Exhibit 99.1

FBR Securitization Trust 2005-2

Disclaimer

COMPUTATIONAL MATERIALS

This presentation contains tables and other statistical analyses (the “Computational Materials”). These Computational Materials have been prepared by Friedman, Billings, Ramsey & Co., Inc. (“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. They 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 said material.

Numerous assumptions were used in preparing the Computational Materials which may or may not be reflected therein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context. In addition, no assurance can be given 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 attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall.

If the Computational Materials were generated using a hypothetical group of mortgage loans, the specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials. If these Computational Materials are based only on a statistical pool of mortgage loans expected to be included in the trust along with other mortgage loans on the closing date, the specific characteristics of these securities also may differ from those shown in the Computational Materials. A statistical pool may not necessarily represent a statistically relevant population, notwithstanding any contrary references herein. Although FBR believes the information with respect to the statistical 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 statistical pool. Certain mortgage loans contained in a statistical pool or the actual pool may be deleted from the final pool of mortgage loans delivered to the trust on the closing date.

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.


Counterparty
Underwriter		FBR
Issuer		FBR Securitization Trust
Depositor		FBR Securitization, Inc.
Seller		MHC I, Inc.
Aggregator		MHC I, Inc.
Rep Provider		same as FBRSI 2005-1
Master Servicer		Wells Fargo
Trustee		Wells Fargo
MI Provider		—
Monoline		—
Credit Manager		Murrayhill
Federal Tax Status		Debt


Originators	Group (%)		Total (%)
Accredited		19.33		24.75
Encore		52.16		39.28
Finance America		20.75		24.96
Quickloan		1.88		1.25
Resmae		5.88		9.76


Servicers	Group (%)		Total (%)
JPMorgan Chase		100.00		100.00


FICO	AGG UPB		AGG %
< 500		4,805,245		0.21	%
500 - 519		82,122,510		3.55	%
520 - 539		123,583,330		5.35	%
540 - 559		142,306,566		6.16	%
560 - 579		175,897,459		7.61	%
580 - 599		241,385,660		10.45	%
600 - 619		314,240,843		13.60	%
620 - 639		313,999,561		13.59	%
640 - 659		264,426,689		11.44	%
660 - 679		209,652,522		9.07	%
680 - 699		159,538,601		6.90	%
700 - 719		119,799,813		5.18	%
720 - 739		64,359,118		2.79	%
740 - 759		46,278,104		2.00	%
760 - 779		35,141,604		1.52	%
780 - 799		11,024,411		0.48	%
800 plus		2,281,008		0.10	%


Collateral Info	Group			TOTAL
Gross WAC		7.239	%		7.192	%
WA CLTV		81.26	%		86.80	%
CLTV >80%		54.66	%		69.24	%
CLTV >90%		17.06	%		38.84	%
CLTV >95%		8.82	%		30.05	%
LB <$50,000		1.04	%		1.38	%
LB $50k - $100k		7.08	%		7.21	%
LB $100k - $150k		14.65	%		12.48	%
WA FICO		610			625
<560 FICO		21.74	%		15.27	%
560 - 600 FICO		21.30	%		18.82	%
SF / TH / PUD		79.22	%		81.52	%
2-4 Family		14.80	%		11.36	%
Condo		5.90	%		7.05	%
Manufactured Housing (MH)		0.08	%		0.07	%
Other		0.00	%		0.00	%
Primary		86.20	%		92.01	%
Second		0.66	%		0.52	%
Investment		13.14	%		7.48	%
Full / Alt*		58.32	%		53.52	%
Stated / Limited		41.68	%		46.48	%
NINA		0.00	%		0.00	%
1st Lien		99.63	%		97.71	%
2nd Lien		0.37	%		2.29	%
State 1		CA			CA
%		32.63	%		37.20	%
State 2		IL			IL
%		12.56	%		9.79	%
State 3		FL			FL
%		9.24	%		8.38	%
State 4		NY			NY
%		5.91	%		6.13	%
State 5		AZ			AZ
%		3.54	%		3.48	%
ARM / HYB		83.67	%		85.93	%
Fixed		16.33	%		14.07	%
Purchase		7.16	%		39.67	%
Refi-RT		7.63	%		4.51	%
Refi-CO		85.21	%		55.82	%
Size	$	1,067,938,924		$	2,310,843,046
AVG Balance	$	182,211		$	196,701
Loan Count		5,861			11,748
Interest Only (IO)		18.91	%		27.13	%
Negative Amortization		0.00	%		0.00	%


*		Includes 12 & 24 month Bank Statements

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, 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 termsheet 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 prospectus and prospectus supplements.


