Document:

EX-10.01

FIRST AMENDMENT TO

MMA FINANCIAL, INC.

EMPLOYMENT AGREEMENT

Charles M. Pinckney

THIS FIRST AMENDMENT (the “Amendment”) to the Employment Agreement (the
“Agreement”) dated August 28, 2007 by and between MMA Financial, Inc., a Maryland
corporation (“Employer”) and Charles M. Pinckney (“Employee”) is entered into and
effective as of this 28th day of March, 2008.

WHEREAS, Employer and Employee desire to extend the current term of the Agreement beyond July
9, 2010; and

WHEREAS, Employer and Employee wish to clarify their understanding regarding Employee’s
assumption of his duties and responsibilities as specified in the Agreement.

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants hereinafter set forth,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Employer and Employee hereby agree as follows:

	1.	 	The last sentence of Section 1.(a) of the Agreement is amended and restated to read as
follows:

The Employee’s duties, powers and responsibilities shall be commensurate with those
customarily associated with the chief operating officer of a corporation comparable to the
Company, with Employee’s specific duties, powers and responsibilities set forth on the
attached Exhibit A (such general and specific duties, powers, responsibilities, and
authorities being the “COO Authorities”); provided that the Employer shall
not be required to provide Employee with the COO Authorities until August 3, 2008;
provided, further, that any of the following occurrences, at the time of
occurrence, shall be deemed to constitute a material reduction or alteration in Employee’s
authority, duties or responsibilities as provided in Section 1 (and Exhibit A) by the
Company and Employer for purposes of this Agreement, which reduction has not been and will
not be deemed to have been previously consented to: (x) failure by the Employer or Company
to have provided Employee with all of the COO Authorities by August 3, 2008 or (y) at the
time that Employee substantially assumes all of the COO Authorities contemplated by this
Agreement, any of such authority, duties, powers, or responsibilities are, in actuality,
materially below the level of authority, duties, power or responsibilities that Employee
would have had as of March 3, 2008, had Employee assumed all of the COO Authorities
contemplated by this Agreement by such date.

	2.	 	The first sentence of Section 6 of the Agreement is amended and restated to read as follows:

The term of this Agreement shall commence on the Effective Date and end on March 9, 2011.

	3.	 	All other terms of the Agreement shall remain unchanged.

IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed this
Amendment as of the date and year first above written.

EMPLOYER

MMA FINANCIAL, INC.

By: /s/ Michael L. Falcone

Name: Michael L. Falcone

Title: CEO & President

COMPANY

MUNICIPAL MORTGAGE & EQUITY LLC

By: /s/ Michael L. Falcone

Name: Michael L. Falcone

Title: CEO & President

EMPLOYEE

 /s/ Charles M. Pinckney

Charles M. Pinckney

First Amendment to Charles Pinckney Employment Agreement-2431275v2EX-10.02

SEVENTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

THIS SEVENTH AMENDMENT, dated as of March 27, 2008, 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, November 30, 2006 and November
30, 2007 (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) April 30, 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 Liquidity.

(a) A definition of “Liquidity” is added to Section 1.1, and shall read as follows:

"'Liquidity’ means the total of:

(a) 70% of the remainder of (i) the Fair Market Value of the Borrower’s Servicing
Portfolio (as ‘Fair Market Value’ is defined in and determined under the definition
of ‘Tangible Net Worth’), minus (ii) the amount of any Indebtedness that is secured
by a lien or security interest covering servicing rights in the Borrower’s Servicing
Portfolio, including the Fannie Mae Advances; plus

(b) the excess of the Borrower’s Permitted Investments over outstanding Investment
Advances hereunder, provided that such Permitted Investments shall not be subject to
any lien or security interest except that in favor of the Bank; plus

(c) the excess of (i) the aggregate amount of Advances that the Borrower could
borrow under this Agreement, consistent with all requirements of this Agreement,
assuming no further Collateral or financed Mortgage Loans or other assets were
delivered hereunder, over (ii) the aggregate amount of Advances actually
outstanding under this Agreement.”

