SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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                                    FORM 8-K

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


Date of Report (Date of Earliest Event Reported): APRIL 11, 2002
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                    AMERICA FIRST MORTGAGE INVESTMENTS, INC.
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             (Exact Name of Registrant as Specified in Its Charter)



          MARYLAND                   1-13991               13-3974868
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(State or Other Jurisdiction       (Commission           (IRS Employer
      of Incorporation)             File No.)          Identification No.)


              399 PARK AVENUE, 36TH FLOOR, NEW YORK, NEW YORK 10022
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               (Address of Principal Executive Office) (Zip Code)



Registrant's Telephone Number, Including Area Code: (212) 935-8760
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                                 NOT APPLICABLE
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          (Former name or former address, if changed since last report)




ITEM 5. OTHER EVENTS

     As previously disclosed, as of December 31, 2001, America First Mortgage
Investment, Inc. (the "Company") had investments in corporate debt securities
with an aggregate carrying value of approximately $9.8 million, which had gross
unrealized losses of approximately $3.4 million that were not reflected in its
results of operations or statement of financial condition at December 31, 2001.
The Company's investment in Level 3 Communications, Inc. ("Level 3") accounted
for approximately $6.6 million of the carrying value, and approximately $3.2
million of the unrecognized losses, of the corporate debt securities in its
portfolio at December 31, 2001. As of December 31, 2001, management's position
was that the decline in the market value of the Level 3 debt securities was
temporary.

     As of March 31, 2002, the Company's investment in Level 3 was carried at
approximately $6.6 million with approximately $3.5 million of unrecognized
losses. After further analysis of the information relating to Level 3,
management determined that, based on the relatively low market prices reported
on the Level 3 debt securities that have traded, the period of time that the
Level 3 debt securities have traded significantly below cost and certain rating
agency downgrades for Level 3 subsequent to December 31, 2001, the Company
should recognize, as of March 31, 2002, its unrealized losses on its holdings in
the Level 3 debt securities as an other-than-temporary impairment charge of
approximately $3.5 million based on prevailing accounting guidance and current
industry practice. The recognition of our unrealized losses in the Level 3 debt
securities will not have a negative impact on the Company's cash flow, taxable
income or dividend.


ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

     (a)  Financial Statements - Not Applicable

     (b)  Pro Forma Financial Information - Not Applicable

     (c)  Exhibits - None




                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                     AMERICA FIRST MORTGAGE INVESTMENTS, INC.


                                     By: /s/ STEWART ZIMMERMAN
                                         ---------------------
                                         Stewart Zimmerman
                                         Chief Executive Officer

Date: April 11, 2002