8-K 1 fbr05001_10509.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 28, 2005 FBR SECURITIZATION TRUST Mortgage-Backed Callable Certificates, Series 2005-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-122578-04 Pooling and Servicing Agreement) (Commission N/A (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On September 28, 2005 a distribution was made to holders of FBR SECURITIZATION TRUST, Mortgage-Backed Callable Certificates, Series 2005-1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage-Backed Callable Certificates, Series 2005-1 Trust, relating to the September 28, 2005 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FBR SECURITIZATION TRUST Mortgage-Backed Callable Certificates, Series 2005-1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 9/29/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage-Backed Callable Certificates, Series 2005-1 Trust, relating to the September 28, 2005 distribution. EX-99.1

~~SECURITIES~~Friedman, ~~AND~~Billings, ~~EXCHANGE~~Ramsey ~~COMMISSION~~ & Co., Inc. Mortgage-Backed Callable Certificates Record Date: 8/31/2005 Distribution Date: 9/28/2005 Friedman, Billings, Ramsey & Co., Inc. Mortgage-Backed Callable Certificates Series 2005-1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution A-1 30246QAA1 SEN 3.90938% 526,069,610.55 1,713,838.35 A-2 30246QAB9 SEN 3.90938% 580,077,229.84 1,889,785.27 OWNER FBR05001O SEN 0.00000% 0.00 3,192,357.16 SERVFEE FBR05001S SEN 0.29000% 0.00 275,328.19 Totals 1,106,146,840.39 7,071,308.97

~~Washington~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A-1 12,236,226.49 D0.C00 513,833,384.06 ~~20549~~ 13,950,064.84 0.00 A-2 12,702,406.91 0.00 567,374,822.93 14,592,192.18 0.00 OWNER 0.00 0.00 0.00 3,192,357.16 0.00 SERVFEE 0.00 0.00 0.00 275,328.19 0.00 Totals 24,938,633.40 0.00 1,081,208,206.99 32,009,942.37 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~FORM~~Principal 8Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-K 1 537,920,000.00 526,069,610.55 0.00 12,236,226.49 0.00 0.00 A-2 592,370,000.00 580,077,229.84 0.00 12,702,406.91 0.00 0.00 OWNER 0.00 0.00 0.00 0.00 0.00 0.00 SERVFEE 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,130,290,000.00 1,106,146,840.39 0.00 24,938,633.40 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~CURRENT~~Principal ~~REPORT~~ Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 12,236,226.49 513,833,384.06 0.95522268 12,236,226.49 A-2 12,702,406.91 567,374,822.93 0.95780479 12,702,406.91 OWNER 0.00 0.00 0.00000000 0.00 SERVFEE 0.00 0.00 0.00000000 0.00 Totals 24,938,633.40 1,081,208,206.99 0.95657593 24,938,633.40

~~Pursuant~~Principal toDistribution ~~Section 13~~Factors orStatement 15Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (d2) ofAmount ~~the~~ Balance Distribution Distribution Accretion A-1 537,920,000.00 977.96997797 0.00000000 22.74729791 0.00000000 A-2 592,370,000.00 979.24815544 0.00000000 21.44336633 0.00000000 OWNER 0.00 0.00000000 0.00000000 0.00000000 0.00000000 SERVFEE 0.00 0.00000000 0.00000000 0.00000000 0.00000000

~~Securities~~Principal ~~Exchange~~Distribution ~~Act~~Factors ofStatement ~~1934~~ (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 22.74729791 955.22268006 0.95522268 22.74729791 A-2 0.00000000 21.44336633 957.80478912 0.95780479 21.44336633 OWNER 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 SERVFEE 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~Date~~Interest ofDistribution ~~Report~~Statement ~~(Date~~Beginning Payment of ~~earliest~~Original ~~event~~Current ~~reported) August 16~~Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 537,920,000.00 ~~2005~~3.90938% 526,069,610.55 1,713,838.35 0.00 0.00 A-2 592,370,000.00 3.90938% 580,077,229.84 1,889,785.27 0.00 0.00 OWNER 0.00 0.00000% 1,139,904,694.00 0.00 0.00 0.00 SERVFEE 0.00 0.29000% 1,139,904,694.00 275,476.97 0.00 0.00 Totals 1,130,290,000.00 3,879,100.59 0.00 0.00