GWAC	AGG ARM UPB		ARM %			AGG FIX UPB		FIX %
0 - 4.5		—		0.00	%		—		0.00	%
4.5 - 5		1,999,444		0.10	%		—		0.00	%
5 - 5.5		41,025,798		2.07	%		950,496		0.29	%
5.5 - 6		201,269,581		10.14	%		33,328,230		10.25	%
6 - 6.5		306,773,743		15.45	%		71,066,368		21.86	%
6.5 - 7		510,003,250		25.68	%		70,275,559		21.62	%
7 - 7.5		333,772,400		16.81	%		28,872,633		8.88	%
7.5 - 8		308,247,255		15.52	%		32,202,399		9.90	%
8 - 8.5		128,060,013		6.45	%		14,993,642		4.61	%
8.5 - 9		95,589,570		4.81	%		15,945,310		4.90	%
9 - 9.5		30,541,947		1.54	%		10,732,590		3.30	%
9.5 - 10		20,666,140		1.04	%		20,343,048		6.26	%
10 - 10.5		4,229,987		0.21	%		8,669,231		2.67	%
10.5 - 11		2,279,134		0.11	%		11,446,916		3.52	%
11 - 11.5		467,280		0.02	%		5,021,301		1.54	%
11.5 - 12		579,540		0.03	%		1,233,807		0.38	%
12 - 12.5		174,350		0.01	%		35,300		0.01	%
12.5 - 13		—		0.00	%		—		0.00	%
13 - 13.5		—		0.00	%		—		0.00	%
13.5 - 14		46,786		0.00	%		—		0.00	%
14 - 14.5		—		0.00	%		—		0.00	%
14.5 +		—		0.00	%		—		0.00	%


Ratings
Moody’s Rating		TBD
S&P Rating		TBD
Fitch Rating		TBD
DBRS Rating		TBD


Credit Enhancement
Subordination (not including OC)		TBD
Prefund OC (%)		TBD
Initial Target OC (%)		TBD
Stepdown OC (%)		TBD
Stepdown Date		TBD
Excess Interest (12m Avg, Fwd Libor)		TBD

Notes

All non-dollar amount numbers (excluding loan count) should be formatted as percentages

Any ‘Group’ column refers to the collateral group that backs Freddie’s class

Any Total’ column refers to all collateral in the deal that is crossed with Freddie’s (in almost all case, the total pool)

For originators and servicers, the percentages should show what percentage any given servicer or originator is in relation to the others for both Freddie’s group and for the total pool.

The FICO and GWAC tables should be based on The Total pool.

LB is current loan balance

For the GWAC table the ARM column should sum to 100% and the Fixed column should sum to 100% (assuming there is ARM and fixed collateral)

If a particular field has no data, enter 0% or $0 rather than ‘NA’

Don’t skip buckets (ie. if there there are no loans that fall into the 600-620 FICO bucket, don’t leave it out, just enter 0’s)


		Combined LTV
	Fixed	0% -			60.1% -			70.1% -			75.1% -			79.1% -			80.1% -			90.1% -			95.1% -
	Full Doc	60%			70%			75%			79%			80%			90%			95%			100%
FICO Range	Less than 560		0.21	%		0.20	%		0.05	%		0.04	%		0.12	%		0.34	%		0.01	%		0.02	%
	560 - 599		0.19	%		0.30	%		0.19	%		0.06	%		0.20	%		0.41	%		0.08	%		0.35	%
	600 - 619		0.05	%		0.17	%		0.10	%		0.05	%		0.11	%		0.37	%		0.10	%		0.50	%
	620 - 659		0.18	%		0.26	%		0.09	%		0.11	%		0.27	%		0.73	%		0.09	%		0.65	%
	660 - 699		0.05	%		0.05	%		0.05	%		0.02	%		0.11	%		0.27	%		0.10	%		0.37	%
	700 - 740		0.03	%		0.08	%		0.00	%		0.02	%		0.05	%		0.18	%		0.13	%		0.15	%
	740 +		0.03	%		0.07	%		0.00	%		0.01	%		0.06	%		0.13	%		0.01	%		0.10	%


		Combined LTV
	Fixed	0% -			60.1% -			70.1% -			75.1% -			79.1% -			80.1% -			90.1% -			95.1% -
	Not Full Doc	60%			70%			75%			79%			80%			90%			95%			100%
FICO Range	Less than 560		0.11	%		0.06	%		0.02	%		0.01	%		0.05	%		0.03	%		0.00	%		0.00	%
	560 - 599		0.16	%		0.03	%		0.09	%		0.02	%		0.08	%		0.06	%		0.00	%		0.01	%
	600 - 619		0.05	%		0.12	%		0.06	%		0.02	%		0.05	%		0.18	%		0.00	%		0.02	%
	620 - 659		0.15	%		0.11	%		0.07	%		0.02	%		0.25	%		0.32	%		0.10	%		0.40	%
	660 - 699		0.11	%		0.14	%		0.11	%		0.04	%		0.14	%		0.29	%		0.09	%		0.58	%
	700 - 740		0.08	%		0.08	%		0.04	%		0.02	%		0.07	%		0.11	%		0.06	%		0.33	%
	740 +		0.02	%		0.02	%		0.05	%		0.01	%		0.01	%		0.14	%		0.01	%		0.17	%


