Stewart Zimmerman

STEWART ZIMMERMAN is President and Chief Executive Officer and a
Director of America First Mortgage Investment, Inc. He has been
Executive Vice President of America First since January 1989, during
which time he has served in a number of positions: President and Chief
Operating Officer of America First REIT; President of several America
First Mortgage Funds including America First Participating Preferred
Mortgage Funds 1 & 2, Capital Source I & II and the America First Tax-
Exempt Mortgage Funds 1 & 2. From September 1986 to September 1988, he
served as a Managing Director and Director of Security Pacific Merchant
Bank responsible for Mortgage Trading and Finance. Prior to that time,
he served as First Vice President of E.F. Hutton and Company, Inc. where
he was responsible for mortgage-backed securities trading and sales
distribution, and Vice President of Lehman Brothers, where he was
responsible for the distribution of mortgage products. From 1968 to
1972, Mr. Zimmerman was Vice President of Zenith Mortgage Company and
Zenith East Inc., a national mortgage banking and brokerage company
specializing in the structuring and sales of mortgage assets to the
institutional financial community.