficiencies and material  weaknesses in the design
         or operation of internal  control over  financial  reporting  which are
         reasonably  likely to  adversely  affect  the  registrant's  ability to
         record, process, summarize and report financial information; and

         b) any fraud,  whether or not  material,  that  involves  management or
         other  employees  who  have a  significant  role  in  the  registrant's
         internal control over financial reporting.


         Date:  May 8, 2007                   By:  /s/ James L. Duggins
                -----------                        --------------------
                                                   James L. Duggins
                                                   Chief Executive Officer
                                                   (Principal Executive Officer)


                                       28
<PAGE>



                                                                    Exhibit 31.2


                                  CERTIFICATION

I, Robert L. Levy, hereby certify that:

     1.  I have  reviewed  this  quarterly  report on Form  10-Q for the  period
         ending March 31, 2007, of American Mortgage Acceptance Company;

     2.  Based on my  knowledge,  this  quarterly  report  does not  contain any
         untrue  statement of a material  fact or omit to state a material  fact
         necessary to make the  statements  made, in light of the  circumstances
         under which such  statements  were made, not misleading with respect to
         the period covered by this report;

     3.  Based on my knowledge,  the financial  statements,  and other financial
         information  included in this quarterly  report,  fairly present in all
         material  respects the financial  condition,  results of operations and
         cash flows of the  registrant as of, and for, the periods  presented in
         this report;

     4.  The  registrant's  other  certifying  officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rules  13a-15(e)  and  15d-15(e))  and internal
         control  over  financial  reporting  (as defined in Exchange  Act Rules
         13a-15(f) and 15d-15(f)) for the registrant and have:

         a) designed  such  disclosure  controls and  procedures  or caused such
         disclosure   controls  and   procedures   to  be  designed   under  our
         supervision,  to  ensure  the  material  information  relating  to  the
         registrant,  including its consolidated subsidiaries,  is made known to
         us by others within those entities,  particularly  during the period in
         which this report is being prepared;

         b) designed such internal control over financial  reporting,  or caused
         such internal control over financial reporting to be designed under our
         supervision,  to provide reasonable assurance regarding the reliability
         of financial reporting and the preparation of financial  statements for
         external  purposes in accordance  with  generally  accepted  accounting
         principles;

         c) evaluated the effectiveness of the registrant's  disclosure controls
         and procedures and presented in this quarterly  report our  conclusions
         about the effectiveness of the disclosure  controls and procedures,  as
         of the  end of  the  period  covered  by  this  report  based  on  such
         evaluation; and

         d)  disclosed  in this report any change in the  registrant's  internal
         control over financial  reporting that occurred during the registrant's
         most  recent  fiscal  quarter  that  has  materially  affected,  or  is
         reasonably  likely to  materially  affect,  the  registrant's  internal
         control over financial reporting; and

     5.  The registrant's other certifying  officer and I have disclosed,  based
         on our most  recent  evaluation  of  internal  control  over  financial
         reporting,  to the registrant's auditors and the audit committee of the
         registrant's  board of trustees (or persons  performing  the equivalent
         functions):

         a) all significant  deficiencies and material  weaknesses in the design
         or operation of internal  control over  financial  reporting  which are
         reasonably  likely to  adversely  affect  the  registrant's  ability to
         record, process, summarize and report financial information; and

         b) any fraud,  whether or not  material,  that  involves  management or
         other  employees  who  have a  significant  role  in  the  registrant's
         internal control over financial reporting.


         Date:  May 8, 2007                By:  /s/ Robert L. Levy
                -----------                     ------------------
                                                Robert L. Levy
                                                Chief Financial Officer
                                                (Principal Financial Officer and
                                                 Principal Accounting Officer)


                                       29
<PAGE>



                                                                    Exhibit 32.1



                            CERTIFICATION PURSUANT TO
                             18.U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of American Mortgage  Acceptance Company
(the  "Company") on Form 10-Q for the period ending March 31, 2007 as filed with
the Securities and Exchange Commission on the date hereof (the "Report"),  James
L. Duggins,  as Chief Executive  Officer of the Company,  and Robert L. Levy, as
Chief  Financial  Officer of the Company each hereby  certifies,  pursuant to 18
U.S.C.  Section 1350, as adopted  pursuant to Section 906 of the  Sarbanes-Oxley
Act of 2002, that:


       (1) The Report fully complies with the  requirements  of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and


       (2) The  information  contained  in the Report  fairly  presents,  in all
material  respects,  the  financial  condition  and results of operations of the
Company.



By:  /s/ James L. Duggins                          By:  /s/ Robert L. Levy
     --------------------                               ------------------
     James L. Duggins                                   Robert L. Levy
     Chief Executive Officer                            Chief Financial Officer
     May 8, 2007                                        May 8, 2007


A signed  original of this  written  statement  required by Section 906 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange Commission or its staff upon request.


                                       30