SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
JOSEPH MARK K
(Last) (First) (Middle)
621 EAST PRATT STREET
SUITE 300
(Street)
BALTIMORE MD 21202
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
MUNICIPAL MORTGAGE & EQUITY LLC [ MMA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chairman of the Board
3. Date of Earliest Transaction (Month/Day/Year)
11/09/2005
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common shares 11/09/2005 M 3,750 A $16.875 302,853.808(1) D
Common shares 11/09/2005 S(2) 3,750 D $24.5 293,103.808 D
Common shares 11/11/2005 P(3) 5,562.4162 A $24.4906 298,666.224 D
Common shares 11/21/2005 M 3,750 A $16.875 308,416.224 D
Common shares 11/21/2005 S(2) 3,750 D $25.0044 304,666.224 D
Common Shares 277,982(4) I By SCA Associates 95-II Limited Partnership
Common Shares 203,140(4) I By SCA Associates 86-II Limited Partnership
Common Shares 187,466(4) I By The Shelter Policy Institute I, Inc.
Common Shares 50,786(4) I By SDC Associates Limited Partnership
Common Shares 26,729(4) I By Shelter Development Holdings, Inc.
Common Shares 5,084(4) I By SCA Custodial Co. Inc.
Common Shares 3,483(4) I By MME I Corporation
Common Shares 4(4) I By MME II Corporation
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Options to purchase common shares $16.875 11/09/2005 M 3,750 04/24/1998 04/24/2007 Common shares 3,750 $0(5) 93,565 D
Options to purchase common shares $16.875 11/21/2005 M 3,750 04/24/1998 04/24/2007 Common shares 3,750 $0(5) 89,815 D
Explanation of Responses:
1. Includes a net positive adjustment of 25,957.808 common shares to Mr. Joseph's previous Table I, Column 5 (direct ownership) balance to reflect (a) an increase in the number of common shares beneficially owned by Mr. Joseph as a result of the omission of the unvested balances of certain deferred share grants held by Mr. Joseph and (b) a decrease in the number of common shares beneficially owned by Mr. Joseph as a result of an administrative error in the calculation of the total common shares directly held by Mr. Joseph.
2. This sale is effected pursuant to a Rule 10b5-1 trading plan adopted on March 21, 2005.
3. Represents the reinvestment of dividends on common shares pursuant to the company's Dividend Reinvestment and Common Share Purchase Plan.
4. Mr. Joseph disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.
5. Options to purchase common shares granted pursuant to an option agreement dated as of April 24, 1997.
Remarks:
Brian D. Sims, Attorney-in-Fact 11/23/2005
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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