NU Online News Service, Feb. 5, 2004, 4:33 p.m. EST – Metropolitan Mortgage & Securities Company Inc. followed through Wednesday with previously announced plans to seek Chapter 11 bankruptcy court protection.[@@]
The Spokane, Wash., mortgage company and a sister company, Summit Securities Inc., have faced accusations that they used misleading tactics to sell notes and other securities to investors.
Metropolitan, which has no connection with MetLife Inc., New York, and Summit also have several life insurance subsidiaries.