Exhibit 99.1

REVISED
7/28/05

July 28, 2005

FBR Securitization Trust 2005-1
Callable Mortgage-Backed Notes, Series 2005-1

$1,137,450,000

(Approximate, Subject to +/- 10% Variance)

Series Term Sheet

Accredited Home Lenders, Inc.
Originator

FBR Securitization, Inc.

Depositor

Financial Security Assurance Inc.

Note Insurer

FRIEDMAN BILLINGS RAMSEY

Lead Underwriter

DISCLAIMER

Attached is a Series Term Sheet that describes the structure, collateral and certain aspects of the FBR Securitization Trust 2005-1, Mortgage-Backed Notes, Series 2005-1. Friedman, Billings, Ramsey & Co., Inc. (“FBR”) has prepared this Series Term Sheet for distribution to potential investors. Though the Depositor provided FBR with certain information, the Depositor did not participate in the preparation of this Series Term Sheet. The Series Term Sheet is for informational purposes only and is subject to modification or change. The information and assumptions contained in this Series Term Sheet are preliminary and will be superseded by any subsequent series term sheets and by a prospectus, a prospectus supplement and by any other additional information subsequently filed with the Securities and Exchange Commission or incorporated by reference in the Depositor’s registration statement.

Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication for definitive information and any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the FBR trading desk at (703) 469-1225.

Any investment decision should be based only upon the information in the final prospectus and prospectus supplement as of their publication dates.

Please be advised that the securities described herein may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks. Investors must consider the risks of these securities.

If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail.

COMPUTATIONAL MATERIALS

This Series Term Sheet contains tables and other statistical analyses (the “Computational Materials”). These Computational Materials have been prepared by FBR in reliance upon information furnished by the issuer of the securities and its affiliates. These Computational Materials are furnished to you solely by FBR and not by the issuer of the securities.

Numerous assumptions were used in preparing the Computational Materials which may or may not be stated therein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.

Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. Without limiting the foregoing, the collateral information set forth in these Computational Materials, including without limitation the collateral tables which follow, is based only on a the pool of Mortgage Loans expected to be included in the trust along with certain other Mortgage Loans on the Closing Date. Certain Mortgage Loans contained in this pool may be deleted from the final pool of Mortgage Loans delivered to the trust on the Closing Date and other loans may be substituted therefor. Although FBR believes the information with respect to the pool will be representative of the final pool of Mortgage Loans, the collateral characteristics of the final pool may nonetheless vary from the collateral characteristics of the pool presented in the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither FBR nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities.

Contact Information


FBR		FBR		FBR
ABS Banking		ABS Trading/Syndicate		ABS Structuring
Mike Ciuffo	(703) 312-1889	Salmaan Siddiqui	(703) 469-1225	Anna Zuckerman	(703) 469-1283
Dane Smith	(703) 312-1896			Tol Ho	(703) 312-1737
Chris DeMulder	(703) 312-1754


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 1		July 28, 2005

FBR Securitization Trust 2005-1
Callable Mortgage-Backed Notes, Series 2005-1

Class Principal

WAL

Payment Window

Expected Rating

Interest

Class⁽¹⁾

Amount ($)⁽²⁾

Call/Mat ⁽³⁾

(Mths) Call/Mat ⁽³⁾

(S&P/Moody’s)

Type⁽⁴⁾

A-1

541,690,000

Not Marketed Hereby

AAA/Aaa

Floating

A-2

595,760,000

1.99 / 2.76

1 — 39 / 1 — 179

AAA/Aaa

Floating


(1)		The Notes are priced to the Payment Date on which the Optional Termination may first be exercised.

(2)		Approximate, subject to a +/- 10% variance.

(3)		See “Pricing Prepayment Speed” herein.

(4)		See “Net WAC Rate” herein. The margin on the Notes will be multiplied by 2 on and after the Margin Stepup Date.

A. General Terms


Issuer:		FBR Securitization Trust 2005-1.

Depositor:		FBR Securitization, Inc.

Originator:		Accredited Home Lenders, Inc.

Lead Underwriter:		Friedman, Billings, Ramsey & Co., Inc.

Co-Underwriter:		Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Note Insurer:		Financial Security Assurance Inc.

Master Servicer and Securities Administrator:		Wells Fargo Bank, National Association.

Servicer and Custodian:		JPMorgan Chase Bank, National Association.

Credit Risk Manager:		The Murrayhill Company.

Indenture Trustee:		HSBC Bank USA, National Association.

Owner Trustee:		Wilmington Trust Company.

Hedge Counterparty:		[TBD]

Notes:		The Class A-1 and Class A-2 Notes.

Ownership Certificate:		The Issuer will also issue an ownership certificate, which will not be offered and will be held initially by an affiliate of the Depositor.

Payment Date:		The 28th day of each month (or if not a business day, the next succeeding business day) commencing in August 2005.

This Series Term Sheet, including the Computational Materials herein, was prepared solely by FBR and is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series term sheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the final prospectus and prospectus supplements.

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 2		July 28, 2005


Cut-off Date:		July 1, 2005.

Final Maturity Date:		The Payment Date in June 2035.

Expected Pricing Date:		On or about August [1], 2005.

Expected Closing Date:		On or about August 16, 2005.

Accrued Interest:		The price to be paid by investors for the Notes will not include accrued interest (settling flat).

Registration:		The Notes will be available in book-entry form through DTC and only upon request through Clearstream, Luxembourg and the Euroclear System.

Mortgage Loans and Mortgage Loan Groups:		The trust will include Mortgage Loans having an aggregate Scheduled Principal Balance as of the Cut-off Date of approximately $1,169 million, of which approximately $1,006 million and $163 million are adjustable-rate first lien and fixed-rate first lien residential mortgage loans, respectively. The Mortgage Loans will be divided into two mortgage loan groups. The Group 1 Mortgage Loans will consist only of those mortgage loans with principal balances that conform to Freddie Mac guidelines and the Group 2 Mortgage Loans will consist of mortgage loans that may or may not conform to Freddie Mac guidelines. The Group 1 Mortgage Loans will have an aggregate Scheduled Principal Balance as of the Cut-off Date of approximately $557 million, of which approximately $492 million and $65 million are adjustable-rate first lien and fixed-rate first lien residential mortgage loans, respectively. The Group 2 Mortgage Loans will have an aggregate Scheduled Principal Balance as of the Cut-off Date of approximately $612 million, of which approximately $514 million and $98 million are adjustable-rate first lien and fixed-rate first lien residential mortgage loans, respectively.

		The collateral tables included in the attached Computational Materials represent a pool of Mortgage Loans having the characteristics described therein as of the Cut-off Date. Certain Mortgage Loans may be removed from the final pool of Mortgage Loans to be included in the trust on the Closing Date or substituted therefor, although the characteristics of such final pool are not expected to materially differ from the characteristics of the mortgage pool described in the Computational Materials.

Note Insurance Policy and Note Insurance Agreement:		On the Closing Date, the Note Insurer will issue a financial guaranty insurance policy for the benefit of the Notes, pursuant to which the Note Insurer will guarantee that the Notes will receive the timely payment of interest, the payment of principal upon the occurrence of a Parity Deficiency Amount and the ultimate payment of principal at maturity. A Parity Deficiency Amount will exist on any Payment Date, after application of payments on the Mortgage Loans, on which the aggregate Scheduled Principal Balance of the Mortgage Loans is less than the outstanding principal amount of the Notes. The Note Insurance Policy will not cover (i) Basis Risk Shortfalls, (ii) Prepayment Interest Shortfalls or (iii) Relief Act Shortfalls. The Issuer, the Depositor, an affiliate of the Depositor and the Note Insurer will also enter into a note insurance agreement on the Closing Date regarding the Note Insurance Policy and related matters. The Note Insurer will have certain rights with respect to the transaction as specified in the Indenture and the Transfer and Servicing Agreement, including the right to direct acceleration of the Notes upon an Event of Default.

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 3		July 28, 2005


The Credit Risk Manager:		The Credit Risk Manager will monitor the performance of the Servicer, and make recommendations to the Servicer and/or Master Servicer regarding certain delinquent and defaulted Mortgage Loans and will report to the Depositor on the performance of such Mortgage Loans, pursuant to a Credit Risk Management Agreement to be entered into by the Credit Risk Manager, the Servicer and the Master Servicer. The Credit Risk Manager will rely upon mortgage loan data that is provided to it by the Servicer and the Master Servicer in performing its advisory and monitoring functions.

Cap Agreement:		On the Closing Date, the Issuer will enter into a hedge agreement with the Hedge Counterparty to make payments generally in respect of any Basis Risk Shortfall on the Notes to the extent not paid by Monthly Excess Cashflow on the Payment Dates occurring from [September 2005] to [October 2008]. On each such Payment Date, the Hedge Counterparty will be obligated to make a payment to the Issuer equal to the product of (a) the amount, if any, by which one-month LIBOR (up to a maximum of [10.50]%) exceeds the related strike rate for such Payment Date, (b) the lesser of (i) the related notional balance for such Payment Date, and (ii) the aggregate Class Principal Amount of the Notes prior to payments on such Payment Date, and (c) the quotient of (i) the number of days in the related Interest Accrual Period divided by (ii) 360. The expected strike rate and notional balance for each Payment Date are set forth in the Cap Schedule. The Cap Agreement may have a schedule of strike rates and notional balances that varies from the Cap Schedule in this Series Term Sheet.

Credit Enhancement:		Consists of the following:

	1.		Monthly Excess Cashflow;

	2.		Overcollateralization; and

	3.		Note Insurance Policy.


Optional Termination:		The transaction will allow for an optional call and the retirement of the Notes, which may be exercised by the holder of the ownership certificate, subject to the consent of the Note Insurer, when the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period is equal to or less than 30% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date.

Clean up Call:		Subject to the consent of the Note Issuer, the Servicer will have the right to purchase all of the Mortgage Loans and pay the Notes, which right may be exercised when the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period is equal to or less than 10% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date. If the Servicer does not exercise this right, the Note Insurer may do so.

Pricing Prepayment Speed:		The Notes will be priced based on the following collateral prepayment assumptions:


		FRM Loans:		100% PPC (100% PPC: 4% — 20% CPR over 12 months, 20% CPR thereafter).

		ARM Loans:		100% PPC (100% PPC: 2% — 30% CPR over 12 months, constant 30% CPR up to and including the 22^nd month, constant 50% CPR up to and including 27^th month, and constant 35% CPR thereafter).


		With respect to both FRM and ARM loans, the CPR shall not exceed 85% in any given period.

Federal Tax Status:		It is anticipated that for federal income tax purposes the Notes will be characterized as debt instruments.

SMMEA Eligibility:		The Notes will constitute “mortgage related securities” for purposes of SMMEA.

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 4		July 28, 2005


ERISA Eligibility:		The Notes are expected to be eligible for purchase by or on behalf of employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended, subject to certain conditions as further described in the prospectus supplement.

Servicing Fee:		On each Payment Date, the Servicer will be entitled to 1/12 of 0.50% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of the related Due Period (“Servicing Fee”), less a portion of such Fee that will be certificated and paid monthly to FBR Trust Investments, LLC. The Depositor may replace the Servicer at any time for any reason, subject to the consent of the Note Insurer in its absolute and sole discretion. The Servicer may assign its servicing rights and obligations with the consent of the Note Insurer. The appointment of any successor servicer also will be subject to the consent of the Note Insurer.

Master Servicing Fee:		On each Payment Date, the Master Servicer will be entitled to 1/12 of 0.0125% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of the related Due Period. The fees of the Indenture Trustee, the Owner Trustee, the Securities Administrator and the Custodian will be paid by the Master Servicer from the Master Servicing Fee.

Credit Risk Manager’s Fee:		On each Payment Date, the Credit Risk Manager will be entitled to 1/12 of 0.015% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of the related Due Period.

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 5		July 28, 2005

B. Payments on the Notes


Priority of Payments:		(a) Group 1 Interest Proceeds shall be applied on each Payment Date in the following order of priority:

	1.		To pay to the Note Insurer the Monthly Insurance Premium (and any previously unpaid premiums) with respect to the Group 1 Mortgage Loans and thereafter, any Monthly Insurance Premium (and any previously unpaid premiums) with respect to the Group 2 Mortgage Loans remaining unpaid after application of Group 2 Interest Proceeds pursuant to clause (c)(1) below;

	2.		To pay Current Interest to the holders of the Class A-1 Notes and thereafter, any Current Interest to the holders of the Class A-2 Notes remaining unpaid after application of Group 2 Interest Proceeds pursuant to clause (c)(2) below;

	3.		To reimburse the Note Insurer for any amounts previously paid by it as interest on the Class A-1 Notes, together with interest thereon at the Prime Rate plus 2% per annum, and thereafter to reimburse the Note Insurer for any amounts previously paid by it as interest on the Class A-2 Notes, together with interest thereon at the Prime Rate plus 2% per annum, to the extent remaining unpaid after application of Group 2 Interest Proceeds pursuant to clause (c)(3) below; and

	4.		For payment as Group 1 Monthly Excess Cashflow;


		(b) Group 1 Principal Proceeds shall be applied on each Payment Date in the following order of priority:

	1.		To pay the Class A-1 Principal Payment Amount to the holders of the Class A-1 Notes in reduction of their Class Principal Amount until it is reduced to zero; and

	2.		For payment as Group 1 Monthly Excess Cashflow;


		(c) Group 2 Interest Proceeds shall be applied on each Payment Date in the following order of priority:

	1.		To pay to the Note Insurer the Monthly Insurance Premium (and any previously unpaid premiums) with respect to the Group 2 Mortgage Loans and thereafter, any Monthly Insurance Premium (and any previously unpaid premiums) with respect to the Group 1 Mortgage Loans remaining unpaid after application of Group 1 Interest Proceeds pursuant to clause (a)(1) above;

	2.		To pay Current Interest to the holders of the Class A-2 Notes and thereafter, any Current Interest to the holders of the Class A-1 Notes remaining unpaid after application of Group 1 Interest Proceeds pursuant to clause (a)(2) above;

