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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                            ------------------------

                                  FORM 10-K/A
                               (AMENDMENT NO. 2)
                            ------------------------

(MARK ONE)

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   /X/     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
           SECURITIES EXCHANGE ACT OF 1934
           FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2000
   / /     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
           SECURITIES EXCHANGE ACT OF 1934
           FOR THE TRANSITION PERIOD FROM _______ TO _______
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                         COMMISSION FILE NUMBER 1-15595

                  METROPOLITAN MORTGAGE & SECURITIES CO., INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

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                WASHINGTON                                   91-0609840
         (STATE OF INCORPORATION)                        (IRS EMPLOYER NO.)
    601 WEST FIRST AVENUE, SPOKANE, WA
 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                    99201-5015
                                                             (ZIP CODE)
</Table>

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (509) 838-3111
          SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
                               9% NOTES DUE 2004
          SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
                            PREFERRED STOCK SERIES:

            Variable Rate Cumulative Preferred Stock, Series C
            Variable Rate Cumulative Preferred Stock, Series D
            Variable Rate Cumulative Preferred Stock, Series E-1
            Variable Rate Cumulative Preferred Stock, Series E-2
            Variable Rate Cumulative Preferred Stock, Series E-3
            Variable Rate Cumulative Preferred Stock, Series E-4
            Variable Rate Cumulative Preferred Stock, Series E-5
            Variable Rate Cumulative Preferred Stock, Series E-6
            Variable Rate Cumulative Preferred Stock, Series E-7

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                                (TITLE OF CLASS)

    Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes /X/ No / /

    Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (Section229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K. /X/

    Neither the voting nor non-voting common stock of the registrant is traded
on any exchange, therefore there is no established market value. The aggregate
market value of the stock cannot be computed by reference to the price at which
the stock was sold, or the average bid and ask price of such common stock, as of
any date within 60 days prior to the date of filing because there have been no
sales of the common stock within sixty days prior to the date of filing.

    The number of shares of the Registrant's Class A Common Stock outstanding as
of December 1, 2000 was 97.

                   DOCUMENTS INCORPORATED BY REFERENCE: NONE

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                                    PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

  (a) 1. FINANCIAL STATEMENTS

    Included in Part II, Item 8 of this report:

    Report of Independent Accountants

    Consolidated Balance Sheets at September 30, 2000 and 1999

    Consolidated Statements of Income for the Years Ended September 30, 2000,
     1999 and 1998

    Consolidated Statements of Stockholders' Equity for the Years Ended
     September 30, 2000, 1999 and 1998 1997

    Consolidated Statements of Cash Flows for the Years Ended September 30,
     2000, 1999 and 1998

    Notes to Consolidated Financial Statements

      2. FINANCIAL STATEMENT SCHEDULES

    Included in Part IV of this report:

    Schedules Required by Article 7

       Schedule I--Summary of Investments other than Investments in Related
        Parties

       Schedule III--Supplementary Insurance Information

       Schedule IV--Supplementary Reinsurance Information

    Schedules Required by Article 5

       Schedule II--Valuation and Qualifying Accounts and Reserves

       Schedule IV--Loans on Real Estate

    Other schedules are omitted because of the absence of conditions under which
they are required or because the required information is given in the financial
statements or notes thereto.

       REPORT OF INDEPENDENT ACCOUNTANTS ON FINANCIAL STATEMENT SCHEDULES


To the Directors and Stockholders
Metropolitan Mortgage & Securities Co., Inc.


Our audits of the consolidated financial statements referred to in our report
dated December 28, 2000, except for the last paragraph of Note 11 as to which
the date is April 30, 2001, which is included in Metropolitan Mortgage &
Securities Co., Inc.'s Annual Report on Form 10-K/A (Amendment No. 1) also
included an audit of the financial statement schedules listed in Item
14(a)(2) of this Form 10-K/A (Amendment No. 2). In our opinion, these
financial statement schedules present fairly, in all material respects, the
information set forth therein when read in conjunction with the related
consolidated financial statements.

As discussed in Note 11, the Company restated the September 30, 2000 and 1999
financial statements with respect to reinsurance treaties.

As discussed to note 1 to the consolidated financial statements, the Company
changed its method of accounting for mortgage-backed securities retained after
the securitization of mortgage loans held for sale in fiscal 1999.

