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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LwHhyuAy2A2CtkbpKej4VkJEW0K2oIJK7rmAjbDat+dLyGB/04//RN47i91JZhCI
 37F7/5oyqFp7HdvrJAeD8A==

<SEC-DOCUMENT>0001225208-06-004088.txt : 20060814
<SEC-HEADER>0001225208-06-004088.hdr.sgml : 20060814
<ACCEPTANCE-DATETIME>20060814154718
ACCESSION NUMBER:		0001225208-06-004088
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060727
FILED AS OF DATE:		20060814
DATE AS OF CHANGE:		20060814

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNICIPAL MORTGAGE & EQUITY LLC
		CENTRAL INDEX KEY:			0001003201
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				521449733
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		621 E PRATT STREET
		STREET 2:		SUITE 300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		(443) 263-2900

	MAIL ADDRESS:	
		STREET 1:		621 E PRATT STREET
		STREET 2:		SUITE 300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Thor Greg J
		CENTRAL INDEX KEY:			0001370086

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11981
		FILM NUMBER:		061030113

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		443-263-2900

	MAIL ADDRESS:	
		STREET 1:		621 E. PRATT STREET
		STREET 2:		SUITE 300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			20212
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>doc3.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-07-27</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001003201</issuerCik>
        <issuerName>MUNICIPAL MORTGAGE &amp; EQUITY LLC</issuerName>
        <issuerTradingSymbol>MMA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001370086</rptOwnerCik>
            <rptOwnerName>Thor Greg J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>621 E PRATT STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 300</rptOwnerStreet2>
            <rptOwnerCity>BALTIMORE</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>21202</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>1</isOfficer>
            <officerTitle>SVP &amp; CAO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9187</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Represents a grant of 9,187 shares pursuant to a deferred share agreement dated as of March 28, 2006.  The shares vest in three installments on March 28, 2006, March 15, 2007 and March 15, 2008 in the amount of 2,042, 3,062 and 4,083 respectively.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Gregory J. Thor</signatureName>
        <signatureDate>2006-08-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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