~~FBR~~Interest ~~Securitization~~Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 1,713,838.35 ~~Inc~~0. 00 513,833,384.06 A-2 0.00 0.00 1,889,785.27 0.00 567,374,822.93 OWNER 0.00 0.00 3,192,357.16 0.00 1,114,966,060.60 SERVFEE 0.00 0.00 275,328.19 0.00 1,114,966,060.60 Totals 0.00 0.00 7,071,308.97 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~(Exact~~Interest ~~name~~Distribution Factors Statement Beginning Payment of ~~registrant~~Original asCurrent ~~specified~~Certificate/ inCurrent ~~charter~~Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 537,920,000.00 3.90938% 977.96997797 3.18604690 0.00000000 0.00000000 A-2 592,370,000.00 3.90938% 979.24815544 3.19021097 0.00000000 0.00000000 OWNER 0.00 0.00000% 979.24579302 0.00000000 0.00000000 0.00000000 SERVFEE 0.00 0.29000% 979.24579302 0.23665107 0.00000000 0.00000000 (5) Per $1 denomination.

Delaware		333-122578		20-2028732
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

~~1001~~CERTIFICATEHOLDER ~~Nineteenth~~ACCOUNT ~~Street~~STATEMENT ~~North~~CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 32,139,245.67 ~~Arlington~~Liquidations, VAInsurance ~~22209~~Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 828,892.96 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 459,039.21 Total Deposits 33,427,177.84 Withdrawals Reimbursement for Servicer Advances 956,340.34 Payment of Service Fee 460,895.13 Payment of Interest and Principal 32,009,942.37 Total Withdrawals (Pool Distribution Amount) 33,427,177.84 Ending Balance 0.00

~~(Address~~PREPAYMENT/CURTAILMENT ofINTEREST ~~principal~~SHORTFALL ~~executive~~Total ~~offices)~~Prepayment/Curtailment ~~(Zip~~Interest ~~Code)~~Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

~~Registrant’s~~SERVICING ~~telephone~~FEES ~~number~~Gross Servicing Fee 199,375.78 ~~including~~FSA ~~area~~Fee ~~code~~244,895.75 ~~(703) 312-9500~~Murrayhill Company 11,874.01 Wells Fargo Bank, NA 4,749.59 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 460,895.13

~~(Former~~OTHER ~~name~~ACCOUNTS orBeginning ~~former~~Current ~~address,~~Current ifEnding ~~changed~~Account ~~since~~Type ~~last~~Balance ~~report~~Withdrawals Deposits Balance Financial Guaranty 0.)00 0.00 0.00 0.00

~~Item 8~~LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 19 0 0 19 2,043,310.0161 0.00 ~~Other~~0.00 ~~Events~~2,043,310. 61 30 Days 83 1 0 0 84 18,277,254.20 145,393.80 0.00 0.00 18,422,648.00 60 Days 40 3 1 0 44 9,187,939.60 516,648.81 131,861.13 0.00 9,836,449.54 90 Days 3 2 22 0 27 588,310.18 474,929.60 5,470,233.77 0.00 6,533,473.55 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 126 25 23 0 174 28,053,503.98 3,180,282.82 5,602,094.90 0.00 36,835,881.70 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.331936% 0.000000% 0.000000% 0.331936% 0.183148% 0.000000% 0.000000% 0.183148% 30 Days 1.450035% 0.017470% 0.000000% 0.000000% 1.467505% 1.638247% 0.013032% 0.000000% 0.000000% 1.651279% 60 Days 0.698812% 0.052411% 0.017470% 0.000000% 0.768693% 0.823543% 0.046309% 0.011819% 0.000000% 0.881671% 90 Days 0.052411% 0.034941% 0.384347% 0.000000% 0.471698% 0.052732% 0.042569% 0.490314% 0.000000% 0.585615% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 2.201258% 0.436758% 0.401817% 0.000000% 3.039832% 2.514522% 0.285059% 0.502133% 0.000000% 3.301714%

~~FBR~~OTHER ~~Securitization,~~INFORMATION ~~Inc.~~Current ~~(the~~Period “Registrant”) registered issuance of its FBR Securitization Trust 2005-1, Callable Mortgage-Backed Notes, Series 2005-1 on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Act”), by a Registration Statement on Form S-3 (333-122578) (the “Registration Statement”). Pursuant to the Registration Statement, the Registrant issued $1,130,290,000 aggregate principal amount of Class ~~A-1~~ ~~and Class~~ A-2 ofInsufficient ~~its~~Funds ~~FBR Securitization Trust 2005-1, Callable Mortgage-Backed Notes, Series 2005-1 (collectively, the “Notes”) on August 16, 2005~~0.00 ~~This~~Principal ~~Current~~Balance Report on Form 8-K is being filed to satisfy the undertaking contained in the definitive Prospectus dated February 23, 2005, as supplemented by the Prospectus Supplement dated August 12, 2005 (the “Prospectus Supplement”) to file a copy of ~~the~~Contaminated ~~Transfer~~Properties ~~and~~0.00 ~~Servicing~~Periodic ~~Agreement,~~Advance ~~the Indenture~~828, ~~the Owner Trust Agreement and the Policy (as defined below)~~892. 96

