Municipal Mortgage & Equity, LLC announced the retirement of its Chairman, Mark Joseph and long time Board members Doug McGregor and Fred Pratt. As part of the transition, the Board elected current director Francis X. Gallagher, Jr. as Chairman effective upon Mr. Joseph's retirement earlier March 17, 2014. Current director J.P. Grant, III will replace Mr. Gallagher as chairman of the Governance Committee.

Steven S. Bloom will continue as chairman of the Audit Committee and Frederick W. Puddester will succeed Mr. McGregor as chairman of the Compensation Committee upon Mr. McGregor's retirement at the end of his current term. Also, effective immediately, all continuing independent members of the Board, consisting of Messrs. Bloom, Gallagher, Grant and Puddester, will be members of each of the three committees.

Both Mr. McGregor and Mr. Pratt were scheduled to conclude their current terms as directors at the 2014 annual meeting and recently informed the Company that they would not stand for reelection. Mr. Pratt retired effective March 14, 2014 and Mr. McGregor will retire upon the conclusion of his term at the upcoming annual meeting. Although his current term was to expire at the 2015 annual meeting, Mr. Joseph decided to retire effective March 17, 2014.