American Mortgage Acceptance Company Announces Fourth Quarter and 2001 Year-End Financial Results.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 1, 2002

American Mortgage Acceptance Company ("AMAC", or the "Company") (AMEX:AMC) announced today financial results for its fourth quarter and year-end 2001.

Financial Highlights

For the three and twelve months ended December 31, 2001, AMAC had net income of approximately $1.5 million and $5.2 million, respectively, versus net income of approximately $1 million and $3.3 million for the three and twelve months ended December 31, 2000. On a common share basis, earnings were $0.40 and $1.35 for the three and twelve months ended December 31, 2001, respectively, compared to $0.25 and $0.86 for the three and twelve months ended December 31, 2000.

AMAC's present quarterly dividend annualized is $1.45 per share, a portion of which may be comprised of return of capital, representing an 11.2% yield on the closing stock price of March 28, 2002, of $12.95 per share.

Significant Events in 2001

2001 was a year of continued growth for American Mortgage Acceptance Company. As of December 31, 2001, AMAC's portfolio consisted of one FHA-insured mortgage loan, six Ginnie Mae certificates, six mezzanine loans, seven bridge loans and an indirect investment in commercial mortgage-backed securities ("CMBS").

"AMAC's total return, including dividends, was 100% for 2001. AMAC once again outperformed the NAREIT Mortgage Index for the third consecutive year," commented Stuart J. Boesky, AMAC's Chairman and CEO. "We are pleased that the expansion and execution of our business plan resulted in increased value to our shareholders."

During 2001, AMAC's assets grew from approximately $70 million to approximately $102 million, an increase of 44.8%. AMAC originated six permanent, bridge and mezzanine loans, representing approximately $13.6 million. The bridge and mezzanine loans total approximately $9 million, and are secured by apartment complexes in California and Texas. The Company also converted three of its Federal Housing Association ("FHA")-insured mortgage loans to Ginnie Mae certificates during 2001, resulting in the reduction of the Company's financing cost. Finally, AMAC funded approximately $21.6 million of Ginnie Mae certificate draws, and approximately $7.3 million of bridge and mezzanine loan proceeds, for loans that were originated in 2000.

Commenting on AMAC's 2001 investment activity, Mr. Boesky said "AMAC has expanded its mortgage product line and has begun to focus more on mezzanine and bridge lending. While we will continue to expand our investments in these higher yielding loans, we will, pursuant to our Trust Agreement, maintain approximately 40% of our portfolio in government insured mortgages."

In addition, the Company announced the appointment of Steven Wendel, formerly Senior Vice President of the Company, to Chief Operating Officer. Mr. Wendel holds an MBA from the Stern School of Business Administration at New York University, and he received a BA in Economics from the University of Pennsylvania.

On February 14, 2002, the Company announced the public offering of 2.5 million common shares at a price of $13.50 per share. Net proceeds from the offering were approximately $30.9 million and will be used to fund new investments. The underwriters were Friedman, Billings, Ramsey & Co., Inc., and RBC Capital Markets.

The proceeds from the public offering were used, in part, to purchase five Ginnie Mae construction lending certificates during the first quarter of 2002, for a face amount of approximately $48.3 million. There is prepayment protection on the certificates for ten years. The average interest rate on these certificates will be approximately 7.2%.

In addition, RBC Capital Markets and FBR initiated research coverage on AMAC.

AMAC is a real estate investment trust that specializes in multifamily housing finance. AMAC originates and acquires mezzanine loans, bridge loans and government insured first mortgages secured by multifamily housing properties throughout the United States. For more information, visit us at http://www.americanmortgageco.com.

                 American Mortgage Acceptance Company
                              (Unaudited)

                       Three Months Ended        Twelve Months Ended
                     12/31/01     12/31/00     12/31/01      12/31/00
                     --------     --------     --------      --------

Total Revenues     $ 2,348,009  $ 1,609,016  $ 8,097,856  $ 8,311,139
Interest Expense       306,647      514,970    1,406,254    3,371,906
General and
 Administrative        382,646      293,688    1,140,780    1,309,398
(Loss) on Sale of
 GNMA Certificates
 and Repayment of
 Mortgage Loans        (39,195)          23     (250,789)      72,014
Amortization            77,741       24,309      112,969       84,537
Net Unrealized Gain
 on Commercial
 Mortgage-Backed
 Security-Related
 Investment and
 Government
 Securities Sold
 Short                       -      164,881            -     (299,555)
                     ---------   ----------   ----------   ----------
Net, Income        $ 1,541,780  $   940,953  $ 5,187,064  $ 3,317,757
                     =========   ==========   ==========   ==========
Net Income per
 Weighted Average
 Diluted Share     $      0.40  $      0.25  $      1.35  $      0.86
                     =========   ==========   ==========   ==========

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.