	3.		To reimburse the Note Insurer for any amounts previously paid by it as interest on the Class A-2 Notes, together with interest thereon at the Prime Rate plus 2% per annum, and thereafter to reimburse the Note Insurer for any amounts previously paid by it as interest on the Class A-1 Notes, together with interest thereon at the Prime Rate plus 2% per annum, to the extent remaining unpaid after application of Group 1 Interest Proceeds pursuant to clause (a)(3) above; and

	4.		For payment as Group 2 Monthly Excess Cashflow;

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 6		July 28, 2005


		(d) Group 2 Principal Proceeds shall be applied on each Payment Date in the following order of priority:

	1.		To pay the Class A-2 Principal Payment Amount to the holders of the Class A-2 Notes in reduction of their Class Principal Amount until it is reduced to zero; and

	2.		For payment as Group 2 Monthly Excess Cashflow;


		(e) Group 1 Monthly Excess Cashflow, if any, shall be applied in the following order of priority:

	1.		To pay any unpaid Current Interest to the holders of the Class A-1 Notes and thereafter any Current Interest to the holders of the Class A-2 Notes remaining unpaid after application of the Group 2 Monthly Excess Cashflow pursuant to clause (f)(1) below;

	2.		To pay the Group 1 Overcollateralization Deficiency Amount in reduction of the Class Principal Amount of the Class A-1 Notes, and thereafter, the Group 2 Overcollateralization Deficiency Amount in reduction of the Class Principal Amount of the Class A-2 Notes to the extent remaining unpaid after application of the Group 2 Monthly Excess Cashflow pursuant to clause (f)(2) below;

	3.		Without duplication, to reimburse the Note Insurer for any amounts previously paid by it to the Class A-1 Notes together with interest thereon at the Prime Rate plus 2% per annum, and any other amounts due to the Note Insurer pursuant to the Note Insurance Agreement, and thereafter, to reimburse the Note Insurer for any amounts previously paid by it to the Class A-2 Notes, together with interest thereon at the Prime Rate plus 2% per annum, to the extent remaining unpaid after application of the Group 2 Monthly Excess Cashflow pursuant to clause (f)(3) below;

	4.		To pay any Basis Risk Shortfall to the Class A-1 Notes and thereafter, any Basis Risk Shortfall to the Class A-2 Notes to the extent remaining unpaid after application of the Group 2 Monthly Excess Cashflow pursuant to clause (f)(4) below; and

	5.		Any remaining Group 1 Monthly Excess Cashflow to the holder of the ownership certificate;

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 7				July 28, 2005


(f)	Group 2 Monthly Excess Cashflow, if any, shall be applied in the following order of priority:

	1.	To pay any unpaid Current Interest to the holders of the Class A-2 Notes and thereafter any Current Interest to the holders of the Class A-1 Notes remaining unpaid after application of the Group 1 Monthly Excess Cashflow pursuant to clause (e)(1) above;

	2.	To pay the Group 2 Overcollateralization Deficiency Amount in reduction of the Class Principal Amount of the Class A-2 Notes, and thereafter, the Group 1 Overcollateralization Deficiency Amount in reduction of the Class Principal Amount of the Class A-1 Notes to the extent remaining unpaid after application of the Group 1 Monthly Excess Cashflow pursuant to clause (e)(2) above;

	3.	Without duplication, to reimburse the Note Insurer for any amounts previously paid by it to the Class A-2 Notes together with interest thereon at the Prime Rate plus 2% per annum, and any other amounts due to the Note Insurer pursuant to the Note Insurance Agreement, and thereafter, to reimburse the Note Insurer for any amounts previously paid by it to the Class A-1 Notes, together with interest thereon at the Prime Rate plus 2% per annum, to the extent remaining unpaid after application of the Group 1 Monthly Excess Cashflow pursuant to clause (e)(3) above;

	4.	To pay any Basis Risk Shortfall to the Class A-2 Notes and thereafter, any Basis Risk Shortfall to the Class A-1 Notes to the extent remaining unpaid after application of the Group 1 Monthly Excess Cashflow pursuant to clause (e)(4) above; and

	5.	Any remaining Group 2 Monthly Excess Cashflow to the holder of the ownership certificate.

Pursuant to the terms of the Transfer and Servicing Agreement and the Note Insurance Policy, the Securities Administrator will be authorized to draw on the Note Insurance Policy on any Payment Date on which, after application of the payment waterfall, (i) there is a deficiency in Current Interest payable on the Notes; (ii) there is a Parity Deficiency Amount (in which case, the amount thereof shall be applied in proportion to the Group 1 and Group 2 Parity Deficiency Amounts in reduction of the Class Principal Amounts of the Class A-1 and A-2 Notes, respectively); and (iii) there are insufficient funds to pay all outstanding principal on the Notes on their Final Maturity Dates. The Note Insurance Policy will not cover (i) Basis Risk Shortfalls, (ii) Prepayment Interest Shortfalls or (iii) Relief Act Shortfalls. The Note Insurance Policy will cover Current Interest remaining unpaid from previous Payment Dates, but will not cover interest on such amounts to the extent that the failure to pay Current Interest for such prior Payment Dates was due to the failure of the Securities Administrator to deliver a timely and correct notice of claim to the Note Insurer.

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 8				July 28, 2005


C. Definitions

Basis Risk Shortfall:		For each class of Notes on any Payment Date, the sum of (a) the excess, if any, of (i) the amount that would have been the Current Interest under clause (a) of the definition thereof for such class of Notes at the Formula Rate for such Payment Date over (ii) the Current Interest under clause (a) of the definition thereof due to such class of Notes based upon the application of the Net WAC Rate for such Payment Date, (b) the excess, if any, of (i) the amount that would have been the Current Interest under clause (b)(y) of the definition thereof for such class of Notes at the Formula Rate for such Payment Date over (ii) the Current Interest under clause (b)(y) of the definition thereof due to such class of Notes on such Payment Date based upon the application of the Net WAC Rate, (c) any excess described in clauses (a) and (b) above for any prior Payment Date that remains unpaid (together with any unpaid interest thereon from prior Payment Dates pursuant to clause (d)), and (d) interest accrued during the Interest Accrual Period related to such Payment Date on the amount described in clause (c) above at the applicable Formula Rate. The Note Insurance Policy will not cover Basis Risk Shortfall.

Class A-1 Principal Payment Amount:		For any Payment Date, an amount equal to the lesser of (a) the Class Principal Amount of the Class A-1 Notes and (b) the excess, if any, of Group 1 Principal Proceeds over the Group 1 Overcollateralization Release Amount.

Class A-2 Principal Payment Amount:		For any Payment Date an amount equal to the lesser of (a) the Class Principal Amount of the Class A-2 Notes and (b) the excess, if any, of Group 2 Principal Proceeds over the Group 2 Overcollateralization Release Amount.

Class Principal Amount:		For each class of Notes, the aggregate principal amount of such class of Notes on the Closing Date, less the sum of all amounts paid as principal (including insurance proceeds paid as principal) on such class of Notes on all prior Payment Dates.

Cumulative Realized Loss Percentage: Current Interest:		With respect to any Payment Date, a fraction, expressed as a percentage, obtained by dividing (x) the aggregate amount of cumulative Realized Losses incurred on the Mortgage Loans from the Cut-off Date through the last day of the related Due Period by (y) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date. With respect to any Payment Date and each class of Notes, the sum of (a) the interest accrued during the related Interest Accrual Period at the applicable Note Interest Rate for such class of Notes on the related Class Principal Amount immediately prior to such Payment Date, and (b) the sum of (x) any unpaid Current Interest from the previous Payment Dates for such class of Notes, and (y) interest thereon at the applicable Note Interest Rate for such Payment Date.

Delinquency Rate:		For any Due Period, the fraction, expressed as a percentage, the numerator of which is the aggregate Scheduled Principal Balance of all Mortgage Loans that are 60 or more days delinquent (including all foreclosures and REO Properties) as of the close of business on the last day of the preceding calendar month, and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans as of the close of business on the last day of such calendar month.

Due Period:		For each Payment Date, a period beginning on the second day of the calendar month preceding the month in which the Payment Date occurs (or the day following the Cut-off Date in respect of the initial Due Period) and ending on the first day of the calendar month in which the Payment Date occurs.

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 9				July 28, 2005


Formula Rate:		For each class of Notes, a per annum rate equal to the lesser of (a) one-month LIBOR plus the applicable margin and (b) 14.00%.

Group 1 Interest Proceeds:		With respect to any Payment Date, generally, the difference between (a) the sum of all scheduled and unscheduled payments of interest on the Group 1 Mortgage Loans, all proceeds in respect of interest from the liquidation of Group 1 Mortgage Loans, all insurance proceeds on the Group 1 Mortgage Loans in respect of interest (other than pursuant to the Note Insurance Policy), and certain proceeds in respect of interest from the repurchase of a Group 1 Mortgage Loan upon a breach of representations regarding such Mortgage Loan, each as is received or advanced in a related Due Period or the related Prepayment Period, as applicable, and (b) the amount of the Master Servicing Fee, Servicing Fee, Credit Risk Manager’s Fee and expenses and indemnities due and payable by the Issuer with respect to the Group 1 Mortgage Loans.

Group 1 Monthly Excess Cashflow:		For any Payment Date, the sum of any Group 1 Interest Proceeds and Group 1 Principal Proceeds remaining as provided in sections (a) and (b) of “Payment on Notes - Priority of Payments.”

Group 1 Overcollateralization Amount:		With respect to any Payment Date, the amount by which the aggregate Scheduled Principal Balance of the Group 1 Mortgage Loans as of the last day of the related Due Period exceeds the Class Principal Amount of the Class A-1 Notes after the payment of all principal on the Class A-1 Notes on such Payment Date.

Group 1 Overcollateralization Deficiency Amount:		For any Payment Date, the excess, if any, of (a) the Group 1 Target Overcollateralization Amount for such Payment Date over (b) the Group 1 Overcollateralization Amount for such Payment Date, calculated after taking into account the reduction of the Class Principal Amount of the Class A-1 Notes resulting from the payment of the Class A-1 Principal Payment Amount on such Payment Date.

Group 1 Overcollateralization Release Amount:		For any Payment Date an amount equal to the lesser of (a) Group 1 Principal Proceeds for such Payment Date and (b) the excess, if any, of (i) the Group 1 Overcollateralization Amount for such Payment Date (assuming, for the purposes of this calculation, that 100% of Group 1 Principal Proceeds is applied as payment of principal on the Class A-1 Notes) over (ii) the Group 1 Target Overcollateralization Amount for such Payment Date; provided, however, that if the Overcollateralization Release Amount for any Payment Date exceeds the sum of the Group 1 and Group 2 Overcollateralization Release Amounts, calculated without regard to the proviso thereof and the Group 2 Overcollateralization Release Amount is equal to the Group 2 Principal Proceeds, then the Group 1 Overcollateralization Release Amount will be equal to lesser of (a) the excess of (i) the Overcollateralization Release Amount over (ii) the Group 2 Overcollateralization Release Amount (calculated without regard to the proviso thereof) and (b) the Group 1 Principal Proceeds.

Group 1 Parity Deficiency Amount:		For any Payment Date, after application of all Group 1 and Group 2 Interest Proceeds and Principal Proceeds, the amount, if any, by which the Class Principal Amount of the Class A-1 Notes exceeds the Scheduled Principal Balance of the Group 1 Mortgage Loans as of the last day of the related Due Period.

Group 1 Principal Proceeds:		For any Payment Date, generally, the sum of all scheduled and unscheduled payments of principal on the Group 1 Mortgage Loans, all proceeds in respect of principal from the liquidation of Group 1 Mortgage Loans, all insurance proceeds on the Group 1 Mortgage Loans in respect of principal (other than pursuant to the Note Insurance Policy), and all proceeds from the repurchase of a Group 1 Mortgage Loan upon a breach of representations regarding such Mortgage Loan, each as is received or advanced in a related Due Period or the related Prepayment Period, as applicable.

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 10				July 28, 2005


Group 1 Target Overcollateralization Amount:		For any Payment Date prior to the Stepdown Date, approximately [2.70]% of the aggregate Scheduled Principal Balance of the Group 1 Mortgage Loans as of the Cut-off Date.

		For any Payment Date on or after the Stepdown Date, the product of (a) the Target Overcollateralization Amount and (b) a fraction (i) the numerator of which is the aggregate Scheduled Principal Balance of the Group 1 Mortgage Loans as of the last day of the related Due Period and (ii) the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans in both loan groups as of the last day of the related Due Period.

Group 2 Interest Proceeds:		With respect to any Payment Date, generally, the difference between (a) the sum of all scheduled and unscheduled payments of interest on the Group 2 Mortgage Loans, all proceeds in respect of interest from the liquidation of Group 2 Mortgage Loans, all insurance proceeds on the Group 2 Mortgage Loans in respect of interest (other than pursuant to the Note Insurance Policy) and certain proceeds in respect of interest from the repurchase of a Group 2 Mortgage Loan upon a breach of representations regarding such Mortgage Loan, each as is received or advanced in a related Due Period or the related Prepayment Period, as applicable, and (b) the amount of the Master Servicing Fee, Servicing Fee, Credit Risk Manager’s Fee and expenses and indemnities due and payable by the Issuer with respect to the Group 2 Mortgage Loans.

Group 2 Monthly Excess Cashflow:		For any Payment Date, the sum of any Group 2 Interest Proceeds and Group 2 Principal Proceeds remaining as provided in sections (c) and (d) of “Payments on Notes - Priority of Payments.”

Group 2 Overcollateralization Amount:		With respect to any Payment Date, the amount by which the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans as of the last day of the related Due Period exceeds the Class Principal Amount of the Class A-2 Notes after the payment of all principal on the Class A-2 Notes on such Payment Date.

Group 2 Overcollateralization Deficiency Amount:		For any Payment Date, the excess, if any, of (a) the Group 2 Target Overcollateralization Amount for such Payment Date over (b) the Group 2 Overcollateralization Amount for such Payment Date, calculated after taking into account the reduction of the Class Principal Amount of the Class A-2 Notes resulting from the payment of the Class A-2 Principal Payment Amount on such Payment Date.