REO Detail - All Mortgage Loans in REO during Current Period

~~The~~Summary ~~Notes~~12 ~~were~~Month ~~issued~~REO ~~pursuant~~History* toNew anREO ~~Indenture,~~Loans ~~dated~~Month asREO ofPercentage ~~July 1,~~Loans ~~2005~~in ~~(the~~REO ~~“Indenture”) among~~0 ~~FBR~~Oct-04 ~~Securitization~~0.000% ~~Trust~~Original ~~2005~~Principal Balance 0.00 Nov-1,04 as0.000% ~~issuer~~Current ~~(the~~Principal ~~“Issuer”),~~Balance ~~Wells~~0.00 ~~Fargo~~Dec-04 ~~Bank,~~0.000% ~~National Association,~~Jan-05 as0.000% ~~securities~~Current ~~administrator~~REO ~~(the~~Total ~~“Securities~~Feb-05 ~~Administrator”)~~0.000% ~~and~~Loans ~~HSBC~~in ~~Bank~~REO ~~USA, National~~0 ~~Association,~~Mar-05 as0.000% ~~indenture~~Original ~~trustee~~Principal ~~(the~~Balance ~~“Indenture Trustee”)~~0.00 AApr-05 ~~copy~~0.000% ofCurrent Principal Balance 0.00 May-05 0.000% Jun-05 0.000% Jul-05 0.000% Aug-05 0.000% Sep-05 0.000% *The text reported in the ~~Indenture~~above table is ~~attached hereto~~presented asgraphically ~~Exhibit 4~~on the monthly bond remittance report.1 The monthly bond remittance report can be viewed online at www. ctslink.com.

~~The~~REO ~~Notes~~Loan ~~were~~Detail ~~sold~~- toAll ~~Friedman,~~Mortgage ~~Billings,~~Loans ~~Ramsey~~in &REO ~~Co.,~~during ~~Inc.~~Current ~~and~~Period ~~Merrill~~Month ~~Lynch,~~Loan ~~Pierce, Fenner~~First &Original ~~Smith~~Loan ~~Incorporated~~Entered ~~(collectively,~~Payment ~~the~~LTV ~~“Underwriters”)~~at ~~pursuant~~Principal toGroup anNumber ~~Underwriting Agreement,~~REO ~~dated~~Date asState ofOrigination ~~August 12,~~Balance ~~2005~~No ~~(the~~REO ~~“Underwriting~~loans ~~Agreement”),~~this ~~by and among FBR Securitization, Inc~~period.~~, as depositor (the “Depositor”), MHC I, Inc. (the “Seller”), Friedman, Billings, Ramsey & Co., Inc. and the Underwriters.~~

~~The~~REO ~~Notes~~Loan ~~are~~Detail ~~secured~~- byAll ~~certain mortgage loans (the “~~Mortgage Loans”) ~~with~~in anREO ~~aggregate outstanding~~during ~~principal~~Current ~~balance~~Period ~~of approximately $1,164,063,917 as of July 1, 2005 and an ownership certificate issued by the Issuer pursuant to the Amended and Restated Owner Trust Agreement, dated as of August 16, 2005~~ (~~the “Owner Trust Agreement”~~continued), byCurrent ~~and~~Paid ~~among~~Current ~~the~~Approximate ~~Depositor,~~Loan ~~Wilmington~~Principal ~~Trust Company,~~To asMonths ~~owner~~Loan ~~trustee,~~Delinquent ~~and~~Group ~~the~~Number ~~Securities~~Balance ~~Administrator.~~Date ADelinquent ~~copy~~Rate ofInterest ~~the~~No ~~Owner~~REO ~~Trust~~loans ~~Agreement is~~this ~~attached hereto as Exhibit 99~~period.2.

