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                       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):
                          May 3, 1999 (April 23, 1999)





                                 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 Registrants)

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


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Item 5.  Other Events

         Attached  as an exhibit to this  Current  Report of Form 8-K is a press
release  issued by the Company on April 23,  1999.  The press  release is hereby
incorporated by reference herein.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits

         The  following  exhibits are filed as a part of this Current  Report on
Form 8-K:

(c)      Exhibits

         99.1     Press Release issued by CRIIMI MAE Inc. on April 23, 1999.



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                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the Registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.



                                                 CRIIMI MAE Inc.



/s/ May 3, 1999                                  by:   /s/ William B. Dockser
- ----------------                                       ------------------------
                                                 its:  Chairman of the Board





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                                 EXHIBIT INDEX

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

*99.1   Press Release issued by CRIIMI MAE Inc. on April 23, 1999.


*Filed herewith.
- ----------------


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EXHIBIT 99.1

Contact:          Susan B. Railey
                  for shareholders & securities brokers
                  (301) 468-3120
                  Andrew P. Blocher,
                  for institutional investors
                  (301) 231-0371
                  James T. Pastore                   FOR IMMEDIATE RELEASE
                  for news media
                           (202) 546-6451

                        CRIIMI MAE RECEIVES BID PROPOSALS
                              FOR EQUITY INVESTMENT

ROCKVILLE, MD, April 23, 1999 - CRIIMI MAE Inc. (NYSE: CMM) has received several
proposals for private equity investments from major financial institutions. Such
investments  would be part of a plan of  reorganization  under which the company
could  emerge  from  bankruptcy.  An  invitation  will be  extended  to the most
promising  bidders to proceed with further due diligence  activities  leading to
the submission of final proposals.

On October 5, 1998,  CRIIMI MAE and two affiliates  filed for  protection  under
Chapter 11 of the U.S. Bankruptcy Code. Before filing for reorganization, CRIIMI
MAE had been  actively  involved in  acquiring,  originating,  securitizing  and
servicing  multifamily  and  commercial  mortgages and mortgage  related  assets
throughout the United States. Since filing for Chapter 11 protection, CRIIMI MAE
has suspended its loan  origination,  loan  securitization  and CMBS acquisition
businesses.  The company, however,  continues to hold a substantial portfolio of
subordinated CMBS and, through its servicing  affiliate,  acts as a servicer for
its own as well as third party securitizations.

NOTE:  Except  for  the  historical  information,   forward-looking   statements
contained in this release  involve a variety of risks and  uncertainties.  These
risks  and  uncertainties  include  the  continued  instability  in the  capital
markets,  the  trends in the CMBS  market,  the  ability of CRIIMI MAE to obtain
additional capital,  competitive  pressures,  the effect of any future losses on
CRIIMI MAE's need for  liquidity,  the effect of the  bankruptcy  proceeding  on
CRIIMI MAE's ongoing business activities, the actions of CRIIMI MAE's creditors,
the provisions of any plan of  reorganization  approved by the Bankruptcy  Court
and the outcome of  litigation  to which the company is a party,  as well as the
risks and uncertainties that are set forth from time to time in CRIIMI MAE's SEC
reports, including the report on Form 10-K for the year ended December 31, 1998.

More    information    on    CRIIMI    MAE   is    available    on    its    Web
site-www.criimimaeinc.com.