Group 2 Overcollateralization Release Amount:		For any Payment Date an amount equal to the lesser of (a) Group 2 Principal Proceeds for such Payment Date and (b) the excess, if any, of (i) the Group 2 Overcollateralization Amount for such Payment Date (assuming, for the purposes of this calculation, that 100% of Group 2 Principal Proceeds is applied as payment of principal on the Class A-2 Notes) over (ii) Group 2 Target Overcollateralization Amount for such Payment Date; provided, however, that if the Overcollateralization Release Amount for any Payment Date exceeds the sum of the Group 1 and Group 2 Overcollateralization Release Amounts, calculated without regard to the proviso thereof and the Group 1 Overcollateralization Release Amount is equal to the Group 1 Principal Proceeds, then the Group 2 Overcollateralization Release Amount will be equal to lesser of (a) the excess of (i) the Overcollateralization Release Amount over (ii) the Group 1 Overcollateralization Release Amount (calculated without regard to the proviso thereof) and (b) the Group 2 Principal Proceeds.

Group 2 Parity Deficiency Amount:		For any Payment Date, after application of all Group 1 and Group 2 Interest Proceeds and Principal Proceeds, the amount, if any, by which the Class Principal Amount of the Class A-2 Notes exceeds the Scheduled Principal Balance of the Group 2 Mortgage Loans as of the last day of the related Due Period.

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 11				July 28, 2005


Group 2 Principal Proceeds:		For any Payment Date, generally, the sum of all scheduled and unscheduled payments of principal on the Group 2 Mortgage Loans, all proceeds in respect of principal from the liquidation of Group 2 Mortgage Loans, all insurance proceeds on the Group 2 Mortgage Loans in respect of principal (other than pursuant to the Note Insurance Policy), and all proceeds from the repurchase of a Group 2 Mortgage Loan upon a breach of representations regarding such Mortgage Loan, each as is received or advanced in a related Due Period or the related Prepayment Period, as applicable.

Group 2 Target Overcollateralization Amount:		For any Payment Date prior to the Stepdown Date, approximately [2.70]% of the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans as of the Cut-off Date.

		For any Payment Date on or after the Stepdown Date, the product of (a) the Target Overcollateralization Amount and (b) a fraction (i) the numerator of which is the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans as of the last day of the related Due Period and (ii) the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans in both loan groups as of the last day of the related Due Period.

Interest Accrual Period:		For each Payment Date, the period beginning with the previous Payment Date (or, in the case of the first Payment Date, the Closing Date) and ending on the day prior to such Payment Date.

Margin Stepup Date:		The first Payment Date on which the aggregate Scheduled Principal Balance of the Mortgage Loans as of the end of the related Due Period is less than 20% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date.

Monthly Insurance Premium:		For any Payment Date, the insurance premium due to the Note Insurer, which premium will be determined as a variable rate, which is not expected to exceed [2.50]% per annum, multiplied by a notional balance approximately equal to the aggregate Class Principal Amount of the Notes as of the first day of the related Due Period. The Monthly Insurance Premium will increase by no more than 50% on the Margin Stepup Date.

Monthly Insurance Premium Fee Rate:		For any Payment Date, the product of (i) a fraction, the numerator of which is the Monthly Insurance Premium with respect to such Payment Date and denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans as of the first day of the related Due Period and (ii) a fraction, the numerator of which is 360 and the denominator of which is the actual number of days in the related Interest Accrual Period.

Net WAC Rate:		For any Payment Date, the excess, if any, of (a) the lesser of (i) Net WAC Rate of the Group 1 Mortgage Loans and (ii) the Net WAC Rate of the Group 2 Mortgage Loans over (b) the Monthly Insurance Premium Fee Rate. The Net WAC Rate for each Group of Mortgage Loans for any Payment Date is equal to the product of (a) a fraction, the numerator of which is the excess of (i) the total scheduled interest in respect of the Mortgage Loans of such Group for such Payment Date over (ii) the sum of (1) the Servicing Fee, (2) the Master Servicing Fee and (3) the Credit Risk Manager’s Fee, each for such Mortgage Loan Group, and the denominator of which is the aggregate Scheduled Principal Balance of such Group of Mortgage Loans as of the first day of the related Due Period and (b) a fraction, the numerator of which is 360 and the denominator of which is the actual number of days in the related Interest Accrual Period.

Note Interest Rate:		For each class of Notes, the lesser of (a) the applicable Formula Rate and (b) the Net WAC Rate.

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 12				July 28, 2005


Overcollateralization Release Amount		For any Payment Date an amount equal to the lesser of (a) sum of the Group 1 and Group 2 Principal Proceeds for such Payment Date and (b) the excess, if any, of (i) the sum of the Group 1 and Group 2 Overcollateralization Amounts for such Payment Date (assuming, for the purposes of this calculation, that 100% of Group 1 Principal Proceeds is applied as payment of principal on the Class A-1 Notes and 100% of Group 2 Principal Proceeds is applied as payment of principal on the Class A-2 Notes) over (ii) the Target Overcollateralization Amount for such Payment Date.

Parity Deficiency Amount:		For any Payment Date, after application of all Group 1 and Group 2 Interest Proceeds and Principal Proceeds, the amount, if any, by which the Class Principal Amount of the Class A-1 Notes and Class A-2 Notes exceeds the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period.

Prepayment Period:		With respect to any Payment Date, the calendar month preceding the month of such Payment Date.

Realized Loss:		With respect to any Mortgage Loan that has been liquidated, the excess, if any, of the principal balance of such Mortgage Loan together with accrued and unpaid interest thereon over the proceeds of the liquidation. With respect to any Mortgage Loan, the extent to which its principal balance, or the amount of the scheduled monthly payment of principal, has been reduced pursuant to a judicial proceeding.

Rolling Three Month Delinquency Rate:		With respect to any Payment Date, the average of the Delinquency Rates for each of the three (or a shorter period, in the case of the first and second Payment Dates) immediately preceding months.

Scheduled Principal Balance:		With respect to any Mortgage Loan as of any date of determination, the principal balance of such Mortgage Loan as of the Cut-off Date, reduced by all scheduled payments of principal due after the Cut-off Date and all amounts allocable to unscheduled principal payments.

Stepdown Date:		The later to occur of (a) the Payment Date in August 2008 and (b) the first Payment Date on which the aggregate Group 1 and Group 2 Overcollateralization Amounts equals or exceeds [5.40]% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period.

Target Overcollateralization Amount:		For any Payment Date prior to the Stepdown Date, approximately [2.70]% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date.

		For any Payment Date on or after the Stepdown Date, the lesser of (a) [2.70]% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date, and (b) [5.40]% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period, subject to a floor equal to 0.50% of the principal balance of the Mortgage Loans as of the Cut-off Date; provided, however, if a Trigger Event has occurred and is continuing on a Payment Date, the Target Overcollateralization Amount will be the same as the Target Overcollateralization Amount on the preceding Payment Date.

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 13				July 28, 2005


Trigger Event:		With respect to any Payment Date, a Trigger Event has occurred if (a) the Rolling Three Month Delinquency Rate as of the last day of the related Due Period equals or exceeds [15.95]%, or (b) the Cumulative Realized Loss Percentage exceeds the percentage specified in the table below for such Payment Date:


Payment Date Occurring In		Percentage
August 2008-July 2009		[3.25]% with respect to August 2008, plus an additional 1/12th of [2.00]% for each month thereafter
August 2009-July 2010		[5.25]% with respect to August 2009, plus an additional 1/12th of [1.50]% for each month thereafter
August 2010-July 2011		[6.75]% with respect to August 2010, plus an additional 1/12th of [0.75]% for each month thereafter
August 2011 and thereafter		[7.50]%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 14				July 28, 2005

D. Net WAC Rate


Net WAC Rate
		Effective Net			Effective Net			Effective Net
	Net WAC	WAC		Net WAC	WAC		Net WAC	WAC
Period	Rate⁽¹⁾⁽³⁾	Rate^(1)(2)(3)	Period	Rate⁽¹⁾⁽³⁾	Rate^(1)(2)(3)	Period	Rate⁽¹⁾⁽³⁾	Rate^(1)(2)(3)

1	NA	NA	14	6.219%	10.500%	27	7.426%	10.500%
2	6.282%	10.500%	15	6.430%	10.500%	28	8.192%	10.500%
3	6.498%	10.500%	16	6.204%	10.500%	29	8.459%	10.500%
4	6.277%	10.500%	17	6.414%	10.500%	30	8.145%	10.500%
5	6.492%	10.500%	18	6.187%	10.500%	31	8.121%	10.500%
6	6.270%	10.500%	19	6.179%	10.500%	32	8.697%	10.500%
7	6.265%	10.500%	20	6.872%	10.500%	33	8.129%	10.500%
8	6.962%	10.500%	21	6.192%	10.500%	34	9.457%	10.500%
9	6.254%	10.500%	22	7.507%	10.500%	35	9.101%	10.500%
10	6.466%	10.500%	23	7.225%	10.500%	36	9.394%	10.500%
11	6.241%	10.500%	24	7.451%	10.500%	37	9.038%	10.500%
12	6.452%	10.500%	25	7.167%	10.500%	38	9.012%	10.500%
13	6.226%	10.500%	26	7.150%	10.500%	39	9.430%	10.500%


(1)		Assumes that six-month LIBOR and one-month LIBOR are both equal to 20.00%.

(2)		Assumes payments are received from the Cap Agreement.

(3)		Assumes the Pricing Prepayment Speed to the Payment Date on which the Optional Termination maybe first exercised.

FRIEDMAN BILLINGS RAMSEY

E. Cap Schedule


Cap Agreement
	Notional Balance	Cap Strike		Cap Ceiling				Notional Balance		Cap Strike		Cap Ceiling
Period	($)	(%)		(%)		Period		($)		(%)		(%)

1	0.00		0.000		10.500		21		672,142,250.64		6.192		10.500
2	1,126,978,113.17		6.282		10.500		22		636,552,332.67		7.507		10.500
3	1,114,022,877.01		6.498		10.500		23		602,974,942.19		7.225		10.500
4	1,098,605,236.82		6.277		10.500		24		571,227,630.16		7.451		10.500
5	1,080,755,538.57		6.492		10.500		25		541,652,665.86		7.167		10.500
6	1,060,520,038.36		6.270		10.500		26		522,900,393.90		7.150		10.500
7	1,037,961,969.56		6.265		10.500		27		504,789,268.31		7.426		10.500
8	1,013,161,081.92		6.962		10.500		28		487,290,517.09		8.192		10.500
9	986,217,788.26		6.254		10.500		29		470,432,051.08		8.459		10.500
10	957,367,761.70		6.466		10.500		30		454,140,540.40		8.145		10.500
11	929,342,039.21		6.241		10.500		31		438,396,492.81		8.121		10.500
12	902,119,924.20		6.452		10.500		32		423,181,094.89		8.697		10.500
13	875,678,172.55		6.226		10.500		33		408,476,195.19		8.129		10.500
14	849,994,216.44		6.219		10.500		34		394,266,293.55		9.457		10.500
15	825,046,144.53		6.430		10.500		35		380,564,509.72		9.101		10.500
16	800,812,682.89		6.204		10.500		36		367,320,202.60		9.394		10.500
17	777,269,619.63		6.414		10.500		37		354,517,722.00		9.038		10.500
18	754,400,762.14		6.187		10.500		38		353,525,402.92		9.012		10.500
19	732,161,358.75		6.179		10.500		39		342,207,818.32		9.430		10.500
20	709,768,882.07		6.872		10.500	40 and thereafter			0.00		0.000		0.000

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 16		July 28, 2005

F. Excess Spread Schedule


Excess Spread ⁽¹⁾⁽²⁾

	FWD 1		FWD 6		Excess		Excess				FWD 1		FWD 6		Excess		Excess
	Month		Month		Spread		Spread				Month		Month		Spread		Spread
Period	LIBOR %		LIBOR %		Static		Forward		Period		LIBOR %		LIBOR %		Static		Forward

1		3.594		3.933	NA		NA			21		4.319		4.366		2.751		2.036
2		3.815		4.065		2.796		2.573		22		4.337		4.363		4.040		3.333
3		3.884		4.130		2.928		2.645		23		4.356		4.360		3.887		3.139
4		4.027		4.182		2.793		2.358		24		4.300		4.356		4.005		3.336
5		4.194		4.215		2.925		2.342		25		4.311		4.366		3.849		3.149
6		4.109		4.221		2.790		2.273		26		4.324		4.376		3.839		3.128
7		4.165		4.232		2.787		2.215		27		4.335		4.387		3.977		3.287
8		4.205		4.230		3.186		2.633		28		4.346		4.396		4.545		4.166
9		4.176		4.229		2.781		2.199		29		4.357		4.406		4.669		4.303
10		4.225		4.238		2.912		2.301		30		4.369		4.416		4.517		4.118
11		4.228		4.238		2.775		2.141		31		4.380		4.426		4.503		4.093
12		4.146		4.242		2.905		2.372		32		4.390		4.436		4.766		4.396
13		4.167		4.265		2.768		2.196		33		4.400		4.447		4.505		4.078
14		4.188		4.284		2.764		2.172		34		4.410		4.456		4.640		4.278
15		4.207		4.303		2.894		2.303		35		4.420		4.467		4.486		4.090
16		4.226		4.324		2.756		2.127		36		4.415		4.476		4.609		4.244
17		4.247		4.343		2.887		2.259		37		4.425		4.485		4.454		4.055
18		4.266		4.363		2.748		2.081		38		4.434		4.495		4.321		3.889
19		4.283		4.365		2.743		2.060		39		4.442		4.502		4.532		4.126
20		4.300		4.366		3.144		2.513


(1)		Assumes the Pricing Prepayment Speed to the Payment Date on which the Optional Termination maybe first exercised.

(2)		Calculated as (a) interest collections on the Mortgage Loans (net of the Master Servicer Fees, Servicing Fees, Credit Risk Manager’s Fee and Monthly Insurance Premium), less the aggregate amount of interest due on the Notes divided by (b) the aggregate principal balance of the Mortgage Loans as of the first day of the Due Period.

