SECURITIES AND EXCHANGE COMMISSION ~~Washington, D.C. 20549~~

~~FORM~~Washington, ~~8-K CURRENT~~D.C. ~~REPORT~~ 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report: ~~July~~August 322, 2003

METROPOLITAN MORTGAGE & SECURITIES CO., INC.

(Exact name of registrant as specified in its charter)


Washington	1-15595	91-0609840

(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

601 W. 1st Avenue, Spokane, Washington 99201-5015

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (509) 838-3111

None

(Former name or former address, if change since last report)

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Item 59. ~~Other~~Regulation ~~Events~~FD Disclosure. SIGNATURES

Item 59. ~~Other~~Regulation FD ~~Events~~Disclosure.

~~Metropolitan~~On ~~Investment Securities~~August 22, ~~Inc. (“MIS”)~~2003, ~~a National Association of Securities Dealers, Inc. member firm, is~~ the ~~sole broker dealer responsible for the offer and sale of the~~ Registrant’s ~~preferred~~issued ~~stock and debt securities. MIS has received~~ a ~~“Wells”~~press ~~letter~~release ~~from the NASD stating that the staff of the~~correcting ~~NASD~~information ~~has~~printed ~~made~~in atwo ~~preliminary~~newspaper ~~determination to recommend that a disciplinary action be brought against MIS~~articles. ~~Under~~The ~~the~~text ~~Wells~~of ~~process adopted by~~ the ~~NASD, MIS~~press ~~has been provided an opportunity to respond before the NASD staff makes a~~release ~~formal recommendation to the NASD regarding any such action. MIS intends to respond promptly to the notice and~~ is ~~cooperating~~as ~~with the NASD to resolve this~~follows: ~~matter.~~

~~The~~Metropolitan ~~Registrant~~Mortgage is& ~~unable~~Securities toCo., ~~determine~~Inc. atwishes ~~this~~to ~~time~~clarify ~~the~~information ~~impact on the~~that ~~Registrant~~appeared ofin ~~the~~an ~~ultimate~~article ~~resolution~~in of the ~~pending~~Spokesman-Review ~~matters.~~on ~~The~~August 21, ~~ultimate resolution~~2003 ofand ~~the~~in ~~pending matters could have~~ an ~~adverse affect on MIS’s ability~~ toarticle ~~continue~~in ~~selling~~ the ~~Registrant’s~~Spokane ~~securities.~~Journal Ifof ~~MIS~~Business ison ~~unable to continue selling the Registrant’s securities~~August 21, ~~it could have an adverse affect on the Registrant~~2003.

The sale of the 29 lots in the beachfront subdivision on the north shore of the Hawaiian Island of Oahu has not yet closed but initial deposits have been received. The total purchase price is expected to be approximately $28 million, which could result in a gain after payment to Metropolitan’s development partner in the property. Any gain from this sale may off-set a portion, but not all, of the losses incurred by Metropolitan during the nine-month period ended June 30, 2003.

After exclusion of write-downs in the value of some of its asset-backed securities, Metropolitan operated at a loss during the nine months ended June 30, 2003 and Metropolitan cannot determine at this time what its fiscal year end results will be.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	METROPOLITAN MORTGAGE & SECURITIES CO., INC.
Date: July 7, 2003	By:	/s/ C. Paul Sandifur, Jr. C. Paul Sandifur, Jr., President
Date: August 22, 2003	By:	/s/ C. Paul Sandifur, Jr.
		C. Paul Sandifur, Jr., President

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