FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarter ended                                         September 30, 2002
                                                              ------------------


Commission file number                                             1-11060
                                                              ------------------



                       AMERICAN INSURED MORTGAGE INVESTORS
               --------------------------------------------------
               (Exact name of registrant as specified in charter)



          California                                    13-3180848
-------------------------------             ------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)

11200 Rockville Pike, Rockville, Maryland                  20852
-----------------------------------------               ----------
(Address of principal executive offices)                (Zip Code)

                                 (301) 816-2300
              ----------------------------------------------------
              (Registrant's telephone number, including area code)



     Indicate  by check mark  whether the  Registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the  preceding  12 months,  and (2) has been  subject to such filing
requirements for the past 90 days. Yes [X] No [ ]

     As  of  September  30,  2002,   10,000,125   depository  units  of  limited
partnership interest were outstanding.



2


                       AMERICAN INSURED MORTGAGE INVESTORS

                               INDEX TO FORM 10-Q

                    FOR THE QUARTER ENDED SEPTEMBER 30, 2002




                                                                                                PAGE
                                                                                                ----
                                                                                           
PART I.       Financial Information (Unaudited)

Item 1.       Financial Statements

                  Balance Sheets - September 30, 2002 (unaudited) and December 31, 2001           3

                  Statements of Income and Comprehensive Income - for the three
                    and nine months ended September 30, 2002 and 2001 (unaudited)                 4

                  Statement of Changes in Partners' Equity - for the nine months ended
                    September 30, 2002 (unaudited)                                                5

                  Statements of Cash Flows - for the nine months ended September 30, 2002
                    and 2001 (unaudited)                                                          6

                  Notes to Financial Statements (unaudited)                                       7

Item 2.       Management's Discussion and Analysis of Financial Condition and Results
                  of Operations                                                                  12

Item 3.       Qualitative and Quantitative Disclosures About Market Risk                         16

Item 4.       Controls and Procedures                                                            16

PART II.      Other Information

Item 5.       Other Information                                                                  17

Item 6.       Exhibits and Reports on Form 8-K                                                   17

Signature                                                                                        18

Certifications                                                                                   19


3

PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS


                       AMERICAN INSURED MORTGAGE INVESTORS

                                 BALANCE SHEETS


                                                           September 30,    December 31,
                                                               2002             2001
                                                           ------------     ------------
                                                           (Unaudited)
                        ASSETS
                                                                      
Investment in FHA-Insured Loans, at amortized cost,
  net of unamortized discount:
    Originated insured mortgage                            $          -     $  4,806,675
    Acquired insured mortgages                                7,537,186        7,621,126
                                                           ------------     ------------
                                                              7,537,186       12,427,801

Investment in FHA-Insured Certificates,
  at fair value                                               9,893,892        9,727,346

Cash and cash equivalents                                     5,082,424          534,890

Receivables and other assets                                    410,795          212,451

Due from affiliate                                                    -        1,235,104
                                                           ------------     ------------
      Total assets                                         $ 22,924,297     $ 24,137,592
                                                           ============     ============

           LIABILITIES AND PARTNERS' EQUITY

Distributions payable                                      $  4,840,431     $    514,940

Accounts payable and accrued expenses                            62,393           92,319
                                                           ------------     ------------
      Total liabilities                                       4,902,824          607,259
                                                           ------------     ------------
Partners' equity:
  Limited partners' equity, 10,000,125 Units authorized,
    issued and outstanding                                   21,912,493       27,515,891
  General partner's deficit                                  (5,464,390)      (5,297,038)
  Accumulated other comprehensive income                      1,573,370        1,311,480
                                                           ------------     ------------
      Total partners' equity                                 18,021,473       23,530,333
                                                           ------------     ------------
      Total liabilities and partners' equity               $ 22,924,297     $ 24,137,592
                                                           ============     ============


                   The accompanying notes are an integral part
                         of these financial statements.

4

PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS


                       AMERICAN INSURED MORTGAGE INVESTORS

                  STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

                                   (Unaudited)


                                                                 For the three months ended        For the nine months ended
                                                                       September 30,                     September 30,
                                                                   2002             2001             2002             2001
                                                               ------------     ------------     ------------     ------------
                                                                                                      
Income:
  Mortgage investment income                                   $    410,377     $    527,386     $  1,421,441     $  1,602,435
  Interest and other income                                          22,702           26,805           29,285           78,913
                                                               ------------     ------------     ------------     ------------
                                                                    433,079          554,191        1,450,726        1,681,348
                                                               ------------     ------------     ------------     ------------

Expenses:
  Asset management fee to related parties                            45,736           56,706          153,904          170,118
  General and administrative                                         54,277           50,516          159,935          169,008
                                                               ------------     ------------     ------------     ------------
                                                                    100,013          107,222          313,839          339,126
                                                               ------------     ------------     ------------     ------------

Net earnings before gain on mortgage disposition                    333,066          446,969        1,136,887        1,342,222

Gain on mortgage disposition                                         95,540          190,207           95,540          190,207
                                                               ------------     ------------     ------------     ------------

Net earnings                                                   $    428,606     $    637,176     $  1,232,427     $  1,532,429
                                                               ============     ============     ============     ============

Other comprehensive (loss) income - adjustment to unrealized
  gains on investments in insured mortgages                         (51,512)         118,685          261,890           (9,939)
                                                               ------------     ------------     ------------     ------------
Comprehensive income                                           $    377,094     $    755,861     $  1,494,317     $  1,522,490
                                                               ============     ============     ============     ============

Net earnings allocated to:
  Limited partners - 97.1%                                     $    416,176     $    618,698     $  1,196,687     $  1,487,989
  General Partner -   2.9%                                           12,430           18,478           35,740           44,440
                                                               ------------     ------------     ------------     ------------
                                                               $    428,606     $    637,176     $  1,232,427     $  1,532,429
                                                               ============     ============     ============     ============

