American Mortgage Acceptance Company Appoints Stuart Rothstein As Chief Financial Officer.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 8, 2002

American Mortgage Acceptance Company ("AMAC") (AMEX:AMC) today announced the appointment of Stuart Rothstein as Chief Financial Officer and Executive Vice President of the Company, effective September 3, 2002.

Mr. Rothstein joins AMAC with almost 11 years of professional experience, including seven years of direct experience with a real estate investment trust ("REIT"). Prior to joining AMAC, Mr. Rothstein was Chief Financial Officer at Spieker Properties, a San Francisco-based office REIT with over $7 billion in real estate assets and $850 million in revenues that was purchased by Equity Office Properties in July 2001. At Spieker Properties, Mr. Rothstein was responsible for developing and implementing all aspects of the company's corporate financial strategy, including executing over $4.0 billion in capital raising transactions, which included public and private debt and equity offerings and structured transactions. Mr. Rothstein's past experience also includes a position as a Manager with Price Waterhouse. Mr. Rothstein graduated from Pennsylvania State University with a Bachelor of Science degree in Accounting and received his Masters in Business Administration from Stanford Graduate School of Business. Mr. Rothstein is a Certified Public Accountant in the State of New York.

"We are thrilled to welcome Mr. Rothstein to AMAC," said Stuart J. Boesky, President and Chief Executive Officer of AMAC. "Mr. Rothstein's financial and capital markets experience will be extremely beneficial to AMAC. We believe he will be an extremely positive addition to AMAC's management team."

On September 3, 2002, Alan Hirmes will step down from his position as interim Chief Financial Officer but will continue in his position of Senior Vice President 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 http://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.