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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) August 19,
1999
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)
601 West 1st Avenue, Spokane, WA 99201
(Address of principal executive offices)
Registrant's telephone number, including area code (509)
838-311
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Item 5. Other Events.
On August 19, 1999, Metropolitan Mortgage & Securities Co.,
Inc. ("Metropolitan") and its wholly owned subsidiary,
Western United Life Assurance Company ("Western"), sold
approximately $209,515,127 million in first lien mortgage
loans secured by, and contracts for the sale of real
property relating to, residential, multi-family, commercial
and residential improved land properties (the "Mortgage
Loans"). Such sale was made in connection with the issuance
of approximately $209,515,127 million of mortgage pass-
through certificates (the "Certificates"), of which
$193,277,705 million were sold to non-affiliated
institutional investors in a private offering. In connection
with the sale, Metropolitan and Western received cash and a
residual certificate resulting in an after tax profit of
approximately $2.9 million. Western purchased the Class M-2
Certificates (with an initial certificate balance of
$5,237,878 million), the Class B-1 Certificates (with an
initial certificate balance of $5,237,878 million), the
Class B-2 Certificates (with an initial certificate balance
of $5,237,838) and the Class B-3 Certificates (with an
initial certificate balance of $523,788).
The Mortgage Loans were sold to Metropolitan Asset Funding,
Inc. II ("MAFI") which in turn sold the Mortgage Loans to
the trust created pursuant to the Pooling and Servicing
Agreement (the "Agreement"), dated as of August 1, 1999,
among MAFI, as depositor, Metropolitan and Western, 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: August 25, 1999
METROPOLITAN MORTGAGE & SECURITIES CO., INC.
/S/ BRUCE BLOHOWIAK
BY: BRUCE BLOHOWIAK, Executive Vice President