Net earnings per Unit of limited
  partnership interest - basic                                 $       0.04     $       0.06     $       0.12     $       0.15
                                                               ============     ============     ============     ============


                   The accompanying notes are an integral part
                         of these financial statements.
5

PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS

                       AMERICAN INSURED MORTGAGE INVESTORS

                    STATEMENT OF CHANGES IN PARTNERS' EQUITY

                  For the nine months ended September 30, 2002

                                   (Unaudited)


                                                                                          Accumulated
                                                                                             Other
                                                      General            Limited         Comprehensive
                                                      Partner            Partners            Income            Total
                                                   --------------     --------------     -------------     --------------
                                                                                                
Balance, December 31, 2001                          $ (5,297,038)      $ 27,515,891       $ 1,311,480       $ 23,530,333

  Net earnings                                            35,740          1,196,687                 -          1,232,427

  Adjustment to unrealized gains on
     investments in insured mortgages                          -                  -           261,890            261,890

  Distributions paid or accrued of $0.68 per Unit,
     including return of capital of $0.56 per Unit      (203,092)        (6,800,085)                -         (7,003,177)
                                                    ------------       ------------       -----------       ------------

Balance, September 30, 2002                         $ (5,464,390)      $ 21,912,493       $ 1,573,370       $ 18,021,473
                                                    ============       ============       ===========       ============

Limited Partnership Units outstanding - basic, as
  of September 30, 2002                                                  10,000,125
                                                                         ==========


                   The accompanying notes are an integral part
                         of these financial statements.

6

PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS



                       AMERICAN INSURED MORTGAGE INVESTORS

                             STATEMENTS OF CASH FLOWS

                                   (Unaudited)


                                                                                           For the nine months ended
                                                                                                 September 30,
                                                                                             2002             2001
                                                                                         ------------     ------------
                                                                                                    
Cash flows from operating activities:
   Net earnings                                                                          $  1,232,427     $  1,532,429
   Adjustments to reconcile net earnings to net cash provided by operating activities:
   Net gain on mortgage disposition                                                           (95,540)        (190,207)
      Changes in assets and liabilities:
         (Increase ) decrease in due from affiliate, receivables and other assets            (155,857)          33,176
         (Decrease) increase in accounts payable and accrued expenses                         (29,926)           9,900
                                                                                         ------------     ------------

            Net cash provided by operating activities                                         951,104        1,385,298
                                                                                         ------------     ------------

Cash flows provided by investing activities:
   Proceeds from disposition of mortgage                                                    4,872,570        1,184,199
   Debenture proceeds received from affiliate                                               1,192,617                -
   Receipt of mortgage principal from scheduled payments                                      208,929          221,354
                                                                                         ------------     ------------

            Net cash provided by investing activities                                       6,274,116        1,405,553
                                                                                         ------------     ------------

Cash flows used in financing activities:
   Distributions paid to partners                                                          (2,677,686)      (1,544,820)
                                                                                         ------------     ------------


Net increase in cash and cash equivalents                                                   4,547,534        1,246,031

Cash and cash equivalents, beginning of period                                                534,890          567,491
                                                                                         ------------     ------------

Cash and cash equivalents, end of period                                                 $  5,082,424     $  1,813,522
                                                                                         ============     ============


                   The accompanying notes are an integral part
                         of these financial statements.



7
                       AMERICAN INSURED MORTGAGE INVESTORS

                          NOTES TO FINANCIAL STATEMENTS

                                   (Unaudited)

1.   ORGANIZATION

     American Insured Mortgage  Investors (the  "Partnership")  was formed under
the Uniform Limited Partnership Act of the state of California on July 12, 1983.
The  Partnership   Agreement   ("Partnership   Agreement")   provides  that  the
Partnership will terminate on December 31, 2008,  unless  terminated  earlier as
discussed below.

     CRIIMI, Inc. (the "General  Partner"),  a wholly owned subsidiary of CRIIMI
MAE Inc. ("CRIIMI MAE"),  holds a partnership  interest of 2.9%. AIM Acquisition
Partners L.P. (the "Advisor") serves as the advisor to the Partnership  pursuant
to certain advisory agreements (collectively, the "Advisory Agreements") between
the  Advisor  and the  Partnership.  The  general  partner of the Advisor is AIM
Acquisition  Corporation and the limited partners  include,  but are not limited
to, The Goldman Sachs Group, L.P., Sun America  Investments,  Inc. (successor to
Broad,  Inc.) and CRI/AIM  Investment,  L.P.,  an  affiliate  of CRIIMI MAE. AIM
Acquisition  is a Delaware  corporation  that is primarily  owned by Sun America
Investments, Inc. and The Goldman Sachs Group, L.P.

     Under  the  Advisory  Agreements,  the  Advisor  renders  services  to  the
Partnership, including but not limited to, the management and disposition of the
Partnership's  portfolio of  mortgages.  Such services are subject to the review
and ultimate authority of the General Partner.  However,  the General Partner is
required  to  receive  the  consent  of the  Advisor  prior  to  taking  certain
significant actions,  including but not limited to the disposition of mortgages,
any transaction or agreement with the General Partner or its affiliates,  or any
material  change as to  policies  regarding  distributions  or  reserves  of the
Partnership.  The Advisor is permitted to delegate the  performance  of services
pursuant  to a  submanagement  agreement  (the  "Sub-Advisory  Agreement").  The
delegation of such  services  does not relieve the Advisor of its  obligation to
perform such services.  CRIIMI MAE Services Limited  Partnership  ("CMSLP"),  an
affiliate of CRIIMI MAE, manages the  Partnership's  portfolio,  pursuant to the
Sub-Advisory  Agreement.  The  general  partner  of CMSLP  is  CMSLP  Management
Company, Inc., a wholly owned subsidiary of CRIIMI MAE.

