DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
Jun. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Municipal Mortgage & Equity, LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1—description of the business and BASIS OF PRESENTATION Municipal Mortgage & Equity, LLC, the registrant, was organized in 1996 as a Delaware limited liability company. When used in this report, the “Company”, “MuniMae”, “we”, “our” or “us” may refer to the registrant, the registrant and its subsidiaries, or one or more of the registrant’s subsidiaries depending on the context of the disclosure. Description of the Business We own and manage tax-exempt bonds, a substantial majority of which are backed by affordable multifamily rental properties. We also manage tax credit equity funds for third party investors which invest in similar affordable multifamily rental properties. Outside of the United States (“US”), our strategy is to raise, invest in and manage private real estate funds which invest in affordable for-sale and rental housing in South Africa and, to a lesser extent, Sub-Saharan Africa. The Company operates through two reportable segments: US Operations and International Operations. US Operations On June 30, 2013 the Company’s bond portfolio totaled $1.0 billion (based on the fair value of all bonds, including those that have been eliminated due to the consolidation of funds and ventures that held these bonds as debt) and consisted of 134 bonds (collateralized by 108 real estate properties), primarily tax-exempt bonds issued by state and local authorities to finance affordable multifamily rental developments. On June 30, 2013, the majority of the Company’s bond portfolio (as well as its debt obligations) was held by MuniMae TE Bond Subsidiary, LLC (“TEB”), a wholly owned subsidiary of the Company, which was sold on July 3, 2013. After the sale of TEB’s common shares on July 3, 2013, the Company’s bond portfolio consisted of 43 bonds and interests in bonds totaling $294.0 million (based on the fair value of all bonds, including those that have been eliminated due to consolidation), collateralized by 30 real estate properties. This bond portfolio is comprised primarily of non-performing and subordinate participating multifamily tax-exempt bonds as well as community development district (“CDD”) bonds. Approximately 50% of this portfolio (based on $294.0 million of fair value) is unleveraged. See Note 18, “Subsequent Events” for more information on the Company’s sale of TEB’s common shares. MuniMae is also the general partner (“GP”) and manager of 13 low income housing tax credit funds (“LIHTC Funds”) totaling $852.2 million in capital invested at June 30, 2013, which hold limited partnership interests in 117 affordable multifamily rental properties in the US. The Company’s ownership interest in the LIHTC Funds is negligible; however, the Company is entitled to asset management fees as well as contingent asset management fees based on several factors including the residual value of the LIHTC Funds’ underlying multifamily rental properties. Through July 9, 2013, the Company was a partnership for income tax purposes. Effective July 10, 2013, the Company elected to be taxed as a corporation for federal income tax purposes. See Note 18, “Subsequent Events” for more information. International Operations Substantially all of the Company’s International Operations take place through a subsidiary, International Housing Solutions S.à r.l. (“IHS”) which has a strategy to raise, invest in and asset manage private real estate funds which invest in affordable for-sale and rental housing in South Africa and, to a lesser extent, Sub-Saharan Africa. The Company owns approximately 83%, of IHS. In addition to earning asset management fees, IHS both invests as a limited partner and is entitled to special distributions based on returns generated by the funds it sponsors. IHS currently manages a single fund (South Africa Workforce Housing Fund SA I - “SA Fund”), and expects to raise capital for and manage additional funds in the near future. Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management has made significant estimates in certain areas, including the determination of fair values for bonds, derivative financial instruments, guarantee obligations, and certain assets and liabilities of consolidated funds and ventures (“CFVs”). Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates. Basis of Presentation and Significant Accounting Policies The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity are accounted for using the equity method of accounting. See Note 1, “Description of Business and Basis of Presentation” to the consolidated financial statements in our 2012 Form 10-K, which discusses our consolidation presentation and our significant accounting policies. Changes in Presentation We have revised the presentation of our consolidated statements of operations so that we now separately present “Net interest income”, which is interest income less interest expense on debt which finances interest-bearing assets. This presentation change had no impact on “Net (loss) income.” Reclassifications The Company made reclassifications to discontinued operations on its previously issued consolidated statements of operations for the three months and six months ended June 30, 2012, as a result of certain discontinued operations occurring after the first quarter of 2012. Interim Period Presentation The unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. The consolidated financial statements are unaudited. These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows. These consolidated financial statements should be read in conjunction with the financial statements included in our 2012 Form 10-K. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.