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 17		July 28, 2005

G. Computational Items


Note Summary - To Optional Termination

CLASS A-1
Prepay Speed	50%PPC		75%PPC		100%PPC		125%PPC		150%PPC
WAL (yrs)		3.93		2.65		1.97		1.56		1.30
Modified Duration (yrs)		3.55		2.47		1.87		1.50		1.26
Principal Window (mths)		1 - 81		1 - 54		1 - 39		1 - 30		1 - 24

CLASS A-2
Prepay Speed	50%PPC		75%PPC		100%PPC		125%PPC		150%PPC
WAL (yrs)		3.98		2.68		1.99		1.58		1.31
Modified Duration (yrs)		3.59		2.50		1.89		1.51		1.26
Principal Window (mths)		1 - 81		1 - 54		1 - 39		1 - 30		1 - 24


Note Summary - To Maturity

CLASS A-1
Prepay Speed	50%PPC		75%PPC		100%PPC		125%PPC		150%PPC
WAL (yrs)		5.33		3.61		2.69		2.11		1.71
Modified Duration (yrs)		4.47		3.19		2.45		1.96		1.62
Principal Window (mths)		1 - 308		1 - 235		1 - 179		1 - 142		1 - 115

CLASS A-2
Prepay Speed	50%PPC		75%PPC		100%PPC		125%PPC		150%PPC
WAL (yrs)		5.46		3.71		2.76		2.17		1.76
Modified Duration (yrs)		4.56		3.27		2.51		2.02		1.66
Principal Window (mths)		1 - 308		1 - 235		1 - 179		1 - 142		1 - 115

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 18		July 28, 2005

H. The Mortgage Loans

Information with respect to the Mortgage Loans expected to be included in the mortgage pool is set forth below. Prior to the Closing Date, Mortgage Loans may be removed from the mortgage pool and other loans may be substituted therefore. FBR believes that the information set forth herein with respect to the mortgage pool is representative of the final mortgage pool as of the Cut-off Date, although some characteristics of the Mortgage Loans in the mortgage pool may vary.

Aggregate Mortgage Loan Statistics

As of the Cut-off Date


			Minimum		Maximum
Scheduled Principal Balance	$	1,169,019,965.19	$	7,318.25	$	998,345.55
Average Scheduled Principal Balance	$	196,573.06
Number of Mortgage Loans		5,947

Weighted Average Mortgage Rate		7.460%		4.990%		12.990%
Weighted Average FICO Score		635		479		817
Weighted Average Original LTV		80.76%		10.87%		100.00%

Weighted Average Original Term	358 months		120 months		360 months
Weighted Average Stated Remaining Term	355 months		114 months		358 months
Weighted Average Seasoning	3 months		2 months		10 months

ARM Characteristics
Weighted Average Gross Margin		6.013%		3.310%		11.490%
Weighted Average Minimum Interest Rate		7.491%		5.125%	12.990%
Weighted Average Maximum Interest Rate		14.490%		12.125%		19.990%
Weighted Average Initial Rate Cap		1.499%		1.000%		1.500%
Weighted Average Subsequent Rate Cap		1.499%		1.000%		1.500%
Weighted Average Months to Next Adjustment Date	22 months		3 months		58 months

Maturity Date			January 1, 2015		May 1, 2035
Maximum Zip Code Concentration		0.29%		11221

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 19		July 28, 2005

Aggregate Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Mortgage Rate (%)	Loans		Balance		Balance			Coupon			Score		LTV

4.501 - 5.000		2	$	318,840.40		0.03	%		4.994	%		797		47.41	%
5.001 - 5.500		30		7,724,551.30		0.66			5.388			717		71.51
5.501 - 6.000		205		53,748,035.85		4.60			5.897			686		75.53
6.001 - 6.500		447		112,738,822.73		9.64			6.365			679		78.83
6.501 - 7.000		1,239		285,151,282.05		24.39			6.869			661		79.47
7.001 - 7.500		1,024		209,767,453.74		17.94			7.344			643		80.71
7.501 - 8.000		1,411		259,549,091.83		22.20			7.848			618		82.35
8.001 - 8.500		613		102,183,000.86		8.74			8.326			591		82.94
8.501 - 9.000		618		90,843,283.83		7.77			8.822			580		83.58
9.001 - 9.500		181		25,520,814.05		2.18			9.324			572		83.24
9.501 - 10.000		125		15,405,962.77		1.32			9.853			563		81.01
10.001 - 10.500		26		3,036,485.21		0.26			10.365			553		82.01
10.501 - 11.000		21		2,560,679.62		0.22			10.774			548		79.45
11.001 - 11.500		2		151,220.45		0.01			11.286			561		89.56
11.501 - 12.000		2		286,721.95		0.02			11.782			671		89.33
12.501 - 13.000		1		33,718.55		0.00			12.990			571		75.00

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Current Balance ($)	Loans		Balance		Balance			Coupon			Score		LTV

0.01 - 50,000.00		139	$	6,179,791.81		0.53	%		8.424	%		588		71.16	%
50,000.01 - 100,000.00		1,111		86,227,933.64		7.38			8.082			609		81.47
100,000.01 - 150,000.00		1,386		173,206,860.14		14.82			7.735			624		82.03
150,000.01 - 200,000.00		992		173,250,556.86		14.82			7.580			628		81.68
200,000.01 - 250,000.00		730		163,543,021.98		13.99			7.408			637		79.90
250,000.01 - 300,000.00		570		156,377,993.59		13.38			7.298			641		80.47
300,000.01 - 350,000.00		333		107,647,523.77		9.21			7.246			639		81.01
350,000.01 - 400,000.00		305		115,242,264.72		9.86			7.195			655		81.36
400,000.01 - 450,000.00		152		64,745,111.67		5.54			7.214			644		80.96
450,000.01 - 500,000.00		120		57,475,427.41		4.92			7.250			646		79.85
500,000.01 - 550,000.00		42		22,020,635.41		1.88			7.444			647		78.62
550,000.01 - 600,000.00		34		19,746,078.96		1.69			7.177			649		78.81
600,000.01 - 650,000.00		17		10,678,778.85		0.91			7.065			650		78.43
650,000.01 - 700,000.00		4		2,724,629.45		0.23			7.511			633		77.65
700,000.01 - 750,000.00		6		4,432,414.72		0.38			6.778			649		75.97
750,000.01 - 800,000.00		2		1,531,667.47		0.13			6.793			686		71.75
950,000.01 - 1,000,000.00		4		3,989,274.74		0.34			7.714			618		56.82

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 20		July 28, 2005

Aggregate Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Loan Type	Loans		Balance		Balance			Coupon			Score		LTV

ARM 2/28		3,766	$	748,654,355.93		64.04	%		7.674	%		622		81.11	%
ARM 2/28 60 month IO		756		208,767,275.18		17.86			6.804			675		80.20
30 Year Fixed		954		139,780,061.93		11.96			7.337			640		79.55
ARM 3/27		222		29,804,929.73		2.55			7.939			621		86.03
30 Year Fixed 60 month IO		45		12,127,491.09		1.04			6.500			681		76.80
ARM 3/27 60 month IO		33		7,777,770.17		0.67			6.895			683		80.84
15 Year Fixed		58		5,816,096.97		0.50			7.256			631		71.60
ARM 5/25		36		5,116,594.44		0.44			7.930			640		86.69
ARM 5/25 60 month IO		21		4,829,717.29		0.41			6.863			679		82.66
20 Year Fixed		37		3,493,721.88		0.30			7.095			655		65.92
10 Year Fixed		10		1,256,203.73		0.11			7.054			666		71.93
6 Month ARM		2		602,745.94		0.05			6.388			711		80.32
Balloon 30/15		3		497,464.43		0.04			7.774			613		78.70
ARM 3/27 36 month IO		1		340,000.00		0.03			6.125			669		80.00
25 Year Fixed		3		155,536.48		0.01			7.841			595		68.57

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Remaining Term (Months)	Loans		Balance		Balance			Coupon			Score		LTV

109 - 120		10	$	1,256,203.73		0.11	%		7.054	%		666		71.93	%
169 - 180		61		6,313,561.40		0.54			7.297			630		72.16
229 - 240		37		3,493,721.88		0.30			7.095			655		65.92
289 - 300		3		155,536.48		0.01			7.841			595		68.57
349 - 360		5,836		1,157,800,941.70		99.04			7.462			635		80.87

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Seasoning (Months)	Loans		Balance		Balance			Coupon			Score		LTV

2		1,511	$	295,570,677.54		25.28	%		7.544	%		635		80.84	%
3		2,329		463,447,372.46		39.64			7.428			636		80.24
4		1,428		280,928,004.90		24.03			7.414			636		80.61
5		453		85,279,349.03		7.29			7.461			636		82.88
6		132		24,780,919.75		2.12			7.600			629		83.22
7		73		14,180,693.84		1.21			7.347			633		81.37
8		14		3,117,012.28		0.27			7.419			632		83.10
9		4		889,007.09		0.08			8.156			585		84.33
10		3		826,928.30		0.07			7.753			616		81.17

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Lien Position

Loans

Balance

Coupon

Score

LTV

1st

5,947

1,169,019,965.19

100.00

7.460

635

80.76

Total

5,947

1,169,019,965.19

100.00

7.460

635

80.76

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 21		July 28, 2005

Aggregate Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Original LTV (%)	Loans		Balance		Balance			Coupon			Score		LTV

10.01 - 15.00		2	$	89,152.82		0.01	%		9.403	%		506		12.54	%
15.01 - 20.00		7		561,068.05		0.05			7.682			593		18.08
20.01 - 25.00		9		990,804.52		0.08			6.473			627		23.30
25.01 - 30.00		20		2,103,266.11		0.18			7.082			595		28.06
30.01 - 35.00		17		1,944,658.38		0.17			7.195			643		33.10
35.01 - 40.00		20		2,183,209.19		0.19			7.099			601		38.63
40.01 - 45.00		39		6,529,076.14		0.56			7.733			578		43.07
45.01 - 50.00		49		6,855,040.75		0.59			6.969			613		48.20
50.01 - 55.00		58		11,205,483.72		0.96			7.219			598		52.97
55.01 - 60.00		105		19,829,875.30		1.70			7.476			600		58.12
60.01 - 65.00		139		28,891,990.20		2.47			7.460			612		63.35
65.01 - 70.00		185		37,756,070.71		3.23			7.697			597		68.64
70.01 - 75.00		299		56,610,190.98		4.84			7.548			608		74.13
75.01 - 80.00		2,737		598,229,788.92		51.17			7.170			661		79.84
80.01 - 85.00		793		146,850,282.66		12.56			7.840			595		84.59
85.01 - 90.00		840		156,449,366.40		13.38			7.906			608		89.52
90.01 - 95.00		205		33,344,217.06		2.85			7.838			625		94.58
95.01 - 100.00		423		58,596,423.28		5.01			7.928			643		99.83

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
FICO Score	Loans		Balance		Balance			Coupon			Score		LTV

No FICO		10	$	1,305,088.86		0.11	%		8.279	%		0		58.32	%
460 - 479		2		208,825.46		0.02			8.763			479		67.91
480 - 499		6		1,138,317.76		0.10			8.092			492		58.04
500 - 519		360		55,753,256.62		4.77			8.522			510		76.31
520 - 539		439		71,752,049.67		6.14			8.301			530		80.14
540 - 559		380		63,429,619.56		5.43			8.100			549		80.44
560 - 579		380		64,251,234.89		5.50			8.049			569		80.88
580 - 599		440		79,951,452.72		6.84			7.763			590		81.77
600 - 619		519		98,348,008.76		8.41			7.575			610		81.99
620 - 639		680		139,220,034.52		11.91			7.390			630		81.75
640 - 659		704		151,617,874.01		12.97			7.231			649		81.23
660 - 679		649		138,440,755.61		11.84			7.114			669		81.16
680 - 699		509		111,196,467.52		9.51			7.086			689		80.98
700 - 719		337		72,290,869.48		6.18			7.041			708		80.85
720 - 739		230		54,041,584.31		4.62			6.925			728		80.14
740 - 759		159		36,985,253.56		3.16			6.778			749		79.39
760 - 779		93		18,641,373.08		1.59			6.983			769		81.20
780 - 799		43		9,018,969.76		0.77			6.655			787		76.33
800 - 819		7		1,428,929.04		0.12			6.309			810		71.52

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Use of Proceeds	Loans		Balance		Balance			Coupon			Score		LTV

Purchase		2,811	$	580,171,364.07		49.63	%		7.355	%		662		81.85	%
Cashout Refinance		2,991		562,075,853.21		48.08			7.570			608		79.72
Rate/Term Refinance		135		24,173,765.58		2.07			7.390			630		78.75
Const-Perm		10		2,598,982.33		0.22			7.576			637		81.29

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 22		July 28, 2005

Aggregate Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Property Type	Loans		Balance		Balance			Coupon			Score		LTV

Single Family		4,147	$	768,705,462.63		65.76	%		7.500	%		629		80.87	%
PUD		619		140,518,447.23		12.02			7.392			637		81.40
Duplex		448		106,392,609.94		9.10			7.333			655		79.31
Condo		469		86,915,967.86		7.43			7.265			659		81.68
3-4 Unit		199		55,834,482.87		4.78			7.600			656		78.66
Townhouse		52		9,026,074.60		0.77			7.604			605		82.67
Modular		10		1,383,134.97		0.12			7.156			622		84.93
Manufactured		3		243,785.09		0.02			8.647			608		62.97

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Documentation Type	Loans		Balance		Balance			Coupon			Score		LTV

Stated		2,931	$	630,176,100.16		53.91	%		7.452	%		656		78.95	%
Full		2,608		439,490,112.18		37.59			7.541			608		83.70
12 mo Bank Statements		384		94,968,568.19		8.12			7.136			629		79.36
6 mo Bank Statements		24		4,385,184.66		0.38			7.424			624		77.03

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Occupancy Type	Loans		Balance		Balance			Coupon			Score		LTV