     The  Partnership's   investment  in  mortgages  consists  of  participation
certificates  evidencing  a 100%  undivided  beneficial  interest in  government
insured  multifamily  mortgages  issued  or sold  pursuant  to  Federal  Housing
Administration  ("FHA") programs  ("FHA-Insured  Certificates")  and FHA-insured
mortgage loans ("FHA-Insured Loans", and together with FHA-Insured  Certificates
referred  to  herein as  "Insured  Mortgages").  The  mortgages  underlying  the
FHA-Insured  Certificates and FHA-Insured Loans are non-recourse  first liens on
multifamily residential developments.

     As of  November  1,  2002,  all  of  the  Insured  Mortgages  held  by  the
Partnership  were  issued  under the  Section  221(d)4  program of the  National
Housing Act of 1937, as amended (the "Section 221  Program").  Under the Section
221  Program,  a  mortgagee  has the right to assign a  mortgage  ("put") to the
United  States  Department  of  Housing  and Urban  Development  ("HUD")  at the
expiration of 20 years from the date of final endorsement  ("Anniversary  Date")
if the mortgage is not in default at such time.  The  mortgagee may exercise its
option to put the mortgage to HUD during the one year period  subsequent  to the
Anniversary  Date.  This  assignment  procedure  is  applicable  to  an  Insured
Mortgage,  which had a firm or conditional commitment for HUD insurance benefits
on or before  November 30,  1983.  Any  mortgagee  electing to assign an Insured
Mortgage to HUD receives,  in exchange  therefor,  HUD debentures having a total
face value equal to (i) the then  outstanding  principal  balance of the Insured
Mortgage  (ii) plus accrued  interest on the mortgage to the date of  assignment
("Debenture Issuance Date"). These HUD debentures generally mature 10 years from
the date of assignment  and bear interest at a rate announced  semi-annually  by
HUD in the Federal Register ("going Federal rate") at such date. Generally,  the
Partnership is not the named mortgagee for the FHA-Insured Certificates. In this
case, the HUD debentures are generally issued to a third party that is the named
mortgagee. An affiliate of the Partnership,  American Insured Mortgage Investors
- Series  85,  L.P.  ("AIM  85") is the named  mortgagee  for the  Partnership's
FHA-Insured  Certificates.  AIM  85  is  responsible  for  transferring  to  the

8

Partnership the related HUD insurance claim proceeds.  The debenture interest is
expected be paid to the  Partnership  in the month it is received by AIM 85. The
debenture  proceeds are expected to be paid to the  Partnership in the month the
debenture is redeemed by HUD or sold by AIM 85.

     Once the  servicer of a mortgage  has filed an  application  for  insurance
benefits ("HUD put date") under the Section 221 program, the Partnership will no
longer receive the monthly  principal and interest on the  applicable  mortgage,
instead, HUD will begin receiving the monthly principal and interest. HUD issues
debentures  at the time the mortgage is assigned to HUD  (approximately  30 days
after the HUD put date);  however,  the  debentures  are not  transferred to the
mortgagee  until HUD completes its assignment  process of the Insured  Mortgage.
Based on the General Partner's experience, HUD's assignment process is generally
six to eighteen  months.  After HUD  completes  its  assignment  process for the
Insured  Mortgage,  HUD  transfers  to the  mortgagee  (i)  HUD  debentures,  as
discussed  above,  (ii) plus cash for accrued  interest on the debentures at the
going  Federal  rate,  from the  Debenture  Issuance  Date to the  most  current
interest  payment  date.  Thereafter,  the  mortgagee  receives  interest on the
debentures on the  semi-annual  payment dates of January 1 and July 1. The going
Federal  rate for HUD  debentures  issued  under the Section 221 Program for the
period  July 1  through  December  31,  2002 is  6.625%.  The  Partnership  will
recognize a gain on a mortgage  assignment at the time it receives  notification
that the assignment has been approved.  HUD assignment approval generally occurs
when HUD transfers the debentures to the mortgagee  and/or when the  Partnership
receives  cash for the  accrued  interest  on the  debentures.  The  Partnership
recognizes a loss on a mortgage  assignment when it becomes probable that a loss
will be incurred.  The gain or loss  recognized  is generally  equal to proceeds
received from HUD, as discussed  above,  less the amortized  cost of the Insured
Mortgage.

     Pursuant to the terms of the Partnership  Agreement,  the Partnership  must
terminate  and  dissolve  after  disposition  of all Insured  Mortgages  and HUD
debentures  held in its portfolio,  but no later than December 31, 2008. In June
2002, three of the Insured  Mortgages held by the Partnership were put to HUD by
the respective servicers, as discussed below. The Partnership expects to dispose
of any  remaining  mortgages and HUD  debentures  prior to the December 31, 2008
partnership termination date. Early prepayment by HUD of all HUD debentures held
by the  Partnership  may  effect an early  termination  and  dissolution  of the
Partnership  before the stated  termination  date of  December  31,  2008.  As a
result,  Unitholders'  yield to maturity on their respective  investments in the
Partnership  may  be  adversely  affected  by  such  early  termination  of  the
Partnership.


2.   BASIS OF PRESENTATION

     In the opinion of the General Partner, the accompanying unaudited financial
statements  contain all adjustments of a normal  recurring  nature  necessary to
present  fairly the financial  position of the  Partnership  as of September 30,
2002 and December 31, 2001, the results of its operations for the three and nine
months ended  September 30, 2002 and 2001 and its cash flows for the nine months
ended September 30, 2002 and 2001.

     These unaudited  financial  statements  have been prepared  pursuant to the
rules  and  regulations  of the  Securities  and  Exchange  Commission.  Certain
information  and  note  disclosures   normally   included  in  annual  financial
statements prepared in accordance with generally accepted accounting  principles
("GAAP") have been condensed or omitted. While the General Partner believes that
the  disclosures  presented are adequate to make the information not misleading,
these  financial  statements  should be read in  conjunction  with the financial
statements  and  the  notes  to  the  financial   statements   included  in  the
Partnership's Annual Report on Form 10-K for the year ended December 31, 2001.


