Document:

EX-10.1

November 28, 2007

Washington Mutual Bank

620 West Germantown Pike, Suite 200

Plymouth Meeting, PA 19462

Attn: Paul Ulrich, President/CEO

T: (610) 238-6929

F: (610) 828-7293

E: paul.ulrich@wamu.net

Re:Notice and Request for Waiver

Ladies and Gentlemen:

Reference is made to that certain (a) Warehousing Credit and Security Agreement dated as of
May 31, 2006 among MMA Construction Finance, LLC and Washington Mutual Bank (the “Credit
Agreement”) and (b) Multifamily and Health Care Mortgage Loan Repurchase Agreement dated as of
May 31, 2006 by and between Washington Mutual Bank and MMA Mortgage Investment Corporation (the
"Repurchase Agreement”). All capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Agreement.

Notice

This correspondence will serve as notice of the matters set forth herein given pursuant to the
requirements of Section 11.1 of the Credit Agreement and Section 15.1 of the Repurchase Agreement.

As we notified you by letter in September 2006 and by the Notice and Request for Waiver, dated
March 12, 2007, our continuing efforts to restate certain of the historical GAAP financial
statements of Municipal Mortgage & Equity, LLC (“MuniMae”) and certain other matters have
delayed the completion of certain of our 2006 financial statements and periodic reports to the
Securities and Exchange Commission, as well as the financial statements for certain of our
affiliates.

We currently anticipate that we will file (1) our annual report on Form 10-K for fiscal 2006
(the “MuniMae 2006 Form 10-K”) on or before March 3, 2008 and (2) our quarterly reports on
Forms 10-Q for each of the quarters ending March 31, 2007, June 30, 2007 and September 30, 2007
(the “MuniMae Q1 2007 Form 10-Q”, the “MuniMae Q2 2007 Form 10-Q”and the
“MuniMae Q3 2007 Form 10-Q” respectively, and together the “MuniMae 2007 Forms
10-Q”) sequentially at some point after March 31, 2008 but not after December 31, 2008. Prior
to these filling dates, we currently anticipate that we will be able to deliver only “management
certified” unaudited financial statements with respect to MuniMae.

As a result and as we have informed you previously, we will be unable to comply with the
applicable financial reporting and related covenants set forth in Section 7.2 of the Credit
Agreement and Section 13.7 of the Repurchase Agreement

Request for Waiver

We hereby request a waiver of any and all Defaults or Events of Default with respect to the
matters set forth herein; provided that we are able to deliver:

	 	(a)	 	audited 2006 financial statements for MuniMae as well as the MuniMae 2006 Form
10-K on or before March 3, 2008,

	 	(b)	 	the MuniMae 2007 Forms 10-Q filed sequentially on or before December 31, 2008,

	 	(c)	 	audited financial statements for MMA Mortgage Investment Corporation for the
year ending December 31, 2007 on or before March 31, 2008, and

	 	(d)	 	audited financial statements for other applicable MuniMae subsidiaries for the
year ending December 31, 2007 on or before December 31, 2008.

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This notice is being delivered to you as confirmation of our earlier discussion with you on
the topics set forth above and our understanding that this situation dies not present any issues
under the Agreement. Please contact me by phone at (813) 868-8025 or e-mail at
ed.feldkamp@munimae.com if this is not the case.

MUNICIPAL MORTGAGE & EQUITY, LLC

By: /s/ Edward Feldkamp

Name: Edward Feldkamp

Title:Vice President and Treasurer

Please indicate your grant of the waivers requested above by signing below and returning a

copy of this page to me by e-mail or facsimile.

WASHINGTON MUTUAL BANK

By: /s/ John L. Thomas

Name: John L. Thomas

Title: Vice President

Date: 11/28/2007

2EX-10.2

SECOND AMENDMENT TO

WAREHOUSING CREDIT AND SECURITY AGREEMENT

This Second Amendment to Warehousing Credit and Security Agreement (this “Amendment”), is
entered into as of the 30th day of November, 2007, by and between MMA CONSTRUCTION
FINANCE, LLC, a Maryland limited liability company (“Company”), MUNICIPAL MORTGAGE & EQUITY, LLC, a
Delaware limited liability company (“Guarantor”), and WASHINGTON MUTUAL BANK, a federal association
(“Lender”). Capitalized terms used but not defined herein have the meanings assigned to them in
that certain Warehousing Credit and Security Agreement (the “Credit Agreement”) dated effective as
of May 31, 2006, by and between Company and Lender, as the same has been or may be amended or
supplemented from time to time.

Section 1. Recitals. Company, Guarantor, and Lender desire to terminate the Credit
Agreement and the Commitment effective as of the date hereof. Therefore, Company, Guarantor and
Lender hereby agree as follows, intending to be legally bound.