(b) Section 4.14 is added after Section 4.13, and shall read as follows:

“4.14 Liquidity. Maintain Liquidity of not less than $40,000,000 at all
times.”

(c) The form of Compliance Certificate is amended by adding a calculation of Liquidity as
set forth on Exhibit A to this Amendment.

1.3 Interest. Interest. Section 2.7 is amended to read as follows:

“2.7 Interest. Interest on Advances shall accrue at whichever of the
following fluctuating rates per annum is designated by the Borrower at the time each such
Advance is made:

(a) For all Advances, unless Section 2.7(b) applies:

(i) for Balance Supported Advances the following, subject to adjustment as
provided in Section 2.8:

(1) 1.000% for Revolving Advances that are Investment Advances;

(2) 2.000% for Revolving Advances that are Bridge Advances;

(3) 1.125% for Revolving Advances that are Warehousing Advances; and

(4) 1.50% for Fannie Mae Advances.

The Bank shall determine, and shall notify the Borrower of the amount of the
Advances deemed to be Balance Supported Advances on a monthly basis.

(ii) for all Advances that are not Balance Supported Advances either (x) the
Prime Rate per annum, or (y) the Floating LIBOR Rate, plus (for interest
determined under this subparagraph (y) only):

(1) 1.000% for Revolving Advances that are Investment Advances;

(2) 2.000% for Revolving Advances that are Bridge Advances; and

(3) 1.125% for Revolving Advances that are Warehousing Advances; and

(4) 1.50% for Fannie Mae Advances.

(b) Any amount of the Advances not paid when due, whether at the date scheduled
therefor or earlier upon acceleration, shall bear interest until paid in full at a
rate per annum equal to the Prime Rate plus 2.00% per annum.

(c) Bank’s internal records of applicable interest rates shall be determinative in
the absence of manifest error.

(d) Interest on all Advances shall be calculated on the basis of the actual number
of days elapsed in a year of 360 days.”

1.4 Additional Representation. Section 3.19 is added after Section 3.18, and shall
read as follows:

“3.19 Certain Improvements. Certain improvements to properties may be
financed by Bridge Mortgage Loans, which improvements are being financed by the Borrower as
described as the American House transaction and will be completed under fixed price
contracts, by bonded, licensed and insured contractors.”

1.5 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 and
shall have (a) paid to the Bank a non-refundable amendment fee of $25,000, and (b) reimbursed the
Bank for legal fees of preparation of this Amendment and prior documents.

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.

1

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/ Mike Rulf

Title Senior Vice President

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Exhibit A

Compliance Certificate

5. Liquidity required by Section 4.14

(a)

(i) Fair Market Value of the

	 	 	 	 	 	 	 	 	 
	Borrower’s Servicing Portfolio
	 	$	—	 	 	 	 	 
	minus (ii) Indebtedness secured
by a lien or security interest covering
servicing rights
	 	$	—	 	 	 	 	 
	Remainder:
	 	$	—	 	 	 	 	 
	70% of Remainder:
	 	 	 	 	 	$	—	 

(b)

(i) Permitted Investments* $     

	 	 	 	 	 
	minus (ii) outstanding Investment Advances
	 	$	—	 
	Remainder:
	 	$	—	 

*not be subject to any lien or security interest except that in favor of the Bank.

(c)

(i) the aggregate amount

	 	 	 	 	 	 	 	 	 	 	 	 	 
	of Advances that the Borrower
	 	 	 	 	 	 	 	 
	could borrow under
this Agreement:
	 	 	 	 	 	$	—	 	 	 	 	 
	minus (ii) Advances actually outstanding:
	 	$	______	 	 	 	 	 
	Remainder:
	 	 	 	 	 	 	 	 	 	$	—	 
	   Total:
	 	 	 	 	 	$	—	 

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