9

3.   INVESTMENT IN FHA-INSURED LOANS

     Listed below is the Partnership's aggregate investment in FHA-Insured Loans
as of September 30, 2002 and December 31, 2001:



                                                                     September 30,        December 31,
                                                                         2002                2001
                                                                     -------------       -------------
                                                                                   
Number of
  Acquired Insured Mortgages                                                     3                   3
  Originated Insured Mortgages (1)                                               -                   1
Amortized Cost                                                       $   7,537,186       $  12,427,801
Face Value                                                               9,462,197          14,428,107
Fair Value                                                               9,391,777          13,846,281


(1)  In  July  2002,  the  mortgage  on  Creekside  Village  was  prepaid.   The
     Partnership  received  net  proceeds  of  approximately  $4.9  million  and
     recognized  a gain of  approximately  $96,000  for the  nine  months  ended
     September 30, 2002. A distribution of approximately  $0.47 per Unit related
     to the  prepayment  of this  mortgage was declared in September and paid to
     Unitholders in November 2002.

     As of  November 1, 2002,  all of the  FHA-Insured  Loans are  current  with
respect to  payment  of  principal  and  interest.  The  mortgages  on  Eastdale
Apartments  and North  River Place were put to HUD under the Section 221 Program
by the  respective  servicers in June 2002.  The  aggregate  face value of these
mortgages was approximately $8.9 million as of the HUD put date. The Partnership
no longer receives monthly principal and interest from mortgages that are put to
HUD under the Section 221  Program.  HUD  receives  the  monthly  principal  and
interest and the Partnership will earn semi-annual interest on debentures issued
by HUD, as discussed above. The Partnership has not received  approval for these
assignments as of November 1, 2002, and will continue to accrue  interest on the
mortgages  until the HUD  debentures  are  transferred  to the mortgagee and the
Partnership begins receiving the HUD debenture interest.


4.   INVESTMENT IN FHA-INSURED CERTIFICATES

     Listed  below is the  Partnership's  aggregate  investment  in  FHA-Insured
Certificates as of September 30, 2002 and December 31, 2001:


                                                                     September 30,        December 31,
                                                                         2002                2001
                                                                     -------------       -------------
                                                                                   
Number of mortgages                                                              6                   6
Amortized Cost                                                       $   8,320,522       $   8,415,866
Face Value                                                               9,879,206          10,037,064
Fair Value                                                               9,893,892           9,727,346


     All of the FHA-Insured Certificates are current with respect to the payment
of  principal  and  interest as of November 1, 2002,  except for the mortgage on
Westbrook  Apartments,  which is  delinquent  with respect to the  September and
October  2002  payments of  principal  and  interest.  The  General  Partner has
instructed  the  servicer  of this  mortgage  to file an  Election to Assign the
mortgage with HUD if the mortgage is not brought  current by mid November  2002.
The face value of this  mortgage was  approximately  $1.7 million as of the last
payment date in August 2002. If assigned, the Partnership expects to receive 99%
of this amount plus accrued interest at the debenture interest rate in effect at
the time the mortgage was originally  insured and/or endorsed by HUD,  whichever
is higher.
10

     The  mortgage on  Baypoint  Shoreline  Apartments  was put to HUD under the
Section  221  Program  by the  servicer  in June  2002.  The face  value of this
mortgage was  approximately  $902,000 as of the HUD put date. The Partnership no
longer  receives  monthly  principal and interest from mortgages that are put to
HUD under the Section 221  Program.  HUD  receives  the  monthly  principal  and
interest and the Partnership will earn semi-annual interest on debentures issued
by HUD, as discussed above.  The Partnership has not received  approval for this
assignment as of November 1, 2002,  and will continue to accrue  interest on the
mortgage  until  the HUD  debenture  is  transferred  to the  mortgagee  and the
Partnership begins receiving the HUD debenture interest.


5.   DUE FROM AFFILIATE

     The  mortgage  on Fox Run  Apartments  was  beneficially  owned  50% by the
Partnership  and  50%  by  AIM  85.  A HUD  debenture,  with  a  face  value  of
approximately  $2.4  million,  was issued by HUD to AIM 85 in December 2000 with
interest payable semi-annually on January 1 and July 1. In January 2002, the HUD
debenture was liquidated at par value.  The Partnership  received  approximately
$1.2  million for its share of the  debenture  proceeds,  including  interest of
approximately $42,000. A distribution of approximately $0.11 per Unit related to
the receipt of these proceeds was declared in March 2002 and paid to Unitholders
in May 2002.


6.   DISTRIBUTIONS TO UNITHOLDERS

     The  distributions  paid or accrued to  Unitholders on a per Unit basis for
the nine months ended September 30, 2002 and 2001 are as follows:

         Quarter Ended                        2002              2001
         -------------                       ------            ------

         March 31                            $ 0.16 (1)        $ 0.05
         June 30                               0.05              0.05
         September 30                          0.47 (2)          0.17(3)
                                             ------            ------
                                             $ 0.68            $ 0.27
                                             ======            ======

(1)  This amount includes  approximately $0.11 per Unit due to the redemption of
     the  HUD  debenture  received  from  the  assignment  to HUD of the Fox Run
     Apartments  mortgage.  This amount was received  from AIM 85. The debenture
     was  issued  to AIM 85 as the  record  owner  of  the  Fox  Run  Apartments
     mortgage.  The  Partnership  was a 50%  beneficial  owner  of the  Fox  Run
     Apartments mortgage.
(2)  This amount includes approximately $0.47 per unit representing net proceeds
     from the prepayment of the mortgage on Creekside Village Apartments.
(3)  This amount includes approximately $0.12 per unit representing net proceeds
     from the prepayment of the mortgage on Berryhill Apartments.


