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REIT SHORTENS FORMAL NAME TO CRIIMI MAE WHILE REINCORPORATING IN MARYLAND

 ROCKVILLE, Md., May 11 /PRNewswire/ -- Shareholders at the annual meeting for CRI Insured Mortgage Association, Inc. (NYSE: CMM), today approved a proposal to formally change the company's name to CRIIMI MAE Inc. CRIIMI MAE had been the commonly used name for the real estate investment trust (REIT) since its founding in 1989.
 Shareholders also approved a proposal to reincorporate the company in Maryland.
 Both changes will become effective July 1, 1993.
 The purpose of the reincorporation was to eliminate payment of Delaware's annual franchise tax, which was $150,000 in 1992. Maryland does not impose a franchise or similar tax upon corporations.
 -0- 5/11/93
 /CONTACT: James T. Pastore, 301-231-0323, or Susan B. Railey, 301-468-3120, both for CRIIMI MAE/
 (CMM)


CO: CRI Insured Mortgage Association, Inc. ST: Maryland IN: FIN SU:

TW -- DC017 -- 7116 05/11/93 13:50 EDT
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Publication:PR Newswire
Date:May 11, 1993
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