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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
Summit Securities, Inc.
(Exact name of registrant as specified in its charter)
Washington 33-36775 82-0438135
(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) 838-3111
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Item 5. Other Events.
On November 26, 1996, Summit Securities, Inc. ("Summit") and
its wholly owned subsidiary, Old Standard Life Insurance
Company ("Old Standard"), sold approximately $11.25 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,
Summit received cash and approximately $1.2 million in
Certificates resulting in an after tax profit of
approximately $.3 million.
Metropolitan Mortgage & Securities Co. Inc. ("Metropolitan")
and its wholly owned subsidiary, Western United Life
Insurance Company, ("Western") also participated in the
offering by selling approximately $115.47 million of
Mortgage Loans. Metropolitan and Western are under common
control with Summit.
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.
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
SUMMIT SECURITIES, INC.
/S/ TOM TURNER
BY: TOM TURNER, President/Treasurer