     The Partnership's  remaining Insured Mortgages may be put to HUD by October
2003, if not otherwise disposed, as previously discussed. As these mortgages are
put to HUD, the Partnership's net cash flows could be significantly  reduced for
several months.  As a result,  net cash flow  distributions for the remainder of
2002 are being temporarily retained to fund the Partnership's operating expenses
during the period of reduced cash flows.  Quarterly net cash flow  distributions
are expected to resume no earlier  than the first  quarter of 2003 and may occur
later.  Proceeds from mortgage dispositions and debenture  redemptions,  if any,
are  expected to be  distributed  to  investors as usual in the quarter in which
such proceeds are received.

     In addition to the impact on cash flow distributions as a result of certain
mortgages being put to HUD, as discussed above, the cash  distributions  paid to
the Unitholders  will vary during each period due to (1) the fluctuating  yields
in the short-term  money market in which the monthly  mortgage  payment receipts

11

are temporarily  invested prior to the payment of quarterly  distributions,  (2)
the  reduction  in the asset  base  resulting  from  monthly  mortgage  payments
received or mortgage dispositions,  (3) variations in the cash flow attributable
to the delinquency or default of Insured Mortgages, the timing of receipt of HUD
debentures,  the interest rate on HUD debentures and debenture redemptions,  and
(4)  changes  in  the  Partnership's  operating  expenses.  As  the  Partnership
continues  to  liquidate  its  mortgage   investments  and  Unitholders  receive
distributions of return of capital and taxable gains,  Unitholders should expect
a reduction in earnings and distributions due to the decreasing mortgage base.


7.   TRANSACTIONS WITH RELATED PARTIES

     The General Partner and certain affiliated entities have earned or received
compensation for services or received distributions from the Partnership during
the three and nine months ended September 30, 2002 and 2001 as follows:


                                                                     For the three months       For the nine months
                              Capacity in Which                       ended September 30,        ended September 30,
Name of Recipient                Served/Item                           2002         2001          2002         2001
-----------------    -------------------------------------          ----------   ----------    ----------   ----------
                                                                                             
CRIIMI, Inc. (1)           General Partner/Distribution             $  140,372   $   50,773    $  203,092   $   80,641

AIM Acquisition
  Partners, L.P. (2)       Advisor/Asset Management Fee                 45,736       56,706       153,904      170,118

CRIIMI MAE Management,     Affiliate of General Partner/                12,620        7,017        35,886       29,682
  Inc.                       Expense Reimbursement


(1)  The General Partner,  pursuant to the Partnership Agreement, is entitled to
     receive 2.9% of the Partnership's  income, loss, capital and distributions,
     including,   without  limitation,  the  Partnership's  adjusted  cash  from
     operations  and proceeds of mortgage  prepayments,  sales or insurance  (as
     defined in the Partnership Agreement).

(2)  The Advisor, pursuant to the Partnership Agreement, is entitled to an Asset
     Management Fee equal to 0.95% of Total  Invested  Assets (as defined in the
     Partnership Agreement).  CMSLP is entitled to a fee equal to 0.28% of Total
     Invested  Assets from the Advisor's  Asset  Management  Fee. Of the amounts
     paid to the  Advisor,  CMSLP  earned a fee equal to $13,479 and $45,357 for
     the three and nine months  ended  September  30,  2002,  respectively,  and
     $16,713 and  $50,139,  for the three and nine months  ended  September  30,
     2001,  respectively.  The general  partner and limited partner of CMSLP are
     wholly owned subsidiaries of CRIIMI MAE.

12

PART I.   FINANCIAL INFORMATION
ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                  AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS. When used in this Quarterly Report on Form 10-Q, the
words  "believes,"   "anticipates,"   "expects,"   "contemplates,"  and  similar
expressions  are  intended to identify  forward-looking  statements.  Statements
looking  forward  in time are  included  in this  Quarterly  Report on Form 10-Q
pursuant to the "safe  harbor"  provision of the Private  Securities  Litigation
Reform  Act  of  1995.   Such  statements  are  subject  to  certain  risks  and
uncertainties,   which  could  cause  actual   results  to  differ   materially.
Accordingly,  the following information contains or may contain  forward-looking
statements:  (1)  information  included or  incorporated  by  reference  in this
Quarterly Report on Form 10-Q,  including,  without limitation,  statements made
under Item 2,  Management's  Discussion and Analysis of Financial  Condition and
Results of Operations,  (2) information included or incorporated by reference in
prior and future  filings by the  Partnership  with the  Securities and Exchange
Commission  including,  without  limitation,  statements with respect to growth,
projected  revenues,  earnings,  returns and yields on its portfolio of mortgage
assets,  the impact of interest rates,  costs and business  strategies and plans
and (3) information contained in written material,  releases and oral statements
issued by or on behalf  of,  the  Partnership,  including,  without  limitation,
statements with respect to growth,  projected  revenues,  earnings,  returns and
yields on its portfolio of mortgage assets,  the impact of interest rates, costs
and business  strategies  and plans.  Factors which may cause actual  results to
differ  materially  from  those  contained  in  the  forward-looking  statements
identified  above include,  but are not limited to (i) the timing of the receipt
of debentures from the United States Department of Housing and Urban Development
("HUD")  issued in exchange for  mortgages put to HUD, (ii) the interest rate on
HUD  debentures,  (iii) the timing of  redemption  of HUD  debentures,  (iv) the
timing of mortgage  prepayments,  if any,  (v) the  reinvestment  rate earned on
mortgage  disposition  proceeds  and  regular  cash  flow  distributions,   (vi)
regulatory  and  litigation  matters,  (vii) trends in the  economy,  and (viii)
defaulted mortgages.  Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only of the date hereof. The Partnership
undertakes no obligation to publicly revise these forward-looking  statements to
reflect events or  circumstances  occurring  after the date hereof or to reflect
the occurrence of unanticipated events.

General
-------

     As of  September  30,  2002,  the  Partnership  had  invested  in 9 Insured
Mortgages, with an aggregate amortized cost of approximately $15.9 million, face
value of  approximately  $19.3  million  and fair value of  approximately  $19.3
million.