Owner Occupied		5,450	$	1,082,735,904.40		92.62	%		7.434	%		633		80.86	%
Non-Owner Occupied		432		73,190,005.55		6.26			7.828			658		78.58
Second Home		65		13,094,055.24		1.12			7.535			679		85.33

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Loan Grade	Loans		Balance		Balance			Coupon			Score		LTV

A		5,451	$	1,087,916,602.13		93.06	%		7.398	%		641		81.46	%
B		267		43,784,330.55		3.75			8.214			551		74.90
C		229		37,319,032.51		3.19			8.376			559		67.40

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 23		July 28, 2005

Aggregate Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Geographic Distribution	Loans		Balance		Balance			Coupon			Score		LTV

California		1,039	$	288,905,023.78		24.71	%		7.115	%		644		78.05	%
New York		550		147,044,098.92		12.58			7.171			651		77.62
Florida		693		113,974,250.95		9.75			7.545			638		81.82
Illinois		365		74,989,969.10		6.41			7.503			630		81.98
New Jersey		211		56,082,555.74		4.80			7.617			636		81.58
Georgia		285		40,245,882.64		3.44			7.904			618		82.62
Nevada		153		36,608,672.89		3.13			7.254			649		79.96
Virginia		155		35,293,649.80		3.02			7.569			653		80.77
Maryland		152		33,744,838.39		2.89			7.827			619		80.03
Ohio		207		28,156,809.11		2.41			7.846			614		87.21
Texas		232		25,214,578.48		2.16			7.579			635		82.69
Massachusetts		97		24,628,448.92		2.11			7.616			627		80.29
Connecticut		109		20,463,058.32		1.75			7.423			646		81.90
Arizona		114		18,889,666.55		1.62			7.588			626		81.87
Washington		94		17,120,960.75		1.46			7.452			628		82.06
Michigan		100		15,889,783.89		1.36			8.034			606		86.11
Pennsylvania		103		15,256,678.31		1.31			7.764			606		83.38
Indiana		133		15,207,080.70		1.30			7.922			611		88.47
Alabama		116		15,107,657.55		1.29			7.988			632		85.79
Missouri		126		14,871,863.84		1.27			8.207			598		83.77
Colorado		77		14,476,856.61		1.24			7.343			634		82.51
Oregon		62		11,036,028.47		0.94			7.355			644		81.76
Tennessee		100		9,972,001.03		0.85			8.001			605		84.01
Utah		47		8,106,479.69		0.69			7.544			632		83.02
North Carolina		64		7,841,366.86		0.67			8.153			609		83.28
Minnesota		38		7,281,492.23		0.62			7.307			644		84.64
Rhode Island		35		7,061,877.17		0.60			7.428			638		80.92
Kentucky		54		5,753,791.71		0.49			8.042			610		89.78
Hawaii		19		5,245,157.16		0.45			7.478			611		78.43
New Mexico		44		5,242,939.11		0.45			7.881			635		81.96
Kansas		46		5,158,459.91		0.44			7.877			600		83.75
Maine		22		4,014,472.73		0.34			7.482			626		80.66
Wisconsin		31		4,002,080.29		0.34			7.989			618		84.29
Idaho		33		3,856,875.45		0.33			7.898			610		82.81
Louisiana		29		3,567,967.99		0.31			8.006			612		88.49
Oklahoma		42		3,351,028.75		0.29			8.217			593		84.55
Delaware		23		3,191,580.94		0.27			7.782			597		83.01
New Hampshire		14		3,122,325.16		0.27			7.936			588		79.48
Arkansas		26		3,029,454.72		0.26			7.903			610		90.94
Nebraska		22		2,796,174.97		0.24			7.985			609		82.23
District of Columbia		8		2,691,749.94		0.23			7.311			643		73.61
South Carolina		20		2,423,806.03		0.21			8.151			615		83.94
Vermont		11		1,965,002.42		0.17			8.011			635		81.12
Mississippi		12		1,514,600.48		0.13			8.381			593		89.53
West Virginia		11		1,245,967.42		0.11			8.293			622		86.95
Wyoming		5		817,117.29		0.07			7.097			618		88.63
Montana		7		815,464.70		0.07			7.693			606		83.82
Iowa		7		804,645.26		0.07			8.534			603		87.45
Alaska		2		624,382.37		0.05			7.554			703		80.00
South Dakota		1		168,000.00		0.01			6.750			690		80.00
North Dakota		1		145,289.70		0.01			7.750			639		80.00

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 24		July 28, 2005

Aggregate Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Prepayment Penalty Term (Months)	Loans		Balance		Balance			Coupon			Score		LTV

0		1,125	$	207,550,288.46		17.75	%		7.833	%		627		81.32	%
6		111		21,275,925.01		1.82			7.581			642		81.62
12		761		204,998,699.13		17.54			7.209			650		78.81
18		27		6,019,831.80		0.51			7.293			633		80.00
24		2,217		451,258,708.04		38.60			7.409			636		80.50
30		58		9,784,417.63		0.84			7.611			595		79.04
36		812		144,898,670.94		12.39			7.464			632		82.19
42		6		772,436.33		0.07			7.584			641		89.74
48		15		2,427,656.32		0.21			7.720			611		86.48
60		815		120,033,331.53		10.27			7.396			629		82.25

Total		5,947	$	1,169,019,965.19		100.00	%		7.460	%		635		80.76	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Margin (%) ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

3.001 - 3.500		1	$	520,000.00		0.05	%		6.875	%		666		80.00	%
3.501 - 4.000		16		4,662,642.81		0.46			5.863			678		79.97
4.001 - 4.500		192		46,090,383.90		4.58			6.422			669		79.85
4.501 - 5.000		515		126,548,864.31		12.58			6.705			661		80.60
5.001 - 5.500		786		195,126,409.09		19.40			6.838			664		79.57
5.501 - 6.000		829		183,882,733.69		18.28			7.229			648		80.19
6.001 - 6.500		964		194,689,922.33		19.35			7.751			620		81.63
6.501 - 7.000		625		113,356,782.42		11.27			8.122			605		82.99
7.001 - 7.500		515		85,830,146.68		8.53			8.710			586		83.15
7.501 - 8.000		224		32,404,859.13		3.22			9.060			576		84.47
8.001 - 8.500		112		15,464,761.06		1.54			9.630			574		80.47
8.501 - 9.000		34		4,184,359.76		0.42			10.135			567		81.47
9.001 - 9.500		18		2,607,250.37		0.26			10.687			541		78.39
9.501 - 10.000		3		203,832.63		0.02			11.210			551		89.68
10.001 - 10.500		2		286,721.95		0.03			11.782			671		89.33
11.001 - 11.500		1		33,718.55		0.00			12.990			571		75.00

Total		4,837	$	1,005,893,388.68		100.00	%		7.491	%		634		81.10	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Maximum Mortgage Rate (%)	Mortgage		Principal		Principal			Gross			Credit		Original
ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

12.001 - 12.500		15	$	4,740,400.31		0.47	%		5.497	%		692		79.19	%
12.501 - 13.000		136		37,364,705.12		3.71			5.905			683		78.25
13.001 - 13.500		346		91,694,882.05		9.12			6.366			679		79.56
13.501 - 14.000		1,022		245,044,874.14		24.36			6.870			663		79.62
14.001 - 14.500		879		189,203,805.39		18.81			7.343			643		80.78
14.501 - 15.000		1,160		227,487,234.20		22.62			7.848			617		82.24
15.001 - 15.500		494		89,636,530.83		8.91			8.327			591		83.12
15.501 - 16.000		494		79,424,996.80		7.90			8.825			581		83.50
16.001 - 16.500		152		22,640,810.06		2.25			9.327			572		83.46
16.501 - 17.000		99		13,198,972.93		1.31			9.849			561		80.63
17.001 - 17.500		20		2,736,593.59		0.27			10.370			551		81.73
17.501 - 18.000		15		2,247,922.31		0.22			10.769			544		78.13
18.001 - 18.500		2		151,220.45		0.02			11.286			561		89.56
18.501 - 19.000		2		286,721.95		0.03			11.782			671		89.33
19.501 - 20.000		1		33,718.55		0.00			12.990			571		75.00

Total		4,837	$	1,005,893,388.68		100.00	%		7.491	%		634		81.10	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 25		July 28, 2005

Aggregate Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Minimum Mortgage Rate (%)	Mortgage		Principal		Principal			Gross			Credit		Original
ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

5.001 - 5.500		13	$	4,137,654.37		0.41	%		5.368	%		689		79.02	%
5.501 - 6.000		136		37,364,705.12		3.71			5.905			683		78.25
6.001 - 6.500		348		92,297,627.99		9.18			6.366			680		79.56
6.501 - 7.000		1,022		245,044,874.14		24.36			6.870			663		79.62
7.001 - 7.500		879		189,203,805.39		18.81			7.343			643		80.78
7.501 - 8.000		1,160		227,487,234.20		22.62			7.848			617		82.24
8.001 - 8.500		494		89,636,530.83		8.91			8.327			591		83.12
8.501 - 9.000		494		79,424,996.80		7.90			8.825			581		83.50
9.001 - 9.500		152		22,640,810.06		2.25			9.327			572		83.46
9.501 - 10.000		99		13,198,972.93		1.31			9.849			561		80.63
10.001 - 10.500		20		2,736,593.59		0.27			10.370			551		81.73
10.501 - 11.000		15		2,247,922.31		0.22			10.769			544		78.13
11.001 - 11.500		2		151,220.45		0.02			11.286			561		89.56
11.501 - 12.000		2		286,721.95		0.03			11.782			671		89.33
12.501 - 13.000		1		33,718.55		0.00			12.990			571		75.00

Total		4,837	$	1,005,893,388.68		100.00	%		7.491	%		634		81.10	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Initial Rate Cap (%)	Mortgage		Principal		Principal			Gross			Credit		Original
ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

1.000		14	$	2,997,874.32		0.30	%		7.274	%		621		81.78	%
1.500		4,823		1,002,895,514.36		99.70			7.492			634		81.10

Total		4,837	$	1,005,893,388.68		100.00	%		7.491	%		634		81.10	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Subsequent Rate Cap (%)	Mortgage		Principal		Principal			Gross			Credit		Original
ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

1.000		14	$	2,997,874.32		0.30	%		7.274	%		621		81.78	%
1.500		4,823		1,002,895,514.36		99.70			7.492			634		81.10

Total		4,837	$	1,005,893,388.68		100.00	%		7.491	%		634		81.10	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 26		July 28, 2005

Aggregate Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Months to Next Adjustment Date	Mortgage		Principal		Principal			Gross			Credit		Original
ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

3		2	$	602,745.94		0.06	%		6.388	%		711		80.32	%
14		1		491,821.85		0.05			7.500			613		80.00
15		2		660,569.94		0.07			8.083			569		80.95
16		9		2,484,140.16		0.25			7.349			636		80.47
17		53		11,295,618.41		1.12			7.201			637		80.53
18		99		20,773,642.07		2.07			7.629			626		82.08
19		325		66,272,889.07		6.59			7.451			634		82.08
20		1,054		227,891,912.20		22.66			7.420			633		80.63
21		1,806		381,567,181.77		37.93			7.463			634		80.52
22		1,173		245,983,855.64		24.45			7.584			634		81.39
26		1		229,230.30		0.02			8.990			552		90.00
28		1		99,363.67		0.01			7.259			630		80.00
29		2		133,713.40		0.01			7.807			629		87.03
30		6		886,393.36		0.09			7.595			652		89.47
31		32		4,876,890.97		0.48			7.816			632		87.83
32		88		13,190,964.69		1.31			7.594			648		84.94
33		89		13,548,049.61		1.35			7.670			623		82.94
34		37		4,958,093.90		0.49			7.980			631		86.34
53		1		204,000.00		0.02			7.125			699		80.00
54		1		154,498.94		0.02			8.250			580		100.00
55		3		671,397.85		0.07			7.392			668		92.76
56		14		2,219,402.56		0.22			7.722			665		84.22
57		30		5,513,125.28		0.55			7.288			652		83.67
58		8		1,183,887.10		0.12			7.359			675		84.97

Total		4,837	$	1,005,893,388.68		100.00	%		7.491	%		634		81.10	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 27		July 28, 2005

Group 1 Mortgage Loan Statistics

As of the Cut-off Date


			Minimum		Maximum
Scheduled Principal Balance	$	556,725,493.48	$	24,538.07	$	592,530.48
Average Scheduled Principal Balance	$	162,928.15
Number of Mortgage Loans		3,417

Weighted Average Mortgage Rate		7.633%		4.990%		11.990%
Weighted Average FICO Score		618		479		817
Weighted Average Original LTV		80.56%		10.87%		100.00%

Weighted Average Original Term	358 months		120 months		360 months
Weighted Average Stated Remaining Term	355 months		117 months		358 months
Weighted Average Seasoning	3 months		2 months		10 months

ARM Characteristics
Weighted Average Gross Margin		6.150%		3.310%		10.490%
Weighted Average Minimum Interest Rate		7.669%		5.490%		11.990%
Weighted Average Maximum Interest Rate		14.668%		12.490%		18.990%
Weighted Average Initial Rate Cap		1.498%		1.000%		1.500%
Weighted Average Subsequent Rate Cap		1.498%		1.000%		1.500%
Weighted Average Months to Next Adjustment Date	21 months		3 months		58 months
Maturity Date			April 1, 2015		May 1, 2035
Maximum Zip Code Concentration		0.38%		11216

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 28		July 28, 2005

Group 1 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Mortgage Rate (%)	Loans		Balance		Balance			Coupon			Score		LTV

