SEC suspends trading of MuniMae over late, missing filings

The U.S. Securities and Exchange Commission suspended trading of the shares of Municipal Mortgage & Equity LLC, a Baltimore firm known as MuniMae, until Oct. 1 over late or missing filings with the market regulator.

The SEC issued two orders Sept. 18, suspending trading and launching administrative proceedings. The actions regard MuniMae's failure to file quarterly reports with the SEC from the second quarter of 2006 through the third quarter of 2010 and for filing "materially deficient" annual reports for 2006 through 2010, according to the orders.

MuniMae owns and manages tax-exempt bonds for affordable housing developments in the United States and Africa. Its business has contracted since the recession, including a sale of its previous business originating mortgages.

The company told shareholders in an SEC filing it would "work vigorously to permit trading to resume" and would cooperate with regulators' proceedings. MuniMae has been timely on its quarterly and annual reports since 2011, the filing said.

The company's shares trade in the over-the-counter market under the symbol MMAB.

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