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

~~The~~Summary ~~Mortgage~~12 Month Foreclosure History* New Foreclosure Loans ~~will~~Month beForeclosure ~~serviced~~Percentage byLoans ~~JPMorgan~~in ~~Chase~~Foreclosure ~~Bank~~23 Oct-04 0.000% Original Principal Balance 5,603,970.00 ~~National~~Nov-04 ~~Association~~0.000% Current Principal Balance 5,602,094.90 asDec-04 ~~servicer (the~~0.000% ~~“Servicer”)~~Jan-05 ~~pursuant~~0.000% toCurrent ~~the~~Foreclosure ~~terms~~Total ofFeb-05 a0.000% ~~Transfer~~Loans ~~and Servicing~~in ~~Agreement,~~Foreclosure ~~dated~~23 asMar-05 of0.000% ~~July 1~~Original Principal Balance 5, ~~2005~~603,970.00 byApr-05 ~~and~~0.000% ~~among~~Current ~~the~~Principal ~~Issuer,~~Balance ~~the Depositor~~5,602,094.90 ~~the~~May-05 ~~Seller,~~0.000% ~~the~~Jun-05 ~~Securities~~0.000% ~~Administrator,~~Jul-05 ~~the Indenture~~0.000% ~~Trustee,~~Aug-05 ~~the~~0.000% ~~Servicer,~~Sep-05 0.502% *The ~~Murrayhill~~text ~~Company,~~reported asin the ~~credit~~ ~~risk~~above ~~manager,~~table ~~and~~is ~~Wells~~presented ~~Fargo~~graphically ~~Bank,~~on ~~National~~the ~~Association,~~monthly asbond ~~master~~remittance ~~servicer~~report. ~~A copy~~The ofmonthly ~~the~~bond ~~Transfer~~remittance ~~and~~report ~~Servicing~~can ~~Agreement~~be isviewed ~~attached~~online ~~hereto~~at ~~as Exhibit 99~~www.1ctslink. com.

~~Financial~~Foreclosure ~~Security~~Loan ~~Assurance~~Detail ~~Inc~~- All Mortgage Loans in Foreclosure during Current Period Month Loan First Original Loan Entered Payment LTV at Principal Group Number FC Date State Origination Balance Group 2 0412288895 Sep-2005 01-Mar-2005 DE 95.00 ~~(the~~176,700.00 ~~“Note~~Group ~~Insurer”)~~2 ~~issued~~0501193049 aSep-2005 ~~financial~~01-Apr-2005 ~~guaranty~~MD ~~insurance policy~~72.92 132,000.00 ~~dated~~Group 2 0501250465 Sep-2005 01-Apr-2005 NV 85.00 357,000.00 ~~August~~ Group 2 0501273539 Sep-2005 01-Apr-2005 NM 89.22 103,500.00 Group 2 0501315764 Sep-2005 01-Apr-2005 PA 80.00 93,600.00 Group 2 0502018470 Sep-2005 01-Apr-2005 CA 74.16 267,000.00 Group 2 0502028843 Sep-2005 ~~(the~~01-Apr-2005 ~~“Policy”)~~TN 90.00 63,000.00 ~~for~~Group ~~the~~2 ~~benefit~~0502257420 ofSep-2005 ~~the~~01-May-2005 ~~notes~~IL 80.00 197,600.00 ~~pursuant~~Group to2 ~~which~~0503011222 ~~the Note~~Sep-2005 ~~Insurer~~01-May-2005 ~~guarantees~~NY ~~that~~85.00 ~~the~~450,500.00 ~~notes~~Group ~~will~~2 ~~receive~~0503034981 ~~timely~~Sep-2005 ~~payments~~01-May-2005 ofCO ~~interest~~90.00 ~~(other~~148,500.00 ~~than~~Group ~~certain shortfalls~~2 ~~identified~~0503077832 inSep-2005 ~~the~~01-May-2005 ~~Policy)~~GA 80.00 115,120.00 aGroup ~~payment~~2 of0503079495 ~~principal~~Sep-2005 ~~whenever~~01-May-2005 ~~and~~CA to85.00 ~~the~~327,250.00 ~~extent~~Group ~~that~~2 ~~the aggregate~~0503103554 ~~class~~Sep-2005 ~~principal~~01-May-2005 ~~amount~~CT of90.00 ~~the~~193,500.00 ~~Notes~~Group ~~exceeds~~2 ~~the~~0503115693 ~~aggregate~~Sep-2005 ~~schedule~~01-May-2005 ~~principal~~MO ~~balance~~90.00 ~~of the~~150,300.00 ~~Mortgage~~Group ~~Loans~~3 0502246756 Sep-2005 01-May-2005 OK 84.21 80,000.00 ~~and~~Group ~~the~~4 ~~ultimate~~0411191055 ~~payment~~Sep-2005 of01-Apr-2005 ~~principal~~CA ~~upon~~70.00 ~~final~~560,000.00 ~~maturity~~Group of4 ~~the~~0412171120 ~~Notes~~Sep-2005 01-Apr-2005 PA 85.00 A233,750.00 ~~copy of~~Group ~~the~~4 ~~Policy~~0501259880 isSep-2005 ~~attached~~01-Apr-2005 ~~hereto~~GA as80.00 ~~Exhibit 99~~180,000.300 Group 4 0502073884 Sep-2005 01-Apr-2005 NJ 80. 00 232,000.00 Group 4 0502085609 Sep-2005 01-May-2005 NJ 85.00 225,250.00 Group 4 0502109304 Sep-2005 01-Apr-2005 NY 80.00 480,000.00 Group 4 0502167595 Sep-2005 01-May-2005 CA 75.00 615,000.00 Group 4 0503080111 Sep-2005 01-May-2005 NH 80.00 222,400.00