Municipal Mortgage & Equity, LLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1—description of the business and BASIS OF PRESENTATION

Municipal Mortgage & Equity, LLC, the registrant, was organized in 1996 as a Delaware limited liability company. When used in this report, the “Company”, “MuniMae”, “we”, “our” or “us” may refer to the registrant, the registrant and its subsidiaries, or one or more of the registrant’s subsidiaries depending on the context of the disclosure.

Description of the Business

We own and manage tax-exempt bonds, a substantial majority of which are backed by affordable multifamily rental properties. We also manage tax credit equity funds for third party investors which invest in similar affordable multifamily rental properties. Outside of the United States (“US”), our strategy is to raise, invest in and manage private real estate funds which invest in affordable for-sale and rental housing in South Africa and, to a lesser extent, Sub-Saharan Africa.

The Company operates through two reportable segments: US Operations and International Operations.

US Operations

On June 30, 2013 the Company’s bond portfolio totaled $1.0 billion (based on the fair value of all bonds, including those that have been eliminated due to the consolidation of funds and ventures that held these bonds as debt) and consisted of 134 bonds (collateralized by 108 real estate properties), primarily tax-exempt bonds issued by state and local authorities to finance affordable multifamily rental developments. On June 30, 2013, the majority of the Company’s bond portfolio (as well as its debt obligations) was held by MuniMae TE Bond Subsidiary, LLC (“TEB”), a wholly owned subsidiary of the Company, which was sold on July 3, 2013.

After the sale of TEB’s common shares on July 3, 2013, the Company’s bond portfolio consisted of 43 bonds and interests in bonds totaling $294.0 million (based on the fair value of all bonds, including those that have been eliminated due to consolidation), collateralized by 30 real estate properties. This bond portfolio is comprised primarily of non-performing and subordinate participating multifamily tax-exempt bonds as well as community development district (“CDD”) bonds. Approximately 50% of this portfolio (based on $294.0 million of fair value) is unleveraged. See Note 18, “Subsequent Events” for more information on the Company’s sale of TEB’s common shares.

MuniMae is also the general partner (“GP”) and manager of 13 low income housing tax credit funds (“LIHTC Funds”) totaling $852.2 million in capital invested at June 30, 2013, which hold limited partnership interests in 117 affordable multifamily rental properties in the US. The Company’s ownership interest in the LIHTC Funds is negligible; however, the Company is entitled to asset management fees as well as contingent asset management fees based on several factors including the residual value of the LIHTC Funds’ underlying multifamily rental properties.

Through July 9, 2013, the Company was a partnership for income tax purposes. Effective July 10, 2013, the Company elected to be taxed as a corporation for federal income tax purposes. See Note 18, “Subsequent Events” for more information.

International Operations

Substantially all of the Company’s International Operations take place through a subsidiary, International Housing Solutions S.à r.l. (“IHS”) which has a strategy to raise, invest in and asset manage private real estate funds which invest in affordable for-sale and rental housing in South Africa and, to a lesser extent, Sub-Saharan Africa. The Company owns approximately 83%, of IHS. In addition to earning asset management fees, IHS both invests as a limited partner and is entitled to special distributions based on returns generated by the funds it sponsors. IHS currently manages a single fund (South Africa Workforce Housing Fund SA I - “SA Fund”), and expects to raise capital for and manage additional funds in the near future.

Use of Estimates

The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management has made significant estimates in certain areas, including the determination of fair values for bonds, derivative financial instruments, guarantee obligations, and certain assets and liabilities of consolidated funds and ventures (“CFVs”). Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates.

Basis of Presentation and Significant Accounting Policies

The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity are accounted for using the equity method of accounting. See Note 1, “Description of Business and Basis of Presentation” to the consolidated financial statements in our 2012 Form 10-K, which discusses our consolidation presentation and our significant accounting policies.

Changes in Presentation

We have revised the presentation of our consolidated statements of operations so that we now separately present “Net interest income”, which is interest income less interest expense on debt which finances interest-bearing assets. This presentation change had no impact on “Net (loss) income.”

Reclassifications

The Company made reclassifications to discontinued operations on its previously issued consolidated statements of operations for the three months and six months ended June 30, 2012, as a result of certain discontinued operations occurring after the first quarter of 2012.

Interim Period Presentation

The unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations.

The consolidated financial statements are unaudited. These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows. These consolidated financial statements should be read in conjunction with the financial statements included in our 2012 Form 10-K. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.