Section 2. Termination. Notwithstanding anything in the Credit Agreement, the other
Loan Documents or otherwise to the contrary, the Credit Agreement and the Commitment are hereby
terminated effective immediately.

Section 3. Mutual Release of Claims.

(a) Company and Guarantor, each, hereby RELEASES, RELINQUISHES and forever DISCHARGES
Lender and its respective predecessors, successors, assigns, shareholders, principles,
parents, subsidiaries, agents, officers, directors, employees, attorneys and representatives
(the “Lender Parties”) of and from any and all liabilities, obligations, claims, demands,
actions and causes of action of any and every kind or character, whether known or unknown,
present or future, which it has, or may have against any of the Lender Parties arising out
of or with respect to any and all transactions relating to the Credit Agreement.

(b) Lender hereby RELEASES, RELINQUISHES and forever DISCHARGES Company and Guarantor
and their respective predecessors, successors, assigns, shareholders, principles, parents,
subsidiaries, agents, officers, directors, employees, attorneys and representatives (the
“Borrower Parties”) of and from any and all liabilities, obligations, claims, demands,
actions and causes of action of any and every kind or character, whether known or unknown,
present or future, which it has, or may have against any of the Borrower Parties arising out
of or with respect to any and all transactions relating to the Credit Agreement.

Section 4. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of Texas and, to the extent applicable, by federal law.

[Signature Pages Follow]

1

EXECUTED this 30th day of November, 2007 to be effective as of the date first
written above.

COMPANY:

MMA CONSTRUCTION FINANCE, LLC, a Maryland limited liability company

By: MuniMae Holdings, LLC, its Sole Member

By: Municipal Mortgage & Equity, LLC

By: /s/ Edward Feldkamp

Name: Edward Feldkamp

Title:Vice President and Treasurer

GUARANTOR:

MUNICIPAL MORTGAGE & EQUITY, LLC,

a Delaware limited liability company

By: /s/ Edward Feldkamp

Name: Edward Feldkamp

Title:Vice President and Treasurer

LENDER:

WASHINGTON MUTUAL BANK,

a federal association

By: /s/ John L. Thomas

Name: John L. Thomas

Title: Vice President

2EX-10.3

November 2, 2007

U.S. Bank National Association

BC-MN-H03B

800 Nicollet Mall

Minneapolis, Minnesota 55402

Attn: Mortgage Banking Division, Randy Baker

(T):(612) 303-3580

(F):(612) 303-2253

E: randall.baker@usbank.com

Re: Notice and Request for Waiver

Ladies and Gentlemen:

Reference is made to that certain Amended and Restated Credit Agreement, dated as of November
16, 2005 and as amended through November 30, 2006 (the “Agreement”), by and between MMA
Mortgage Investment Corporation (“MMIC”) and U.S. Bank, National Association. All
capitalized terms used but not defined herein shall have the meanings assigned to such terms in the
Agreement.

Notice

This correspondence will serve as notice of the matters set forth herein given pursuant to the
requirements of the applicable notices sections of the Agreement.

As you know, our continuing efforts to restate certain of the historical GAAP financial
statements of Municipal Mortgage & Equity, LLC (“MuniMae”) and certain other matters have
delayed the completion of certain of our 2006 financial statements and periodic reports, as well as
the financial statements for certain of our affiliates. As a result and as we have informed your
previously, we will be unable to comply with the applicable financial reporting and related
covenants set forth in the Agreement.

Request for Waiver

We hereby request a waiver of any and all Defaults or Events of Default with respect to the
delayed delivery of the MMIC audited financials statements as required by the Agreement; provided
that we are able to deliver audited financial statements for MMIC on or before February 15, 2008.

1

This notice is being delivered to you as confirmation of our earlier discussion with you on
the topics set forth above and our understanding that this situation dies not present any issues
under the Agreement. Please contact me by phone at (813) 868-8025 or e-mail at
ed.feldkamp@munimae.com if this is not the case.

Sincerely,

MUNICIPAL MORTGAGE & EQUITY, LLC

By: /s/ Edward Feldkamp

Name: Edward Feldkamp

Title:Vice President and Treasurer

Please indicate your agreement and acknowledgement to the matters set forth above by signing

below and returning a copy of this page to me by e-mail or facsimile.

U.S. Bank, N.A.