~~Item~~ Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued) Current Paid Current Approximate Loan Principal To Months Loan Delinquent Group Number Balance Date Delinquent Rate Interest Group 2 0412288895 176,479.57 01-Apr-2005 3 8.375% 2,396.23 Group 2 0501193049 131,861.13 01-May-2005 2 9.199% 1,972.85 Group 2 0501250465 356,759.96 01-Apr-2005 ~~Financial~~3 ~~Statements~~7.990% 4,614.93 ~~Pro~~Group ~~Forma~~2 ~~Financial~~0501273539 ~~Statements~~103,448.98 ~~and~~01-Apr-2005 ~~Exhibits~~3 9. 490% 1,597.19 Group 2 0501315764 93,537.06 01-Apr-2005 3 7.990% 1,209.97 Group 2 0502018470 267,000.00 01-Apr-2005 3 7.050% 3,043.80 Group 2 0502028843 62,967.40 01-Apr-2005 3 9.259% 947.90 Group 2 0502257420 197,600.00 01-Apr-2005 3 7.990% 2,556.13 Group 2 0503011222 450,500.00 01-Apr-2005 3 8.990% 6,579.56 Group 2 0503034981 148,500.00 01-Apr-2005 3 7.999% 1,923.21 Group 2 0503077832 115,120.00 01-Apr-2005 3 7.875% 1,467.08 Group 2 0503079495 327,250.00 01-Apr-2005 3 8.500% 4,511.83 Group 2 0503103554 193,500.00 01-Apr-2005 3 7.990% 2,503.10 Group 2 0503115693 150,300.00 01-Apr-2005 3 8.599% 2,097.03 Group 3 0502246756 79,999.76 01-Apr-2005 3 8.599% 1,116.19 Group 4 0411191055 559,660.05 01-Apr-2005 3 8.490% 7,706.62 Group 4 0412171120 233,592.84 01-Apr-2005 3 7.990% 3,021.67 Group 4 0501259880 179,866.41 01-Apr-2005 3 7.500% 2,179.61 Group 4 0502073884 231,832.08 01-Apr-2005 3 7.625% 2,857.69 Group 4 0502085609 225,250.00 01-Apr-2005 3 8.250% 3,011.55 Group 4 0502109304 479,669.66 01-Apr-2005 3 7.875% 6,112.78 Group 4 0502167595 615,000.00 01-Apr-2005 3 6.625% 6,575.37 Group 4 0503080111 222,400.00 01-Apr-2005 3 7.990% 2,876.95

~~Information~~COLLATERAL ~~and~~STATEMENT ~~Exhibits~~ Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.446173% Weighted Average Net Coupon 7.236173% Weighted Average Pass-Through Rate 7.218673% Weighted Average Maturity(Stepdown Calculation) 353 Beginning Scheduled Collateral Loan Count 5,828 Number Of Loans Paid In Full 104 Ending Scheduled Collateral Loan Count 5,724 Beginning Scheduled Collateral Balance 1,139,904,694.00 Ending Scheduled Collateral Balance 1,114,966,060.60 Ending Actual Collateral Balance at 31-Aug-2005 1,115,659,425.01 Monthly P&I Constant 7,796,533.55 Special Servicing Fee 0.00 Prepayment Penalties 459,039.21 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 718,810.74 Unscheduled Principal 24,219,822.66