/s/ PricewaterhouseCoopers LLP


Spokane, Washington
December 28, 2000,
except for amounts under future
policy benefits, claims and loss
expenses as to which the
date is April 30, 2001

      3. EXHIBITS

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           3.01      Restated Articles of Incorporation, as amended, dated
                     November 30, 1987 (Incorporated by Reference to
                     Exhibit 3(a) to Metropolitan's Annual Report on Form 10-K
                     for fiscal 1987).

           3.02      Amendment to Articles of Incorporation dated November 5,
                     1991 (Incorporated by Reference to Exhibit 3(c) to
                     Registration No. 33-40220).

           3.03      Amendment to Articles of Incorporation dated September 20,
                     1992 (Incorporated by Reference to Exhibit 3(c) to
                     Metropolitan's Annual Report on Form 10-K for fiscal 1992).

           3.04      Restated Bylaws, as amended on December 26, 1995
                     (Incorporated by Reference to Exhibit 3(e) to Form 10-K for
                     Period Ending September 30, 1995).

           4.01      Indenture, dated as of October 1999, between Metropolitan
                     and U.S. Bank Trust National Association, Trustee
                     (Incorporated by reference to Exhibit 4.01 to Metropolitan's
                     Registration Statement on Form S-2 filed October 7, 1999).

           4.02      Indenture, dated as of July 6, 1979, between Metropolitan
                     and Seattle-First National Bank, Trustee (Incorporated by
                     Reference to Exhibit 3 to Metropolitan's Annual Report on
                     Form 10-K for fiscal 1979).

           4.03      First Supplemental Indenture, dated as of October 3, 1980,
                     between Metropolitan and Seattle-First National Bank,
                     Trustee (Incorporated by Reference to Exhibit 4 to
                     Metropolitan's Annual Report on Form 10-K for fiscal 1980).
</Table>

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           4.04      Second Supplemental Indenture, dated as of November 12,
                     1984, between Metropolitan and Seattle-First National Bank,
                     Trustee (Incorporated by Reference to Exhibit 4(d) to
                     Registration No. 2-95146).

           4.05      Third Supplemental Indenture, dated as of December 31, 1997,
                     between Metropolitan and First Trust (Incorporated by
                     Reference to Exhibit 4(d) to Metropolitan's Annual Report
                     on Form 10-K for fiscal 1997).

           4.06      Amended Statement of Rights, Designations and Preferences of
                     Variable Rate Preferred Stock, Series C (Incorporated by
                     Reference to Exhibit 4(g) to Registration No. 33-2699).

           4.07      Statement of Rights, Designations and Preferences of
                     Variable Rate Preferred Stock, Series D (Incorporated by
                     Reference to Exhibit 4(a) to Registration No. 33-25702).

           4.08      Statement of Rights, Designations and Preferences of
                     Variable Rate Preferred Stock, Series E-1 (incorporated by
                     Reference to Exhibit 4(a) to Registration No. 33-19238).

           4.09      Amended Statement of Rights, Designations and Preferences of
                     Variable Rate Preferred Stock, Series E-2 (Incorporated by
                     Reference to Exhibit 4(a) to Registration No. 33-25702).

           4.10      Statement of Rights, Designations and Preferences of
                     Variable Rate Preferred Stock, Series E-3 (Incorporated by
                     Reference to Exhibit 4(a) to Registration No. 33-32586).

           4.11      Statement of Rights, Designations and Preference of Variable
                     Rate Cumulative Preferred Stock, Series E-4 (Incorporated by
                     Reference to Exhibit 4(h) to Registration No. 33-40221).

           4.12      Form of Statement of Rights, Designations and Preferences of
                     Variable Rate Preferred Stock, Series E-5 (Incorporated by
                     Reference to Exhibit 4(i) to Registration No. 33-57396).

           4.13      Statement of Rights, Designations and Preferences of
                     Variable Rate Cumulative Preferred Stock, Series E-6
                     (Incorporated by Reference to Exhibit 4(l) to Registration
                     No. 33-51905).

           4.14      Statement of Rights, Designations and Preferences of
                     Variable Rate Cumulative Preferred Stock, Series E-7
                     (Incorporated by Reference to Exhibit 4(d) to Amendment 1
                     to Registration No. 333-19755).

