SECURITIES AND EXCHANGE COMMISSION

                         Washington, D.C.  20549




                                 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):  March 6, 2003
                                                        (March 5, 2003)




                                CRIIMI MAE INC.
           (Exact name of registrant as specified in its charter)

         Maryland                 1-10360                  52-1622022
(State or other jurisdiction    (Commission               (I.R.S. Employer
     of incorporation)           File Number)            Identification No.)




                             11200 Rockville Pike
                         Rockville, Maryland  20852
   (Address of principal executive offices, including zip code, of Registrant)

                               (301) 816-2300
              (Registrant's telephone number, including area code)





Item 5.  Other Events

     Attached  as an  exhibit  to this  Current  Report  on Form  8-K is a press
release  issued by CRIIMI MAE Inc. (the  "Company") on March 5, 2003  announcing
(i) the payment of a cash dividend previously deferred for the second quarter of
2003 on each of the Company's Series B Cumulative  Convertible  Preferred Stock,
Series F Redeemable  Cumulative Dividend Preferred Stock and Series G Redeemable
Cumulative  Dividend  Preferred  Stock,  and (ii) an increase  in the  Company's
estimated  losses  over the life of its  commercial  mortgage-backed  securities
portfolio from $448 million to approximately $503 million.  The above-referenced
press release is hereby incorporated by reference herein.










                                      -2-



Item 7.  Financial Statements and Exhibits.

(c) Exhibits. The following exhibits are filed with this report:

Exhibit 99.1  Press Release issued by CRIIMI MAE Inc. on March 5, 2003.









                                      -3-





SIGNATURE

     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.



                                     CRIIMI MAE Inc.




Dated: March 6, 2003                 /s/David B. Iannarone
                                     ----------------------------------
                                     Executive Vice President/Chief
                                       Operating Officer











                                      -4-




                              EXHIBIT INDEX

Exhibit
No. Description
-------------------------------------------------------------------------------

* Exhibit 99.1        Press Release issued by CRIIMI MAE Inc.

*Filed herewith.

















                                      -5-