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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November
26, 1996
Metropolitan Mortgage & Securities Co., Inc.
(Exact name of registrant as specified in its charter)
Washington 333-335 91-06069840
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification
incorporation) Number)
W. 929 Sprague Avenue, Spokane, WA 99204
(Address of principal executive offices)
Registrant's telephone number, including area code (509)
838-311
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Item 5. Other Events.
On November 26, 1996, Metropolitan Mortgage & Securities
Co., Inc. ("Metropolitan") and its wholly owned subsidiary,
Western United Life Assurance Company ("Western"), sold
approximately $115.47 million in first lien mortgage loans
secured by, and contracts for the sale of real property
relating to, residential, multi-family and commercial
properties (the "Mortgage Loans"). Such sale was made in
connection with the issuance of approximately $126.7 million
of mortgage pass-through certificates (the "Certificates"),
of which $113.4 million were sold in a public offering. In
connection with the sale, Metropolitan received cash and
approximately $12.1 million in Certificates resulting in an
after tax profit of approximately $4.3 million.
Summit Securities, Inc. ("Summit") and its wholly owned
subsidiary, Old Standard Life Insurance Company, ("Old
Standard") also participated in the offering by selling
approximately $11.25 million of Mortgage Loans. Summit and
Old Standard are under common control with Metropolitan.
The Mortgage Loans were sold to Metropolitan Asset Funding,
Inc. ("MAFI") which in turn sold the Mortgage Loans to the
trust created pursuant to the Pooling and Servicing
Agreement (the "Agreement"), dated as of November 1, 1996,
among MAFI, as depositor, Metropolitan, Western, Summit and
Old Standard, as sellers of the Mortgage Loans, Metwest
Mortgage Services, Inc. ("Metwest"), as the master servicer,
and The Bank of New York, as trustee. Pursuant to the
Agreement, Metwest, a wholly owned subsidiary of
Metropolitan, will continue to service the Mortgage Loans
for which it will receive a fee.
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SIGNATURES
Pursuant to the requirements of the Securities and
Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned
hereunto duly authorized.
Dated: December 10, 1996
METROPOLITAN MORTGAGE & SECURITIES CO., INC.
/S/ BRUCE BLOHOWIAK
BY: BRUCE BLOHOWIAK, Vice President