4.501 - 5.000		1	$	189,310.96		0.03	%		4.990	%		783		57.51	%
5.001 - 5.500		8		1,873,651.31		0.34			5.431			716		71.14
5.501 - 6.000		87		19,437,047.59		3.49			5.914			684		71.80
6.001 - 6.500		195		38,065,376.60		6.84			6.378			667		77.83
6.501 - 7.000		630		116,718,678.13		20.97			6.882			652		79.34
7.001 - 7.500		567		94,546,733.24		16.98			7.346			628		80.51
7.501 - 8.000		856		137,565,749.51		24.71			7.847			605		81.63
8.001 - 8.500		410		61,145,709.62		10.98			8.334			584		83.00
8.501 - 9.000		416		56,876,033.77		10.22			8.819			570		82.86
9.001 - 9.500		127		16,169,831.66		2.90			9.322			564		82.32
9.501 - 10.000		93		11,273,600.13		2.02			9.850			559		79.23
10.001 - 10.500		14		1,517,792.47		0.27			10.410			547		78.36
10.501 - 11.000		10		972,928.21		0.17			10.814			562		85.58
11.001 - 11.500		1		86,328.33		0.02			11.125			565		95.00
11.501 - 12.000		2		286,721.95		0.05			11.782			671		89.33

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Current Balance ($)	Loans		Balance		Balance			Coupon			Score		LTV

0.01 - 50,000.00		89	$	4,055,635.85		0.73	%		8.423	%		589		73.05	%
50,000.01 - 100,000.00		775		59,823,092.78		10.75			8.076			608		80.96
100,000.01 - 150,000.00		934		116,781,804.99		20.98			7.772			619		81.42
150,000.01 - 200,000.00		660		115,122,276.93		20.68			7.633			618		81.30
200,000.01 - 250,000.00		424		94,596,355.47		16.99			7.536			617		79.19
250,000.01 - 300,000.00		279		76,416,230.25		13.73			7.435			615		80.15
300,000.01 - 350,000.00		167		53,833,976.04		9.67			7.364			621		80.65
350,000.01 - 400,000.00		53		19,520,832.76		3.51			7.395			637		81.19
400,000.01 - 450,000.00		19		8,232,305.77		1.48			7.111			652		79.85
450,000.01 - 500,000.00		12		5,622,909.64		1.01			7.689			622		79.09
500,000.01 - 550,000.00		4		2,127,542.52		0.38			8.573			640		71.57
550,000.01 - 600,000.00		1		592,530.48		0.11			6.999			654		80.00

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Loan Type	Loans		Balance		Balance			Coupon			Score		LTV

ARM 2/28		2,467	$	404,719,376.47		72.70	%		7.789	%		607		81.00	%
ARM 2/28 60 month IO		286		61,572,869.04		11.06			6.847			666		80.59
30 Year Fixed		395		56,070,195.03		10.07			7.410			635		77.05
3/27 ARM		156		18,587,091.08		3.34			7.973			613		85.92
ARM 3/27 60 month IO		21		3,833,239.27		0.69			7.141			669		79.79
15 Year Fixed		33		3,708,551.96		0.67			7.129			648		70.66
30 Year Fixed 60 month IO		11		2,382,643.11		0.43			6.626			671		72.90
20 Year Fixed		25		2,226,211.15		0.40			7.427			642		68.04
ARM 5/25 60 month IO		9		1,696,078.39		0.30			6.936			656		78.40
ARM 5/25		8		1,170,155.40		0.21			7.667			653		92.70
10 Year Fixed		4		359,468.91		0.06			6.769			637		60.15
6 Month ARM		1		333,778.73		0.06			6.500			752		83.75
25 Year Fixed		1		65,834.94		0.01			7.990			590		80.00

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 29		July 28, 2005

Group 1 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Remaining Term (Months)	Loans		Balance		Balance			Coupon			Score		LTV

109 - 120		4	$	359,468.91		0.06	%		6.769	%		637		60.15	%
169 - 180		33		3,708,551.96		0.67			7.129			648		70.66
229 - 240		25		2,226,211.15		0.40			7.427			642		68.04
289 - 300		1		65,834.94		0.01			7.990			590		80.00
349 - 360		3,354		550,365,426.52		98.86			7.638			618		80.70

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Seasoning (Months)	Loans		Balance		Balance			Coupon			Score		LTV

2		875	$	142,575,959.60		25.61	%		7.683	%		623		80.65	%
3		1,361		225,515,215.15		40.51			7.620			617		80.16
4		810		132,272,703.67		23.76			7.591			615		80.19
5		248		37,469,461.05		6.73			7.647			621		82.85
6		72		11,292,031.75		2.03			7.634			617		82.74
7		41		6,310,105.56		1.13			7.654			611		82.99
8		5		491,750.22		0.09			7.467			636		83.09
9		3		463,160.03		0.08			9.449			572		83.72
10		2		335,106.45		0.06			8.124			620		82.89

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Lien Position

Loans

Balance

Coupon

Score

LTV

1st

3,417

556,725,493.48

100.00

7.633

618

80.56

Total

3,417

556,725,493.48

100.00

7.633

618

80.56


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Original LTV (%)	Loans		Balance		Balance			Coupon			Score		LTV

10.01 - 15.00		2	$	89,152.82		0.02	%		9.403	%		506		12.54	%
15.01 - 20.00		4		346,935.96		0.06			7.437			654		18.41
20.01 - 25.00		4		353,971.37		0.06			7.014			572		22.91
25.01 - 30.00		16		1,513,801.57		0.27			7.230			615		27.90
30.01 - 35.00		9		1,230,060.06		0.22			7.513			637		32.95
35.01 - 40.00		19		2,089,470.53		0.38			7.065			602		38.68
40.01 - 45.00		25		3,306,482.09		0.59			7.787			572		42.90
45.01 - 50.00		34		4,537,642.68		0.82			7.173			594		48.15
50.01 - 55.00		40		7,038,067.55		1.26			7.350			598		53.15
55.01 - 60.00		78		14,037,623.42		2.52			7.673			588		57.85
60.01 - 65.00		104		17,943,882.77		3.22			7.623			590		63.39
65.01 - 70.00		124		21,968,358.04		3.95			7.684			591		68.66
70.01 - 75.00		207		34,433,693.49		6.19			7.729			593		74.21
75.01 - 80.00		1,277		214,047,421.34		38.45			7.319			646		79.79
80.01 - 85.00		545		92,637,528.76		16.64			7.884			587		84.61
85.01 - 90.00		573		95,052,166.15		17.07			7.930			607		89.50
90.01 - 95.00		130		19,272,087.88		3.46			7.932			622		94.57
95.01 - 100.00		226		26,827,147.00		4.82			8.050			643		99.88

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 30		July 28, 2005

Group 1 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
FICO Score	Loans		Balance		Balance			Coupon			Score		LTV

No FICO		8	$	1,032,282.63		0.19	%		8.166	%		0		54.47	%
460 - 479		2		208,825.46		0.04			8.763			479		67.91
480 - 499		4		698,590.34		0.13			8.643			490		62.77
500 - 519		272		41,310,881.73		7.42			8.508			510		76.00
520 - 539		330		50,502,885.15		9.07			8.277			530		79.81
540 - 559		270		43,275,129.70		7.77			8.088			549		80.55
560 - 579		245		38,249,921.81		6.87			8.026			569		80.53
580 - 599		292		47,089,654.07		8.46			7.812			590		81.10
600 - 619		313		47,945,284.25		8.61			7.665			610		81.36
620 - 639		389		66,735,579.77		11.99			7.433			630		82.34
640 - 659		353		62,485,048.51		11.22			7.261			649		81.09
660 - 679		314		53,515,670.90		9.61			7.197			669		80.53
680 - 699		238		40,555,636.44		7.28			7.193			690		81.63
700 - 719		152		24,111,806.91		4.33			7.172			708		80.92
720 - 739		97		16,091,307.91		2.89			7.065			730		80.52
740 - 759		66		11,100,634.00		1.99			6.805			748		80.77
760 - 779		49		7,871,835.84		1.41			7.108			768		83.26
780 - 799		20		3,308,546.52		0.59			6.775			786		74.91
800 - 819		3		635,971.54		0.11			7.018			813		82.74

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Use of Proceeds	Loans		Balance		Balance			Coupon			Score		LTV

Cashout Refinance		2,162	$	377,258,400.37		67.76	%		7.655	%		601		79.52	%
Purchase		1,164		164,226,597.93		29.50			7.583			656		83.07
Rate/Term Refinance		87		14,534,517.65		2.61			7.620			624		79.40
Const-Perm		4		705,977.53		0.13			8.188			604		78.29

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Property Type	Loans		Balance		Balance			Coupon			Score		LTV

Single Family		2,410	$	370,031,219.82		66.47	%		7.687	%		609		80.75	%
Duplex		282		58,689,305.22		10.54			7.418			639		78.38
PUD		295		49,299,291.26		8.86			7.629			615		81.95
Condo		259		38,457,817.04		6.91			7.438			654		82.29
3-4 Unit		131		34,367,246.59		6.17			7.643			646		77.99
Townhouse		31		4,668,984.97		0.84			7.753			599		83.25
Modular		8		1,150,705.25		0.21			7.264			612		82.78
Manufactured		1		60,923.33		0.01			8.150			629		75.00

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 31		July 28, 2005

Group 1 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Documentation Type	Loans		Balance		Balance			Coupon			Score		LTV

Stated		1,559	$	275,586,774.80		49.50	%		7.590	%		638		77.92	%
Full		1,652		243,066,913.37		43.66			7.715			596		83.58
12 mo Bank Statements		190		35,352,120.40		6.35			7.405			615		80.76
6 mo Bank Statements		16		2,719,684.91		0.49			7.705			606		76.08

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Occupancy Type	Loans		Balance		Balance			Coupon			Score		LTV

Owner Occupied		3,011	$	490,111,540.93		88.03	%		7.606	%		612		80.67	%
Non-Owner Occupied		355		58,396,650.29		10.49			7.847			659		78.88
Second Home		51		8,217,302.26		1.48			7.735			685		86.39

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Loan Grade	Loans		Balance		Balance			Coupon			Score		LTV

A		3,045	$	499,589,947.05		89.74	%		7.557	%		625		81.68	%
B		195		29,695,442.66		5.33			8.220			547		74.46
C		177		27,440,103.77		4.93			8.386			559		66.91

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 32		July 28, 2005

Group 1 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Geographic Distribution	Loans		Balance		Balance			Coupon			Score		LTV

California		389	$	83,246,795.86		14.95	%		7.400	%		616		75.53	%
New York		309		64,970,588.70		11.67			7.296			626		76.08
Florida		360		52,587,151.18		9.45			7.663			625		82.09
Illinois		280		51,911,893.94		9.32			7.539			621		82.02
New Jersey		137		30,606,890.03		5.50			7.703			619		80.72
Maryland		122		23,396,438.11		4.20			7.886			610		81.19
Georgia		177		23,068,117.43		4.14			7.888			609		82.99
Virginia		99		19,358,510.67		3.48			7.632			640		81.71
Nevada		81		15,929,459.53		2.86			7.254			639		79.22
Massachusetts		67		15,516,754.95		2.79			7.494			619		79.71
Texas		153		14,236,320.89		2.56			7.752			617		81.45
Connecticut		82		13,282,191.02		2.39			7.651			634		81.27
Michigan		84		11,286,220.40		2.03			8.178			600		87.25
Arizona		77		10,742,487.79		1.93			7.712			608		81.65
Washington		63		10,410,575.03		1.87			7.508			622		81.90
Alabama		92		9,388,325.62		1.69			8.149			613		85.95
Missouri		86		9,271,205.89		1.67			8.387			585		83.68
Colorado		56		9,012,480.50		1.62			7.275			628		83.07
Indiana		82		8,013,335.64		1.44			8.079			601		86.94
Pennsylvania		55		7,768,414.61		1.40			7.912			588		82.46
Oregon		46		7,564,939.67		1.36			7.338			645		81.17
Minnesota		29		5,195,545.95		0.93			7.464			626		84.50
North Carolina		51		5,003,604.17		0.90			8.272			599		83.75
Rhode Island		26		4,879,118.91		0.88			7.600			632		81.33
Kansas		40		4,164,750.12		0.75			7.983			595		84.13
Tennessee		43		4,013,599.35		0.72			8.162			578		85.26
New Mexico		36		3,819,526.45		0.69			8.009			626		82.34
Wisconsin		29		3,624,159.54		0.65			7.985			616		84.15
Ohio		26		3,493,355.75		0.63			8.066			600		81.37
Utah		28		3,489,399.17		0.63			7.623			625		85.32
Kentucky		29		3,088,119.03		0.55			8.294			577		90.22
New Hampshire		12		2,530,185.74		0.45			7.831			592		80.82
Maine		14		2,449,984.30		0.44			7.463			613		80.20
Delaware		18		2,370,295.73		0.43			7.632			599		84.13
Idaho		19		2,042,849.51		0.37			7.947			604		85.68
Arkansas		20		1,945,621.30		0.35			7.926			610		89.44
Nebraska		15		1,754,815.65		0.32			8.343			598		82.19
Louisiana		13		1,679,603.50		0.30			7.905			611		87.04
Vermont		8		1,625,241.71		0.29			8.019			630		80.29
South Carolina		14		1,481,649.29		0.27			8.472			581		85.95
District of Columbia		5		1,156,711.31		0.21			7.898			591		79.08
West Virginia		10		921,667.15		0.17			8.502			627		82.36
Oklahoma		8		916,964.35		0.16			7.735			621		83.69
Hawaii		4		830,746.47		0.15			7.504			586		57.21
Iowa		7		804,645.26		0.14			8.534			603		87.45
Mississippi		6		766,411.70		0.14			8.326			609		86.66
Montana		6		581,469.48		0.10			8.072			587		85.36
Wyoming		2		213,065.43		0.04			8.069			577		80.00
South Dakota		1		168,000.00		0.03			6.750			690		80.00
North Dakota		1		145,289.70		0.03			7.750			639		80.00

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 33		July 28, 2005

Group 1 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Prepayment Penalty Term (Months)	Loans		Balance		Balance			Coupon			Score		LTV

0		855	$	131,521,803.68		23.62	%		7.918	%		608		80.98	%
6		77		11,473,643.63		2.06			7.664			626		81.45
12		427		90,767,113.60		16.30			7.304			634		78.23
18		23		4,716,429.60		0.85			7.343			616		80.01
24		1,372		218,964,654.92		39.33			7.612			616		80.65
30		46		6,721,879.41		1.21			7.670			584		76.99
36		617		92,559,968.64		16.63			7.612			623		82.23