     As of  November  1,  2002,  all of the  FHA-Insured  Loans and  FHA-Insured
Certificates  are current  with respect to payment of  principal  and  interest,
except for the  mortgage  on  Westbrook  Apartments,  which is  delinquent  with
respect to the  September  and October 2002  payments of principal and interest.
The General  Partner has  instructed  the  servicer of this  mortgage to file an
Election to Assign the mortgage with HUD if the mortgage is not brought  current
by mid November  2002.  The face value of this mortgage was  approximately  $1.7
million as of the last payment date in August 2002. If assigned, the Partnership
expects to receive  99% of this amount plus  accrued  interest at the  debenture
interest rate in effect at the time the mortgage was  originally  insured and/or
endorsed by HUD, whichever is higher.

     The  mortgages  on Eastdale  Apartments,  North  River  Place and  Baypoint
Shoreline Apartments were put to HUD under the Section 221 Program, as discussed
below,  by the  respective  servicers in June 2002.  The aggregate face value of
these  mortgages  was  approximately  $9.8  million as of the HUD put date.  The
Partnership  no longer  receives  monthly  principal and interest from mortgages
that are put to HUD under the  Section 221  Program.  HUD  receives  the monthly
principal and interest and the  Partnership  will earn  semi-annual  interest on
debentures  issued by HUD, as discussed  below. The Partnership has not received
approval  for these  assignments  as of November 1, 2002,  and will  continue to
accrue interest on the mortgages until the HUD debentures are transferred to the
mortgagee and the Partnership begins receiving the HUD debenture interest.

13

     As of  November  1,  2002,  all  of  the  Insured  Mortgages  held  by  the
Partnership  were  issued  under the  Section  221(d)4  program of the  National
Housing Act of 1937, as amended (the "Section 221  Program").  Under the Section
221 Program,  a mortgagee  has the right to assign a mortgage  ("put") to HUD at
the  expiration  of 20 years  from the date of final  endorsement  ("Anniversary
Date") if the  mortgage  is not in  default  at such  time.  The  mortgagee  may
exercise  its  option to put the  mortgage  to HUD  during  the one year  period
subsequent to the Anniversary  Date. This assignment  procedure is applicable to
an  Insured  Mortgage,  which  had a firm  or  conditional  commitment  for  HUD
insurance  benefits on or before  November 30, 1983.  Any mortgagee  electing to
assign an Insured Mortgage to HUD receives, in exchange therefor, HUD debentures
having a total face value equal to (i) the then outstanding principal balance of
the Insured  Mortgage (ii) plus accrued  interest on the mortgage to the date of
assignment ("Debenture Issuance Date"). These HUD debentures generally mature 10
years  from  the  date of  assignment  and  bear  interest  at a rate  announced
semi-annually  by HUD in the Federal  Register  ("going  Federal  rate") at such
date. Generally,  the Partnership is not the named mortgagee for the FHA-Insured
Certificates.  In this case, the HUD debentures are generally  issued to a third
party that is the named  mortgagee.  An affiliate of the  Partnership,  American
Insured  Mortgage  Investors - Series 85, L.P. ("AIM 85") is the named mortgagee
for  the  Partnership's  FHA-Insured  Certificates.  AIM 85 is  responsible  for
transferring to the  Partnership  the related HUD insurance claim proceeds.  The
debenture  interest is expected  be paid to the  Partnership  in the month it is
received  by AIM 85.  The  debenture  proceeds  are  expected  to be paid to the
Partnership in the month the debenture is redeemed by HUD or sold by AIM 85.

     Once the  servicer of a mortgage  has filed an  application  for  insurance
benefits ("HUD put date") under the Section 221 program, the Partnership will no
longer receive the monthly  principal and interest on the  applicable  mortgage,
instead, HUD will begin receiving the monthly principal and interest. HUD issues
debentures  at the time the mortgage is assigned to HUD  (approximately  30 days
after the HUD put date);  however,  the  debentures  are not  transferred to the
mortgagee  until HUD completes its assignment  process of the Insured  Mortgage.
Based on the General Partner's experience, HUD's assignment process is generally
six to eighteen  months.  After HUD  completes  its  assignment  process for the
Insured  Mortgage,  HUD  transfers  to the  mortgagee  (i)  HUD  debentures,  as
discussed  above,  (ii) plus cash for accrued  interest on the debentures at the
going  Federal  rate,  from the  Debenture  Issuance  Date to the  most  current
interest  payment  date.  Thereafter,  the  mortgagee  receives  interest on the
debentures on the  semi-annual  payment dates of January 1 and July 1. The going
Federal  rate for HUD  debentures  issued  under the Section 221 Program for the
period  July 1  through  December  31,  2002 is  6.625%.  The  Partnership  will
recognize a gain on a mortgage  assignment at the time it receives  notification
that the assignment has been approved.  HUD assignment approval generally occurs
when HUD transfers the debentures to the mortgagee  and/or when the  Partnership
receives  cash for the  accrued  interest  on the  debentures.  The  Partnership
recognizes a loss on a mortgage  assignment when it becomes probable that a loss
will be incurred.  The gain or loss  recognized  is generally  equal to proceeds
received from HUD, as discussed  above,  less the amortized  cost of the Insured
Mortgage.

     Pursuant to the terms of the Partnership  Agreement,  the Partnership  must
terminate  and  dissolve  after  disposition  of all Insured  Mortgages  and HUD
debentures  held in its portfolio,  but no later than December 31, 2008. In June
2002, three of the Insured  Mortgages held by the Partnership were put to HUD by
the respective servicers, as discussed above. The Partnership expects to dispose
of any  remaining  mortgages and HUD  debentures  prior to the December 31, 2008
partnership termination date. Early prepayment by HUD of all HUD debentures held
by the  Partnership  may  effect an early  termination  and  dissolution  of the
Partnership  before the stated  termination  date of  December  31,  2008.  As a
result,  Unitholders'  yield to maturity on their respective  investments in the
Partnership  may  be  adversely  affected  by  such  early  termination  of  the
Partnership.