		Combined LTV
	Amortizing ARM	0% -			60.1% -			70.1% -			75.1% -			79.1% -			80.1% -			90.1% -			95.1% -
	Full Doc	60%			70%			75%			79%			80%			90%			95%			100%
FICO Range	Less than 560		0.60	%		1.51	%		1.15	%		0.44	%		1.37	%		3.97	%		0.20	%		0.58	%
	560 - 599		0.29	%		0.55	%		0.57	%		0.13	%		0.95	%		2.71	%		0.57	%		2.06	%
	600 - 619		0.15	%		0.20	%		0.21	%		0.09	%		0.27	%		1.08	%		0.45	%		1.66	%
	620 - 659		0.09	%		0.18	%		0.24	%		0.16	%		0.30	%		1.39	%		0.47	%		2.01	%
	660 - 699		0.04	%		0.04	%		0.03	%		0.01	%		0.09	%		0.73	%		0.22	%		0.73	%
	700 - 740		0.03	%		0.03	%		0.02	%		0.00	%		0.04	%		0.26	%		0.12	%		0.28	%
	740 +		0.01	%		0.00	%		0.00	%		0.00	%		0.01	%		0.12	%		0.07	%		0.11	%

1. We would expect up to six FICO/CLTV grids on every deal, grouped by product and doc type

2. Combined LTV = First Lien + Second + Silent Second

3. Use CLTV for securitized second liens (e.g., 100% CLTV on an 80/20 second lien, not 20%)

4. Approximate loan population fine

5. Each cell would be populated by percentage of pool that shares Freddie Mac sub protection

6. The sum of all six FICO/CLTV grids should sum to 100%


		Combined LTV
	Amortizing ARM	0% -			60.1% -			70.1% -			75.1% -			79.1% -			80.1% -			90.1% -			95.1% -
	Not Full Doc	60%			70%			75%			79%			80%			90%			95%			100%
FICO Range	Less than 560		0.48	%		1.06	%		0.66	%		0.18	%		0.85	%		0.84	%		0.03	%		0.05	%
	560 - 599		0.31	%		0.63	%		0.59	%		0.20	%		0.97	%		2.20	%		0.13	%		0.17	%
	600 - 619		0.12	%		0.25	%		0.14	%		0.10	%		0.45	%		1.60	%		0.44	%		0.30	%
	620 - 659		0.10	%		0.31	%		0.28	%		0.20	%		0.56	%		2.32	%		1.61	%		2.15	%
	660 - 699		0.05	%		0.07	%		0.20	%		0.16	%		0.24	%		1.65	%		0.77	%		2.85	%
	700 - 740		0.02	%		0.03	%		0.06	%		0.03	%		0.19	%		0.50	%		0.33	%		1.27	%
	740 +		0.00	%		0.04	%		0.00	%		0.00	%		0.12	%		0.27	%		0.20	%		0.78	%


		Combined LTV
	Non-Amortizing ARM	0% -			60.1% -			70.1% -			75.1% -			79.1% -			80.1% -			90.1% -			95.1% -
	Full Doc	60%			70%			75%			79%			80%			90%			95%			100%
FICO Range	Less than 560		0.00	%		0.00	%		0.00	%		0.02	%		0.00	%		0.01	%		0.00	%		0.00	%
	560 - 599		0.08	%		0.24	%		0.22	%		0.04	%		0.10	%		0.65	%		0.07	%		0.77	%
	600 - 619		0.08	%		0.13	%		0.16	%		0.06	%		0.18	%		0.98	%		0.12	%		0.84	%
	620 - 659		0.06	%		0.20	%		0.20	%		0.12	%		0.30	%		1.29	%		0.46	%		2.10	%
	660 - 699		0.01	%		0.04	%		0.03	%		0.06	%		0.06	%		0.50	%		0.22	%		1.08	%
	700 - 740		0.00	%		0.05	%		0.02	%		0.04	%		0.11	%		0.17	%		0.08	%		0.47	%
	740 +		0.02	%		0.05	%		0.00	%		0.00	%		0.00	%		0.01	%		0.02	%		0.21	%


		Combined LTV
	Non-Amortizing ARM	0% -			60.1% -			70.1% -			75.1% -			79.1% -			80.1% -			90.1% -			95.1% -
	Not Full Doc	60%			70%			75%			79%			80%			90%			95%			100%
FICO Range	Less than 560		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
	560 - 599		0.05	%		0.05	%		0.06	%		0.04	%		0.13	%		0.20	%		0.02	%		0.02	%
	600 - 619		0.10	%		0.14	%		0.09	%		0.01	%		0.13	%		0.78	%		0.10	%		0.03	%
	620 - 659		0.06	%		0.23	%		0.18	%		0.14	%		0.43	%		1.49	%		0.39	%		0.98	%
	660 - 699		0.05	%		0.05	%		0.11	%		0.06	%		0.20	%		0.62	%		0.43	%		1.99	%
	700 - 740		0.02	%		0.04	%		0.00	%		0.07	%		0.03	%		0.43	%		0.37	%		1.42	%
	740 +		0.02	%		0.03	%		0.01	%		0.00	%		0.04	%		0.06	%		0.10	%		0.94	%

Check for 0’s

Total equals 100% -0.54% 0.54% of Pool has CLTV > 100% and is not reflected on above tables
GT 80% Match -0.54%
ARM Match -0.53%
IO Match -1.42%
FICO % Match -0.81%

FBR Securitization, Inc. 8-K