Total		3,417	$	556,725,493.48		100.00	%		7.633	%		618		80.56	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Margin (%) ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

3.001 - 3.500		1	$	520,000.00		0.11	%		6.875	%		666		80.00	%
3.501 - 4.000		6		1,548,966.70		0.31			6.385			672		81.90
4.001 - 4.500		116		23,018,447.99		4.68			6.665			658		80.04
4.501 - 5.000		283		54,705,350.63		11.12			6.958			641		81.00
5.001 - 5.500		394		77,524,796.69		15.76			6.869			655		79.89
5.501 - 6.000		469		80,556,605.81		16.38			7.249			629		79.78
6.001 - 6.500		582		97,136,317.20		19.75			7.774			604		81.07
6.501 - 7.000		443		68,128,792.21		13.85			8.151			593		83.04
7.001 - 7.500		363		51,957,727.62		10.56			8.705			574		82.95
7.501 - 8.000		171		21,938,419.17		4.46			9.055			567		83.77
8.001 - 8.500		86		11,125,188.94		2.26			9.711			564		77.72
8.501 - 9.000		22		2,367,730.71		0.48			10.111			562		80.22
9.001 - 9.500		8		958,582.25		0.19			10.701			553		85.78
9.501 - 10.000		2		138,940.51		0.03			11.074			549		93.11
10.001 - 10.500		2		286,721.95		0.06			11.782			671		89.33

Total		2,948	$	491,912,588.38		100.00	%		7.669	%		616		81.15	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Maximum Mortgage Rate (%)	Mortgage		Principal		Principal			Gross			Credit		Original
ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

12.001 - 12.500		5	$	1,316,365.50		0.27	%		5.751	%		720		80.22	%
12.501 - 13.000		59		13,510,005.73		2.75			5.926			681		76.58
13.001 - 13.500		147		29,608,059.98		6.02			6.383			667		79.49
13.501 - 14.000		537		102,134,295.30		20.76			6.884			653		79.84
14.001 - 14.500		506		85,722,696.08		17.43			7.344			625		80.72
14.501 - 15.000		762		125,731,995.67		25.56			7.846			603		81.72
15.001 - 15.500		359		55,384,156.21		11.26			8.337			583		83.46
15.501 - 16.000		361		51,205,168.00		10.41			8.820			570		82.76
16.001 - 16.500		112		14,774,667.09		3.00			9.327			561		82.52
16.501 - 17.000		80		10,031,304.70		2.04			9.844			556		78.96
17.001 - 17.500		10		1,292,080.04		0.26			10.436			542		76.89
17.501 - 18.000		7		828,743.80		0.17			10.798			558		85.12
18.001 - 18.500		1		86,328.33		0.02			11.125			565		95.00
18.501 - 19.000		2		286,721.95		0.06			11.782			671		89.33

Total		2,948	$	491,912,588.38		100.00	%		7.669	%		616		81.15	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 34		July 28, 2005

Group 1 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Minimum Mortgage Rate (%)	Mortgage		Principal		Principal			Gross			Credit		Original
ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

5.001 - 5.500		4	$	982,586.77		0.20	%		5.496	%		709		79.02	%
5.501 - 6.000		59		13,510,005.73		2.75			5.926			681		76.58
6.001 - 6.500		148		29,941,838.71		6.09			6.384			667		79.54
6.501 - 7.000		537		102,134,295.30		20.76			6.884			653		79.84
7.001 - 7.500		506		85,722,696.08		17.43			7.344			625		80.72
7.501 - 8.000		762		125,731,995.67		25.56			7.846			603		81.72
8.001 - 8.500		359		55,384,156.21		11.26			8.337			583		83.46
8.501 - 9.000		361		51,205,168.00		10.41			8.820			570		82.76
9.001 - 9.500		112		14,774,667.09		3.00			9.327			561		82.52
9.501 - 10.000		80		10,031,304.70		2.04			9.844			556		78.96
10.001 - 10.500		10		1,292,080.04		0.26			10.436			542		76.89
10.501 - 11.000		7		828,743.80		0.17			10.798			558		85.12
11.001 - 11.500		1		86,328.33		0.02			11.125			565		95.00
11.501 - 12.000		2		286,721.95		0.06			11.782			671		89.33

Total		2,948	$	491,912,588.38		100.00	%		7.669	%		616		81.15	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Initial Rate Cap (%)	Mortgage		Principal		Principal			Gross			Credit		Original
ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

1.000		10	$	1,865,444.51		0.38	%		7.241	%		605		83.44	%
1.500		2,938		490,047,143.87		99.62			7.671			616		81.14

Total		2,948	$	491,912,588.38		100.00	%		7.669	%		616		81.15	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Subsequent Rate Cap (%)	Mortgage		Principal		Principal			Gross			Credit		Original
ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

1.000		10	$	1,865,444.51		0.38	%		7.241	%		605		83.44	%
1.500		2,938		490,047,143.87		99.62			7.671			616		81.14

Total		2,948	$	491,912,588.38		100.00	%		7.669	%		616		81.15	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 35		July 28, 2005

Group 1 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Months to Next Adjustment Date	Mortgage		Principal		Principal			Gross			Credit		Original
ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

3		1	$	333,778.73		0.07	%		6.500	%		752		83.75	%
15		1		234,722.88		0.05			10.500			516		73.59
16		3		325,258.33		0.07			7.422			656		82.61
17		33		5,275,335.06		1.07			7.506			609		82.84
18		61		10,163,879.32		2.07			7.633			618		82.70
19		194		30,581,647.69		6.22			7.669			616		82.53
20		630		109,176,654.83		22.19			7.596			612		80.34
21		1,125		191,332,182.92		38.90			7.663			613		80.55
22		706		119,202,564.48		24.23			7.736			619		81.52
26		1		229,230.30		0.05			8.990			552		90.00
28		1		99,363.67		0.02			7.259			630		80.00
29		2		133,713.40		0.03			7.807			629		87.03
30		5		666,521.57		0.14			7.626			631		86.00
31		22		2,530,903.71		0.51			7.834			626		88.85
32		58		7,252,018.28		1.47			7.810			627		85.97
33		63		8,969,534.87		1.82			7.668			621		81.95
34		25		2,539,044.55		0.52			8.433			613		87.39
53		1		204,000.00		0.04			7.125			699		80.00
55		1		298,693.90		0.06			6.750			687		100.00
56		6		1,014,271.90		0.21			7.438			636		85.69
57		7		1,018,021.16		0.21			7.190			651		78.28
58		2		331,246.83		0.07			7.253			668		86.49

Total		2,948	$	491,912,588.38		100.00	%		7.669	%		616		81.15	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 36		July 28, 2005

Group 2 Mortgage Loan Statistics

As of the Cut-off Date


			Minimum		Maximum
Scheduled Principal Balance	$	612,294,471.71		$7,318.25	$	998,345.55
Average Scheduled Principal Balance	$	242,013.63
Number of Mortgage Loans		2,530

Weighted Average Mortgage Rate		7.302%		5.000%		12.990%
Weighted Average FICO Score		651		495		817
Weighted Average Original LTV		80.95%		16.48%		100.00%

Weighted Average Original Term	359 months		120 months		360 months
Weighted Average Stated Remaining Term	355 months		114 months		358 months
Weighted Average Seasoning	3 months		2 months		10 months

ARM Characteristics
Weighted Average Gross Margin		5.882%		3.645%		11.490%
Weighted Average Minimum Interest Rate		7.320%		5.125%		12.990%
Weighted Average Maximum Interest Rate		14.320%		12.125%		19.990%
Weighted Average Initial Rate Cap		1.499%		1.000%		1.500%
Weighted Average Subsequent Rate Cap		1.499%		1.000%		1.500%
Weighted Average Months to Next Adjustment Date	22 months		3 months		58 months

Maturity Date			January 1, 2015		May 1, 2035
Maximum Zip Code Concentration		0.50%	91910

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 37		July 28, 2005

Group 2 Mortgage Loans


					Percent of			Weighted			Weighted	Weighted
	Number of		Outstanding		Outstanding			Average			Average	Average
	Mortgage		Principal		Principal			Gross			Credit	Original
Mortgage Rate (%)	Loans		Balance		Balance			Coupon			Score	LTV

4.501 - 5.000		1	$	129,529.44		0.02	%		5.000	%	817		32.66	%
5.001 - 5.500		22		5,850,899.99		0.96			5.375		717		71.63
5.501 - 6.000		118		34,310,988.26		5.60			5.888		688		77.64
6.001 - 6.500		252		74,673,446.13		12.20			6.358		685		79.34
6.501 - 7.000		609		168,432,603.92		27.51			6.860		668		79.56
7.001 - 7.500		457		115,220,720.50		18.82			7.343		655		80.88
7.501 - 8.000		555		121,983,342.32		19.92			7.849		631		83.17
8.001 - 8.500		203		41,037,291.24		6.70			8.314		603		82.84
8.501 - 9.000		202		33,967,250.06		5.55			8.827		597		84.79
9.001 - 9.500		54		9,350,982.39		1.53			9.327		584		84.83
9.501 - 10.000		32		4,132,362.64		0.67			9.861		574		85.86
10.001 - 10.500		12		1,518,692.74		0.25			10.320		559		85.66
10.501 - 11.000		11		1,587,751.41		0.26			10.750		540		75.70
11.001 - 11.500		1		64,892.12		0.01			11.500		556		82.33
12.501 - 13.000		1		33,718.55		0.01			12.990		571		75.00

Total		2,530	$	612,294,471.71		100.00	%		7.302	%	651		80.95	%


					Percent of			Weighted			Weighted	Weighted
	Number of		Outstanding		Outstanding			Average			Average	Average
	Mortgage		Principal		Principal			Gross			Credit	Original
Current Balance ($)	Loans		Balance		Balance			Coupon			Score	LTV

0.01 - 50,000.00		50	$	2,124,155.96		0.35	%		8.427	%	585		67.54	%
50,000.01 - 100,000.00		336		26,404,840.86		4.31			8.098		611		82.63
100,000.01 - 150,000.00		452		56,425,055.15		9.22			7.659		633		83.30
150,000.01 - 200,000.00		332		58,128,279.93		9.49			7.474		649		82.45
200,000.01 - 250,000.00		306		68,946,666.51		11.26			7.231		663		80.88
250,000.01 - 300,000.00		291		79,961,763.34		13.06			7.167		667		80.77
300,000.01 - 350,000.00		166		53,813,547.73		8.79			7.127		657		81.36
350,000.01 - 400,000.00		252		95,721,431.96		15.63			7.154		659		81.40
400,000.01 - 450,000.00		133		56,512,805.90		9.23			7.229		643		81.13
450,000.01 - 500,000.00		108		51,852,517.77		8.47			7.203		649		79.93
500,000.01 - 550,000.00		38		19,893,092.89		3.25			7.324		648		79.37
550,000.01 - 600,000.00		33		19,153,548.48		3.13			7.183		649		78.77
600,000.01 - 650,000.00		17		10,678,778.85		1.74			7.065		650		78.43
650,000.01 - 700,000.00		4		2,724,629.45		0.44			7.511		633		77.65
700,000.01 - 750,000.00		6		4,432,414.72		0.72			6.778		649		75.97
750,000.01 - 800,000.00		2		1,531,667.47		0.25			6.793		686		71.75
950,000.01 - 1,000,000.00		4		3,989,274.74		0.65			7.714		618		56.82

Total		2,530	$	612,294,471.71		100.00	%		7.302	%	651		80.95	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 38		July 28, 2005

Group 2 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Loan Type	Loans		Balance		Balance			Coupon			Score		LTV

ARM 2/28		1,299	$	343,934,979.46		56.17	%		7.537	%		640		81.23	%
ARM 2/28 60 month IO		470		147,194,406.14		24.04			6.786			679		80.04
30 Year Fixed		559		83,709,866.90		13.67			7.288			643		81.22
ARM 3/27		66		11,217,838.65		1.83			7.883			636		86.22
30 Year Fixed 60 month IO		34		9,744,847.98		1.59			6.469			683		77.75
ARM 5/25		28		3,946,439.04		0.64			8.008			636		84.91
ARM 3/27 60 month IO		12		3,944,530.90		0.64			6.655			696		81.86
ARM 5/25 60 month IO		12		3,133,638.90		0.51			6.823			691		84.97
15 Year Fixed		25		2,107,545.01		0.34			7.478			602		73.25
20 Year Fixed		12		1,267,510.73		0.21			6.512			679		62.20
10 Year Fixed		6		896,734.82		0.15			7.168			678		76.65
Balloon 30/15		3		497,464.43		0.08			7.774			613		78.70
ARM 3/27 36 month IO		1		340,000.00		0.06			6.125			669		80.00
6 Month ARM		1		268,967.21		0.04			6.250			660		76.06
25 Year Fixed		2		89,701.55		0.01			7.733			598		60.18

Total		2,530	$	612,294,471.71		100.00	%		7.302	%		651		80.95	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Remaining Term (Months)	Loans		Balance		Balance			Coupon			Score		LTV

109 - 120		6	$	896,734.82		0.15	%		7.168	%		678		76.65	%
169 - 180		28		2,605,009.44		0.43			7.535			604		74.29
229 - 240		12		1,267,510.73		0.21			6.512			679		62.20
289 - 300		2		89,701.54		0.01			7.733			598		60.18
349 - 360		2,482		607,435,515.18		99.21			7.302			651		81.02

Total		2,530	$	612,294,471.71		100.00	%		7.302	%		651		80.95	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Seasoning (Months)	Loans		Balance		Balance			Coupon			Score		LTV

2		636	$	152,994,717.94		24.99	%		7.415	%		647		81.03	%
3		968		237,932,157.31		38.86			7.245			654		80.32
4		618		148,655,301.23		24.28			7.256			653		80.99
5		205		47,809,887.98		7.81			7.315			648		82.90
6		60		13,488,888.00		2.20			7.572			638		83.62
7		32		7,870,588.28		1.29			7.101			650		80.07
8		9		2,625,262.06		0.43			7.410			631		83.10
9		1		425,847.06		0.07			6.750			598		85.00
10		1		491,821.85		0.08			7.500			613		80.00