14

Results of Operations
---------------------

     Net earnings decreased by approximately $209,000 and $300,000 for the three
and nine months  ended  September  30,  2002,  respectively,  as compared to the
corresponding   periods  in  2001,  primarily  due  to  reductions  in  mortgage
investment income,  interest and other income and gain on mortgage  disposition,
as discussed below. This decrease in income is partially offset by a decrease in
the asset management fee to related parties.

     Mortgage investment income decreased by approximately $117,000 and $181,000
for the three  and nine  months  ended  September  30,  2002,  respectively,  as
compared to the corresponding  periods in 2001, primarily due a reduction in the
Partnership's  mortgage base. The  Partnership's  mortgage base decreased due to
two  mortgage  dispositions  with a  principal  balance  of  approximately  $6.0
million,  representing  an approximate  23% decrease in the aggregate  principal
balance of the total mortgage  portfolio  since  September 2001. The mortgage on
Creekside  Village  prepaid in July  2002,  reflecting  six  months of  mortgage
investment income for the nine months ended September 30, 2002.

     Interest and other income decreased by approximately $4,000 and $50,000 for
the three and nine months ended September 30, 2002, respectively, as compared to
the corresponding  periods in 2001. This decrease is primarily due to a decrease
in interest  earned on the HUD  debenture  due from an  affiliate,  as discussed
below.  This  decrease in interest and other  income is  partially  offset by an
increase in interest earned on the temporary  investment of mortgage disposition
proceeds prior to distribution.

     The asset  management  fee to related  parties  decreased by  approximately
$11,000  and $16,000 for the three and nine months  ended  September  30,  2002,
respectively, as compared to the corresponding periods in 2001, primarily due to
the 23% reduction in the Partnership's mortgage base, as previously discussed.

     General and administrative  expenses increased by approximately  $4,000 for
the three months ended September 30, 2002 and decreased by approximately  $9,000
for the nine months ended  September 30, 2002, as compared to the  corresponding
periods in 2001.  The increase for the three month period is primarily due to an
increase in expenses  related to the  termination  of the Dividend  Reinvestment
Plan (DRP),  mortgage  assignments  and the decision to defer  regular cash flow
distributions.  The decrease  for the nine month  period is  primarily  due to a
decrease in overhead  costs  directly  related to the size of the mortgage base.
This  decrease was  partially  offset by an increase in expenses  related to the
termination of the DRP,  mortgage  assignments and the decision to defer regular
cash  flow  distributions.  In  addition,  for  the  nine  month  period,  costs
associated  with partner  level tax  reporting  increased as a result of the new
Internal Revenue Service electronic filing requirements for large partnerships.

     The gain on mortgage disposition decreased by approximately $95,000 for the
three and nine months ended September 30, 2002, as compared to the corresponding
periods in 2001.  During the three and nine months ended September 30, 2002, the
Partnership  recognized a gain of approximately $96,000 on the prepayment of the
mortgage on Creekside Village Apartments. During the three and nine months ended
September 30, 2001, the Partnership  recognized a gain of approximately $190,000
on the prepayment of the mortgage on Berryhill Apartments.

Liquidity and Capital Resources
-------------------------------

     The Partnership's  remaining Insured Mortgages may be put to HUD by October
2003, if not otherwise disposed, as previously discussed. As these mortgages are
put to HUD, the Partnership's net cash flows could be significantly  reduced for
several months.  As a result,  net cash flow  distributions for the remainder of
2002 are being temporarily retained to fund the Partnership's operating expenses

15

during the period of reduced cash flows.  Quarterly net cash flow  distributions
are expected to resume no earlier  than the first  quarter of 2003 and may occur
later.  Proceeds from mortgage dispositions and debenture  redemptions,  if any,
are  expected to be  distributed  to  investors as usual in the quarter in which
such proceeds are received.

     The  Partnership's  operating  cash  receipts,  derived  from  payments  of
principal and interest on Insured Mortgages, plus cash receipts from interest on
short-term investments,  were sufficient for the nine months ended September 30,
2002 to meet  operating  requirements.  In  addition  to the impact on cash flow
distributions  as a result of certain  mortgages  being put to HUD, as discussed
above,  the cash  distributions  paid to the  Unitholders  will vary during each
period due to (1) the fluctuating yields in the short-term money market in which
the monthly  mortgage  payment  receipts are  temporarily  invested prior to the
payment  of  quarterly  distributions,  (2)  the  reduction  in the  asset  base
resulting from monthly mortgage payments received or mortgage dispositions,  (3)
variations  in the cash flow  attributable  to the  delinquency  or  default  of
Insured Mortgages, the timing of receipt of HUD debentures, the interest rate on
HUD debentures and debenture  redemptions,  and (4) changes in the Partnership's
operating  expenses.  As the  Partnership  continues to  liquidate  its mortgage
investments  and  Unitholders  receive  distributions  of return of capital  and
taxable   gains,   Unitholders   should  expect  a  reduction  in  earnings  and
distributions due to the decreasing mortgage base.

     Net cash  provided  by  operating  activities  decreased  by  approximately
$434,000  for the nine  months  ended  September  30,  2002,  as compared to the
corresponding  period in 2001, primarily due to lower mortgage investment income
resulting  from a reduction in the mortgage base and an increase in  receivables
and other  assets.  The  increase in  receivables  and other assets is due to an
increase in principal and interest accrued for the mortgages awaiting assignment
from HUD under the Section 221 Program, as previously discussed.

     Net cash provided by investing  activities  increased by approximately $4.9
million  for the nine  months  ended  September  30,  2002,  as  compared to the
corresponding  period in 2001, primarily due to an increase in proceeds received
from the prepayment of mortgages and the receipt of debenture  proceeds from AIM
85 in 2002, as discussed below.

