American Mortgage Acceptance Company Appoints John Garth as Chief Operating Officer.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 20, 2004

American Mortgage Acceptance Company ("AMAC" or the "Company") (AMEX:AMC) today announced that John Garth has been appointed as Chief Operating Officer and Senior Vice President of the Company, effective May 24, 2004.

Mr. Garth joins AMAC with over 20 years of professional experience, including approximately 19 years in varied management positions in the real estate industry. Prior to joining AMAC, Mr. Garth was Senior Vice President and Production Manager at GMAC Commercial Mortgage Corporation ("GMAC"), a commercial real estate financial services firm. Mr. Garth joined GMAC in 1997 as Vice President and Senior Underwriter and managed a 20-person team that originated, underwrote, and closed $3 billion in loans in two years. He was promoted to Senior Vice President in 1999 and was responsible for originating or co-originating and closing over $3 billion in 150 transactions. Prior to his tenure with GMAC, Mr. Garth spent nearly 12 years in various positions with The Prudential Insurance Company of America, including Vice President of the company's Assets, Structured Finance, and Realty Groups. Mr. Garth graduated from Tulane University with a Bachelor of Science degree in Civil Engineering and subsequently received a Master of Science degree in Civil Engineering. Mr. Garth also received his Masters in Business Administration from The Wharton School at The University of Pennsylvania.

"We are delighted that our extensive executive search has culminated in the hiring of an exceptional candidate," said Stuart J. Boesky, President and Chief Executive Officer of AMAC. "Mr. Garth's extensive experience with mezzanine lending across real estate product types will allow AMAC to expand its products and should result in more lending opportunities. We believe he will be an extremely positive addition to AMAC's management team."

On May 24, 2004, Alan Hirmes will step down from his position as interim Chief Operating Officer but will continue in his position as Chief Financial Officer of the Company.

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, please visit our website at www.americanmortgageco.com or contact the Shareholder Services Department directly at [phone].

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.