EXHIBIT 16

May 10, 2002



Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549




Dear Sir/Madam,

We have read the  paragraphs  in Item 4  included  in the Form 8-K dated May 10,
2002 of  American  Insured  Mortgage  Investors  filed with the  Securities  and
Exchange Commission and are in agreement with the statements contained therein.

Very truly yours,

/s/ ARTHUR ANDERSEN LLP




Copy to:
Ms. Cynthia O. Azzara, CFO and SVP, CRIIMI, Inc. as General Partner of
American Insured Mortgage Investors