METROPOLITAN MORTGAGE & SECURITIES CO INC
424B3, 2001-01-12
INVESTORS, NEC
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                                                FILED PURSUANT TO RULE 424(b)(3)
                                                      REGISTRATION NO. 333-94119


    SUPPLEMENT DATED JANUARY 12, 2001, TO PROSPECTUS DATED FEBRUARY 11, 2000


In connection with Metropolitan's Supplement dated December 14, 2000, it has
begun implementing certain strategic alternatives. One of the strategic
alternatives being implemented involves taking Metropolitan out of the
residential mortgage industry.


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