American Mortgage Acceptance Company Reports Financial Results for the Third Quarter Of 2007.

NEW YORK -- American Mortgage Acceptance Company ("AMAC" or the "Company") (AMEX:AMC) today announced financial results for the third quarter and nine months ended September 30, 2007.

Financial Results

The table below summarizes AMAC's revenues, net (loss) income, FFO and adjusted FFO for the three and nine months ended September 30, 2007 and 2006. FFO for the three and nine months ended September 30, 2007 and 2006 were impacted by the change in the fair value of derivative instruments, net of certain associated costs. Therefore, the Company is reporting FFO both excluding ("Adjusted FFO") and including these changes and costs. For comparative purposes, it is important to note that AMAC recognized a significant gain in the third quarter of 2006 from the sale of our investment in ARCap. Therefore, the one-time gain is one of the reasons for the significant decrease in net income, FFO and adjusted FFO for the three and nine months ended September 30, 2007 as compared to 2006.

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AMAC's net loss, FFO and adjusted FFO for the quarter ended September 30, 2007 reflect a $1.3 million impairment in connection with $182.2 million of first mortgages and fixed rate bridge loans pledged as security on a repurchase facility. AMAC initially planned to hold these investments until maturity and has subsequently determined to sell these assets to a third party. Therefore, the assets are now deemed "held for sale". Accordingly, the investments are carried at the lower of cost or market and the impairment is based on estimated market values as of September 30, 2007.

Management Conference Call

Management will conduct a conference call today at 1:00 p.m. Eastern Time to review the Company's third quarter financial results for the period ended September 30, 2007. Investors, brokers, analysts, and shareholders wishing to participate should call [phone]. A webcast of the presentation will be available live and can be accessed through the Company's website, www.americanmortgageco.com. To listen to the presentation via webcast, please go to the website's "Investor Relations" section at least 15 minutes prior to the start of the presentation. For interested individuals unable to join the conference call, a replay of the call will be available through Sunday, November 11, 2007 at [phone] (Passcode 4285839) or on our website, www.americanmortgageco.com, through Thursday, February 7, 2008.

Supplemental Financial Information

For more detailed financial information, please access the Supplemental Financial Package, which is available in the Investor Relations section of the AMAC website at www.americanmortgageco.com.

About AMAC

AMAC is a real estate investment trust that specializes in originating and acquiring mortgage loans and other debt instruments secured by multifamily and commercial properties throughout the United States. AMAC invests in mezzanine, construction and first mortgage loans, subordinated interests in first mortgage loans, bridge loans, subordinate commercial mortgage backed securities, and other real estate assets. For more information, please visit our website at http://www.americanmortgageco.com or contact the Investor Relations Department directly at [phone].

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Certain statements in this document may constitute forward-looking statements within the meaning of the "safe harbor" provisions 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 factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are detailed in AMAC's most recent Annual Report on Form 10-K and in its other filings with the Securities and Exchange Commission and include, among others, risks of investing in non-investment grade commercial real estate investments; competition in acquiring desirable investments; interest rate fluctuations; risks associated with investments in real estate generally and the properties which secure many of our investments; general economic conditions and economic conditions in the real estate markets specifically, particularly as they affect the value of our assets and the credit status of our borrowers; dependence on our Advisor for all services necessary for our operations; conflicts which may arise among us and other entities affiliated with our Advisor that have similar investment policies to ours; risks associated with the repurchase agreements we utilize to finance our investments and our ability to raise capital; risks associated with failure to qualify as a REIT; and risks associated with our collateralized debt obligation ("CDO") securitization transactions, which include, but are not limited to, the inability to acquire eligible investments for a CDO issuance; interest rate fluctuations on variable-rate swaps entered into to hedge fixed-rate loans; the inability to find suitable replacement investments within reinvestment periods and the negative impact on our cash flow that may result from the use of CDO financings with over-collateralization and interest coverage requirements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.