           9.01      Irrevocable Trust Agreement (Incorporated by Reference to
                     Exhibit 9(b) to Registration No. 2-81359).

          10.01      Employment Agreement between Metropolitan and Michael Kirk
                     (Incorporated by Reference to Exhibit 10(b) to
                     Metropolitan's Annual Report on Form 10-K for fiscal 1997).

          10.02      Form of Reinsurance Agreement between Western United and Old
                     Standard (Incorporated by Reference to Exhibit 10(d) to
                     Metropolitan's Annual Report on Form 10-K for fiscal 1998).

          10.03      Employment Agreement between Metropolitan and William D.
                     Snider (Incorporated by Reference to Exhibit 10(c) to
                     Metropolitan's Quarterly Report on Form 10-Q for the fiscal
                     quarter ended June 30, 1999).

          10.04      Master Repurchase Agreement (Incorporated by reference to
                     exhibit 10(f) to Metropolitan's Form 10-Q for the fiscal
                     quarter ended June 30, 1998.)
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          10.05      Amendment No. 1 to the Master Repurchase Agreement, dated as
                     of May 26, 1998 (Incorporated by reference to Exhibit 10.2
                     to Metropolitan's Current Report on Form 8-K dated
                     September 27, 2000.)

          10.06      Amendment No. 1(a) to the Master Repurchase Agreement, dated
                     as of October 8, 1998 (Incorporated by reference to
                     Exhibit 10.3 to Metropolitan's Current Report on Form 8-K
                     dated September 27, 2000.)

          10.07      Amendment No. 2 to the Master Repurchase Agreement, dated as
                     of March 8, 1999 (Incorporated by reference to
                     Exhibit 10.4 to Metropolitan's Current Report on Form 8-K
                     dated September 27, 2000.)

          10.08      Amendment No. 3 to the Master Repurchase Agreement, dated as
                     of February 11, 2000 (Incorporated by reference to
                     Exhibit 10.5 to Metropolitan's Current Report on Form 8-K
                     dated September 27, 2000.)

          10.09      Amendment No. 5 to the Master Repurchase Agreement, dated as
                     of September 27, 2000 (Incorporated by reference to
                     Exhibit 10.6 to Metropolitan's Current Report on Form 8-K
                     dated September 27, 2000.)

         #12.01      Statement regarding computation of ratios.

          21.01      Subsidiaries of Metropolitan (Incorporated by Reference to
                     Exhibit 21 to Metropolitan's Annual Report on Form 10-K for
                     fiscal 1997).

         #27.01      Financial Data Schedule.
</Table>

---------

#  Previously filed.

  (b) REPORTS ON FORM 8-K

    Current Report on Form 8-K, dated as of September 27, 2000.

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                                   SIGNATURES

           Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.


                                  METROPOLITAN MORTGAGE & SECURITIES CO., INC.


Date: November 8, 2001            /s/ C. Paul Sandifur, Jr.
                                  ----------------------------------------------
                                  C. Paul Sandifur, Jr., Chief Executive Officer


     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant in the capacities and on the dates indicated.


         SIGNATURE                      TITLE                         DATE
         ---------                      -----                         ----

/s/ C. Paul Sandifur, Jr.     Chief Executive Officer,          November 8, 2001
-------------------------     President and Director
    C. Paul Sandifur, Jr.

/s/ Sterling Gallagher        Chief Financial Officer           November 8, 2001
-------------------------     (Principal Accounting Officer)
    Sterling Gallagher

/s/ Reuel Swanson             Secretary and Director            November 8, 2001
-------------------------
    Reuel Swanson

/s/ Gary Brajcich             Director                          November 8, 2001
-------------------------
    Gary Brajcich

                              Director                          November 8, 2001
-------------------------
    Harold Erfurth

/s/ Irv Marcus                Director                          November 8, 2001
-------------------------
    Irv Marcus

                              Director                          November 8, 2001
-------------------------
    Samuel Smith

/s/ William D. Snider         Director                          November 8, 2001
-------------------------
    William D. Snider

/s/ John Trimble              Director                          November 8, 2001
-------------------------
    John Trimble