     The  mortgage  on Fox Run  Apartments  was  beneficially  owned  50% by the
Partnership  and  50%  by  AIM  85.  A HUD  debenture,  with  a  face  value  of
approximately $2.4 million,  was issued to AIM 85 in December 2000 with interest
payable  semi-annually  on  January  1 and  July 1.  In  January  2002,  the HUD
debenture was liquidated at par value.  The Partnership  received  approximately
$1.2  million for its share of the  debenture  proceeds,  including  interest of
approximately $42,000. A distribution of approximately $0.11 per Unit related to
the receipt of these proceeds was declared in March 2002 and paid to Unitholders
in May 2002.

     Net cash used in  financing  activities  increased  by  approximately  $1.1
million  for the nine  months  ended  September  30,  2002,  as  compared to the
corresponding  period in 2001, due to an increase in the amount of distributions
paid to  partners  during the first nine  months of 2002 as compared to the same
period in 2001.

16

PART I.   FINANCIAL INFORMATION
ITEM 3.   QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

     The Partnership's  principal market risk is exposure to changes in interest
rates in the U.S. Treasury market. The Partnership will experience  fluctuations
in the market value of its assets  related to (i) changes in the interest  rates
of U.S.  Treasury  securities,  (ii) changes in the spread  between the interest
rates on U.S.  Treasury  securities and the interest rates on the  Partnership's
Insured Mortgages, and (iii) changes in the weighted average life of the Insured
Mortgages,  determined by reviewing the  attributes of the Insured  Mortgages in
relation to the current market interest rates.  The weighted average life of the
Insured  Mortgages  decreased as of September  30, 2002 compared to December 31,
2001, due to the lower market interest rates,  which may imply faster prepayment
rates, and other attributes of the Partnership's Insured Mortgages.

     The  General  Partner  has  determined  that  there has not been a material
change as of  September  30,  2002,  in market  risk from  December  31, 2001 as
reported in the  Partnership's  Annual  Report on Form 10-K as of  December  31,
2001.


ITEM 4.   CONTROLS AND PROCEDURES

     Within 90 days prior to the date of filing  this  Quarterly  Report on form
10-Q, the General Partner  carried out an evaluation,  under the supervision and
with the  participation  of the  General  Partner's  management,  including  the
General  Partner's  Chairman of the Board (CEO) and the Chief Financial  Officer
(CFO),  of the  effectiveness  of the design  and  operation  of its  disclosure
controls and  procedures  pursuant to Securities  Exchange Act Rule 13a-14 under
the Securities  Exchange Act of 1934, as amended (the "Exchange Act").  Based on
that evaluation, the General Partner's CEO and CFO concluded that its disclosure
controls and  procedures  are  effective and timely in alerting them to material
information  relating  to  the  Partnership  required  to  be  included  in  the
Partnership's  periodic SEC filings.  There were no  significant  changes in the
General Partner's internal controls or in other factors that could significantly
affect  these  internal  controls  subsequent  to the  date of our  most  recent
evaluation,   including  any  corrective  actions  with  regard  to  significant
deficiencies and material weaknesses.

17

PART II.  OTHER INFORMATION
ITEM 5.   OTHER INFORMATION

     Section  10(A)(i)(2)  of the  Securities  Exchange Act of 1934, as amended,
requires issuers to disclose the approval by an audit committee of the issuer of
a non-audit  service to be performed by the auditor of the issuer. On August 14,
2002,  the Audit  Committee of the Board of  Directors of the General  Partner's
parent,  CRIIMI MAE Inc., subject to any rules that may be adopted by the Public
Accounting  Oversight  Board,  approved the engagement of Ernst & Young LLP, the
Partnership's  auditor,  to provide tax services to the  Partnership  during the
fiscal year ending December 31, 2002.


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K


(a)  Exhibits

     Exhibit No.                                 Purpose
     -----------                                 -------

        99.1                            Certification pursuant to Section 906 of
                                        the Sarbanes-Oxley Act of 2002

        99.2                            Certification pursuant to Section 906 of
                                        the Sarbanes-Oxley Act of 2002

(b)  Reports on Form 8-K

     Date
     ----

 August 8, 2002                         To report the General Partner's decision
                                        to defer the payment of regular cash
                                        flow distributions to the Partnership's
                                        Unitholders.



18
                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.

                                     AMERICAN INSURED
                                     MORTGAGE INVESTORS
                                     (Registrant)

                                     By: CRIIMI, Inc.
                                         General Partner


November 13, 2002                    /s/ Cynthia O. Azzara
-----------------                    -------------------------------------------
Date                                 Cynthia O. Azzara
                                     Senior Vice President, Principal Accounting
                                     Officer and Chief Financial Officer


19

                                  CERTIFICATION

I,   William B. Dockser, certify that:

1.   I have  reviewed  this  quarterly  report on Form 10-Q of American  Insured
     Mortgage Investors;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

                                             AMERICAN INSURED
                                             MORTGAGE INVESTORS
                                             (Registrant)
                                             By: CRIIMI, Inc.
                                                 General Partner


Date: November 13, 2002                      /s/ William B. Dockser
      -----------------                      -----------------------------------
                                             William B. Dockser
                                             Chairman of the Board and
                                             Chief Executive Officer
20
                                 CERTIFICATION

I,   Cynthia O. Azzara, certify that:

1.   I have  reviewed  this  quarterly  report on Form 10-Q of American  Insured
     Mortgage Investors;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

                                     AMERICAN INSURED
                                     MORTGAGE INVESTORS
                                     (Registrant)
                                     By: CRIIMI, Inc.
                                         General Partner

Date: November 13, 2002              /s/ Cynthia O. Azzara
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                                     Cynthia O. Azzara
                                     Senior Vice President, Principal Accounting
                                     Officer and Chief Financial Officer