By: /s/ Randy S. Baker

Name:Randy S. Baker

Title:Vice President

Date: 11/30/2007

2EX-10.4

SIXTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

THIS SIXTH AMENDMENT, dated as of November 30, 2007, amends and modifies a certain Amended and
Restated Credit Agreement, dated as of November 16, 2005, as amended by Amendments dated as of
December 5, 2005, December 14, 2005, March 15, 2006, July 24, 2006 and November 30, 2006 (as so
amended, the “Credit Agreement”), between MMA MORTGAGE INVESTMENT CORPORATION (the “Borrower”) and
U.S. BANK NATIONAL ASSOCIATION (the “Bank”). Terms not otherwise expressly defined herein shall
have the meanings set forth in the Credit Agreement.

FOR VALUE RECEIVED, the Borrower and the Bank agree that the Credit Agreement is amended as
follows.

ARTICLE I — AMENDMENTS TO THE CREDIT AGREEMENT

1.1 Termination Date. The Definition of “Termination Date” in Section 1.1 is amended
to read as follows:

"'Termination Date‘: the earliest of (i) the date on which the Bank terminates
the Commitments pursuant to Section 5.2 hereof, (ii) the date on which the
Commitments are reduced to $0 and all Advances repaid, as provided in Section
2.9(a), and (ii) March 31, 2008.”

The Borrower acknowledges that the full aging periods set forth in Section 2.5(b) may not elapse
prior to the Termination Date and that the Advances and the Notes shall be due and payable on the
Termination Date without regard to such further aging periods.

1.2 Quarterly Statements. Section 4.1(b) is amended by deleting “60 days” and
inserting “45 days” in place thereof as the required timing for delivery of quarterly financial
statements.

1.3 Construction. All references in the Credit Agreement to “this Agreement”,
“herein” and similar references shall be deemed to refer to the Credit Agreement as amended by this
Amendment.

ARTICLE II — REPRESENTATIONS AND WARRANTIES

To induce the Bank to enter into this Amendment and to make and maintain the Loans under the
Credit Agreement as amended hereby, the Borrower hereby warrants and represents to the Bank that it
is duly authorized to execute and deliver this Amendment, and to perform its obligations under the
Credit Agreement as amended hereby, and that this Amendment constitutes the legal, valid and
binding obligation of the Borrower, enforceable in accordance with its terms.

ARTICLE III — CONDITIONS PRECEDENT

This Amendment shall become effective on the date first set forth above, provided, however,
that the effectiveness of this Amendment is subject to the satisfaction of each of the following
conditions precedent:

3.1 Warranties. Before and after giving effect to this Amendment, the representations
and warranties in Article III of the Credit Agreement shall be true and correct as though
made on the date hereof, except for changes that are permitted by the terms of the Credit
Agreement. The execution by the Borrower of this Amendment shall be deemed a representation that
the Borrower has complied with the foregoing condition.

3.2 Defaults. Before and after giving effect to this Amendment, no Default and no
Event of Default shall have occurred and be continuing under the Credit Agreement. The execution
by the Borrower of this Amendment shall be deemed a representation that the Borrower has complied
with the foregoing condition.

3.3 Documents. The Borrower shall have executed and delivered this Amendment.

ARTICLE IV — GENERAL

4.1 Expenses. The Borrower agrees to reimburse the Bank upon demand for all
reasonable expenses (including reasonable attorneys’ fees and legal expenses) incurred by this Bank
in the preparation, negotiation and execution of this Amendment and any other document required to
be furnished herewith, and in enforcing the obligations of the Borrower hereunder, and to pay and
save the Bank harmless from all liability for, any stamp or other taxes which may be payable with
respect to the execution or delivery of this Amendment, which obligations of the Borrower shall
survive any termination of the Credit Agreement.

4.2 Counterparts. This Amendment may be executed in as many counterparts as may be
deemed necessary or convenient, and by the different parties hereto on separate counterparts, each
of which, when so executed, shall be deemed an original but all such counterparts shall constitute
but one and the same instrument.

4.3 Severability. Any provision of this Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions hereof or
affecting the validity or enforceability of such provisions in any other jurisdiction.

4.4 Law; Consent to Jurisdiction; Waiver of Jury Trial. This Amendment shall be a
contract made under the laws of the State of Minnesota, which laws shall govern all the rights and
duties hereunder. This Amendment shall be subject to the Consent to Jurisdiction and Waiver of
Jury Trial provisions of the Credit Agreement.

4.5 Successors; Enforceability. This Amendment shall be binding upon the Borrower and
the Bank and their respective successors and assigns, and shall inure to the benefit of the
Borrower and the Bank and the successors and assigns of the Bank. Except as hereby amended, the
Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed in all
respects.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed at
Minneapolis, Minnesota by their respective officers thereunto duly authorized as of the date first
written above.

U.S. BANK NATIONAL ASSOCIATION

By: /s/ Randy S. Baker

Title: Vice President

MMA MORTGAGE INVESTMENT CORPORATION

By: /s/ Edward J. Feldkamp III

Title: Vice President and Treasurer

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