Total		2,530	$	612,294,471.71		100.00	%		7.302	%		651		80.95	%

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Lien Position

Loans

Balance

Coupon

Score

LTV

1st

2,530

612,294,471.71

100.00

7.302

651

80.95

Total

2,530

612,294,471.71

100.00

7.302

651

80.95

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 39		July 28, 2005

Group 2 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Original LTV (%)	Loans		Balance		Balance			Coupon			Score		LTV

15.01 - 20.00		3	$	214,132.09		0.03	%		8.080	%		512		17.56	%
20.01 - 25.00		5		636,833.15		0.10			6.172			657		23.52
25.01 - 30.00		4		589,464.54		0.10			6.701			555		28.45
30.01 - 35.00		8		714,598.32		0.12			6.648			655		33.35
35.01 - 40.00		1		93,738.66		0.02			7.875			598		37.60
40.01 - 45.00		14		3,222,594.05		0.53			7.679			584		43.25
45.01 - 50.00		15		2,317,398.07		0.38			6.569			650		48.31
50.01 - 55.00		18		4,167,416.17		0.68			6.998			598		52.67
55.01 - 60.00		27		5,792,251.88		0.95			6.998			628		58.77
60.01 - 65.00		35		10,948,107.43		1.79			7.193			647		63.29
65.01 - 70.00		61		15,787,712.67		2.58			7.715			605		68.62
70.01 - 75.00		92		22,176,497.49		3.62			7.267			632		74.01
75.01 - 80.00		1,460		384,182,367.58		62.74			7.088			670		79.88
80.01 - 85.00		248		54,212,753.90		8.85			7.766			608		84.57
85.01 - 90.00		267		61,397,200.25		10.03			7.868			611		89.55
90.01 - 95.00		75		14,072,129.18		2.30			7.710			629		94.59
95.01 - 100.00		197		31,769,276.28		5.19			7.826			644		99.79

Total		2,530	$	612,294,471.71		100.00	%		7.302	%		651		80.95	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
FICO Score	Loans		Balance		Balance			Coupon			Score		LTV

No FICO		2	$	272,806.23		0.04	%		8.703	%		0		72.90	%
480 - 499		2		439,727.42		0.07			7.217			496		50.52
500 - 519		88		14,442,374.89		2.36			8.561			510		77.19
520 - 539		109		21,249,164.52		3.47			8.359			530		80.93
540 - 559		110		20,154,489.86		3.29			8.126			550		80.18
560 - 579		135		26,001,313.08		4.25			8.083			569		81.40
580 - 599		148		32,861,798.65		5.37			7.693			591		82.73
600 - 619		206		50,402,724.51		8.23			7.490			609		82.59
620 - 639		291		72,484,454.75		11.84			7.351			630		81.21
640 - 659		351		89,132,825.50		14.56			7.211			649		81.33
660 - 679		335		84,925,084.71		13.87			7.062			669		81.55
680 - 699		271		70,640,831.08		11.54			7.025			689		80.60
700 - 719		185		48,179,062.57		7.87			6.976			708		80.82
720 - 739		133		37,950,276.40		6.20			6.865			728		79.97
740 - 759		93		25,884,619.56		4.23			6.767			749		78.79
760 - 779		44		10,769,537.24		1.76			6.892			769		79.70
780 - 799		23		5,710,423.24		0.93			6.585			787		77.15
800 - 819		4		792,957.50		0.13			5.740			808		62.53

Total		2,530	$	612,294,471.71		100.00	%		7.302	%		651		80.95	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Use of Proceeds	Loans		Balance		Balance			Coupon			Score		LTV

Purchase		1,647	$	415,944,766.14		67.93	%		7.265	%		664		81.37	%
Cashout Refinance		829		184,817,452.84		30.18			7.396			622		80.14
Rate/Term Refinance		48		9,639,247.93		1.57			7.043			638		77.78
Const-Perm		6		1,893,004.80		0.31			7.348			650		82.41

Total		2,530	$	612,294,471.71		100.00	%		7.302	%		651		80.95	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 40		July 28, 2005

Group 2 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Property Type	Loans		Balance		Balance			Coupon			Score		LTV

Single Family		1,737	$	398,674,242.81		65.11	%		7.326	%		647		80.99	%
PUD		324		91,219,155.97		14.90			7.264			649		81.11
Condo		210		48,458,150.82		7.91			7.127			664		81.20
Duplex		166		47,703,304.72		7.79			7.229			674		80.46
3-4 Unit		68		21,467,236.28		3.51			7.532			672		79.74
Townhouse		21		4,357,089.63		0.71			7.445			611		82.05
Modular		2		232,429.72		0.04			6.617			670		95.57
Manufactured		2		182,861.76		0.03			8.813			602		58.97

Total		2,530	$	612,294,471.71		100.00	%		7.302	%		651		80.95	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Documentation Type	Loans		Balance		Balance			Coupon			Score		LTV

Stated		1,372	$	354,589,325.36		57.91	%		7.345	%		669		79.76	%
Full		956		196,423,198.81		32.08			7.325			623		83.85
12 mo Bank Statements		194		59,616,447.79		9.74			6.976			637		78.53
6 mo Bank Statements		8		1,665,499.75		0.27			6.965			654		78.59

Total		2,530	$	612,294,471.71		100.00	%		7.302	%		651		80.95	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Occupancy Type	Loans		Balance		Balance			Coupon			Score		LTV

Owner Occupied		2,439	$	592,624,363.47		96.79	%		7.291	%		651		81.01	%
Non-Owner Occupied		77		14,793,355.26		2.42			7.756			654		77.39
Second Home		14		4,876,752.98		0.80			7.198			668		83.54

Total		2,530	$	612,294,471.71		100.00	%		7.302	%		651		80.95	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Loan Grade	Loans		Balance		Balance			Coupon			Score		LTV

A		2,406	$	588,326,655.08		96.09	%		7.262	%		655		81.27	%
B		72		14,088,887.89		2.30			8.202			561		75.83
C		52		9,878,928.74		1.61			8.346			559		68.77

Total		2,530	$	612,294,471.71		100.00	%		7.302	%		651		80.95	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 41		July 28, 2005

Group 2 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Geographic Distribution	Loans		Balance		Balance			Coupon			Score		LTV

California		650	$	205,658,227.92		33.59	%		7.000	%		655		79.07	%
New York		241		82,073,510.22		13.40			7.072			670		78.84
Florida		333		61,387,099.77		10.03			7.444			649		81.58
New Jersey		74		25,475,665.71		4.16			7.513			658		82.62
Ohio		181		24,663,453.36		4.03			7.815			616		88.03
Illinois		85		23,078,075.16		3.77			7.421			648		81.90
Nevada		72		20,679,213.36		3.38			7.254			657		80.53
Georgia		108		17,177,765.21		2.81			7.926			630		82.11
Virginia		56		15,935,139.13		2.60			7.493			669		79.63
Texas		79		10,978,257.59		1.79			7.355			659		84.30
Maryland		30		10,348,400.28		1.69			7.693			638		77.42
Massachusetts		30		9,111,693.97		1.49			7.824			640		81.27
Arizona		37		8,147,178.76		1.33			7.424			650		82.15
Pennsylvania		48		7,488,263.70		1.22			7.609			624		84.33
Indiana		51		7,193,745.06		1.17			7.748			623		90.17
Connecticut		27		7,180,867.30		1.17			7.001			669		83.08
Washington		31		6,710,385.72		1.10			7.363			638		82.31
Tennessee		57		5,958,401.68		0.97			7.892			624		83.18
Alabama		24		5,719,331.93		0.93			7.723			665		85.53
Missouri		40		5,600,657.95		0.91			7.908			620		83.92
Colorado		21		5,464,376.11		0.89			7.455			643		81.59
Utah		19		4,617,080.52		0.75			7.484			638		81.29
Michigan		16		4,603,563.49		0.75			7.681			620		83.30
Hawaii		15		4,414,410.69		0.72			7.473			616		82.42
Oregon		16		3,471,088.80		0.57			7.393			643		83.05
North Carolina		13		2,837,762.69		0.46			7.941			629		82.46
Kentucky		25		2,665,672.68		0.44			7.749			648		89.28
Oklahoma		34		2,434,064.40		0.40			8.399			583		84.87
Rhode Island		9		2,182,758.26		0.36			7.043			651		80.00
Minnesota		9		2,085,946.28		0.34			6.916			689		84.99
Louisiana		16		1,888,364.49		0.31			8.096			613		89.77
Idaho		14		1,814,025.94		0.30			7.844			617		79.58
Maine		8		1,564,488.43		0.26			7.512			647		81.37
District of Columbia		3		1,535,038.63		0.25			6.868			682		69.49
New Mexico		8		1,423,412.66		0.23			7.535			660		80.94
Arkansas		6		1,083,833.42		0.18			7.862			610		93.65
Nebraska		7		1,041,359.32		0.17			7.383			627		82.30
Kansas		6		993,709.79		0.16			7.432			622		82.18
South Carolina		6		942,156.74		0.15			7.646			667		80.79
Delaware		5		821,285.21		0.13			8.217			591		79.78
Mississippi		6		748,188.78		0.12			8.437			577		92.48
Alaska		2		624,382.37		0.10			7.554			703		80.00
Wyoming		3		604,051.86		0.10			6.754			632		91.67
New Hampshire		2		592,139.42		0.10			8.387			570		73.75
Wisconsin		2		377,920.75		0.06			8.032			635		85.61
Vermont		3		339,760.71		0.06			7.973			656		85.09
West Virginia		1		324,300.27		0.05			7.699			608		100.00
Montana		1		233,995.22		0.04			6.750			651		80.00

Total		2,530	$	612,294,471.71		100.00	%		7.302	%		651		80.95	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 42		July 28, 2005

Group 2 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Prepayment Penalty Term (Months)	Loans		Balance		Balance			Coupon			Score		LTV

0		270	$	76,028,484.78		12.42	%		7.687	%		660		81.92	%
6		34		9,802,281.38		1.60			7.483			660		81.82
12		334		114,231,585.53		18.66			7.133			663		79.28
18		4		1,303,402.20		0.21			7.109			695		80.00
24		845		232,294,053.12		37.94			7.217			654		80.35
30		12		3,062,538.22		0.50			7.480			621		83.52
36		195		52,338,702.30		8.55			7.204			647		82.12
42		6		772,436.33		0.13			7.584			641		89.74
48		15		2,427,656.32		0.40			7.720			611		86.48
60		815		120,033,331.53		19.60			7.396			629		82.25

Total		2,530	$	612,294,471.71		100.00	%		7.302	%		651		80.95	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Margin (%) ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

3.501 - 4.000		10	$	3,113,676.11		0.61	%		5.604	%		682		79.01	%
4.001 - 4.500		76		23,071,935.91		4.49			6.179			680		79.66
4.501 - 5.000		232		71,843,513.68		13.98			6.513			677		80.29
5.001 - 5.500		392		117,601,612.40		22.88			6.817			670		79.36
5.501 - 6.000		360		103,326,127.88		20.10			7.213			662		80.52
6.001 - 6.500		382		97,553,605.13		18.98			7.729			636		82.18
6.501 - 7.000		182		45,227,990.21		8.80			8.079			623		82.92
7.001 - 7.500		152		33,872,419.06		6.59			8.718			604		83.46
7.501 - 8.000		53		10,466,439.96		2.04			9.070			594		85.93
8.001 - 8.500		26		4,339,572.12		0.84			9.424			600		87.53
8.501 - 9.000		12		1,816,629.05		0.35			10.165			574		83.11
9.001 - 9.500		10		1,648,668.12		0.32			10.679			535		74.09
9.501 - 10.000		1		64,892.12		0.01			11.500			556		82.33
11.001 - 11.500		1		33,718.55		0.01			12.990			571		75.00

Total		1,889	$	513,980,800.30		100.00	%		7.320	%		652		81.05	%


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Maximum Mortgage Rate (%)	Mortgage		Principal		Principal			Gross			Credit		Original
ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

12.001 - 12.500		10	$	3,424,034.81		0.67	%		5.400	%		681		78.79	%
12.501 - 13.000		77		23,854,699.39		4.64			5.893			683		79.20
13.001 - 13.500		199		62,086,822.07		12.08			6.358			685		79.59
13.501 - 14.000		485		142,910,578.84		27.80			6.861			669		79.47
14.001 - 14.500		373		103,481,109.31		20.13			7.341			657		80.84
14.501 - 15.000		398		101,755,238.53		19.80			7.849			633		82.88
15.001 - 15.500		135		34,252,374.62		6.66			8.311			603		82.58
15.501 - 16.000		133		28,219,828.80		5.49			8.833			602		84.83
16.001 - 16.500		40		7,866,142.97		1.53			9.326			593		85.22
16.501 - 17.000		19		3,167,668.23		0.62			9.866			577		85.91
17.001 - 17.500		10		1,444,513.55		0.28			10.311			559		86.05
17.501 - 18.000		8		1,419,178.51		0.28			10.753			536		74.05
18.001 - 18.500		1		64,892.12		0.01			11.500			556		82.33
19.501 - 20.000		1		33,718.55		0.01			12.990			571		75.00

Total		1,889	$	513,980,800.30		100.00	%		7.320	%		652		81.05	%

FRIEDMAN BILLINGS RAMSEY


FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1
Series Term Sheet
Page 43		July 28, 2005

Group 2 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Minimum Mortgage Rate (%)	Mortgage		Principal		Principal			Gross			Credit		Original
ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

5.001 - 5.500		9	$	3,155,067.60		0.61	%		5.328	%		682		79.02	%
5.501 - 6.000		77		23,854,699.39		4.64			5.893			683		79.20
6.001 - 6.500		200		62,355,789.28		12.13			6.358

FBR Securitization Trust 2005-1 Mortgage-Backed Notes, Series 2005-1

Series Term Sheet

July 28, 2005

FBR Securitization, Inc. 8-K