Miscellaneous Reporting Current LIBOR Rate Used 3.66938% Next Month's LIBOR Rate 3.83750% Soldier/Sailor 0.00 Misc Adj (a4,450.35) ~~Financial~~Class ~~Statements~~A1 ofFSA ~~business~~Fee ~~acquired~~27,407.95 Class A2 FSA Fee 30,233.18 Class M1 FSA Fee 29,059.42 Class M2 FSA Fee 17,764.63 Class M3 FSA Fee 10,213.13 Class M4 FSA Fee 11,120.00 Class M5 FSA Fee 11,760.00 Class M6 FSA Fee 11,035.79 Class B1 FSA Fee 15,949.54 Class B2 FSA Fee 16,334.75 Class B3 FSA Fee 19,501.08 Class B4 FSA Fee 44,516.29

-Group Level Collateral Statement Group Group 1 Group 2- Group 3 Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.352566 7.660758 7.196143 Weighted Average Net Rate 7.142566 7.450758 6.986143 Weighted Average Maturity 353 353 353 Beginning Loan Count 463 2,882 634 Loans Paid In Full 5 58 6 Ending Loan Count 458 2,824 628 Beginning Scheduled Balance 64,073,916.42 478,061,523.49 97,329,817.54 Ending Scheduled Balance 63,339,686.53 466,559,526.89 96,229,937.06 Record Date 08/31/2005 08/31/2005 08/31/2005 Principal And Interest Constant 455,167.57 3,357,769.56 666,344.05 Scheduled Principal 62,577.80 305,841.70 82,677.97 Unscheduled Principal 671,652.09 11,196,154.90 1,017,202.51 Scheduled Interest 392,589.77 3,051,927.86 583,666.08 Servicing Fees 11,204.01 83,629.97 17,022.25 Master Servicing Fees 266.97 1,991.92 405.54 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 667.44 4,979.81 1,013.85 Pool Insurance Fee 0.00 0.00 0.00 Spread 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 380,442.42 2,961,295.36 565,213.97 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00

~~Not~~Group ~~applicable~~Level Collateral Statement Group Group 4 Total Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.312467 ~~(b)~~7.446173 ~~Pro~~Weighted ~~Forma~~Average ~~financial~~Net ~~information~~Rate 7.102467 ~~Not~~7.236173 ~~applicable~~Weighted Average Maturity 353 353 Beginning Loan Count 1,849 5,828 Loans Paid In Full 35 104 Ending Loan Count 1,814 5,724 Beginning Scheduled Balance 500,439,436.55 ~~(c)~~1,139,904,694.00 ~~Exhibits~~Ending scheduled Balance 488,836,910.12 1,114,966,060.60 Record Date 08/31/2005 08/31/2005 Principal And Interest Constant 3,317,252.37 7,796,533.55 Scheduled Principal 267,713.27 718,810.74 Unscheduled Principal 11,334,813.16 24,219,822.66 Scheduled Interest 3,049,539.10 7,077,722.81 Servicing Fees 87,519.37 199,375.60 Master Servicing Fees 2,085.16 4,749.59 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 5,212.91 11,874.01 Pool Insurance Fee 0.00 0.00 Spread 1 0.00 0.00 Spread 2 0.00 0.00 Spread 3 0.00 0.00 Net Interest 2,954,664.13 6,861,615.88 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00

	4.1		Indenture, dated as of July 1, 2005, among FBR Securitization Trust 2005-1, as issuer, Wells Fargo Bank, National Association, as securities administrator and HSBC Bank USA, National Association, as indenture trustee.
	99.1		Transfer and Servicing Agreement, dated as of July 1, 2005, by and among FBR Securitization Trust 2005-1, as issuer, FBR Securitization, Inc., as depositor, MHC I, Inc., as seller, JPMorgan Chase Bank, National Association, as servicer, Wells Fargo Bank, National Association, as securities administrator and the master servicer, The Murrayhill Company, as the credit risk manager, and HSBC Bank USA, National Association, as indenture trustee.
	99.2		Amended and Restated Owner Trust Agreement, dated as of August 16, 2005, by and among FBR Securitization, Inc., as depositor, Wells Fargo Bank, National Association, as securities administrator, and Wilmington Trust Company, as owner trustee.
	99.3		Financial Guaranty Insurance Policy, dated August 16, 2005, issued by Financial Security Assurance Inc.

Group

Prepayment Detail -3- Prepayments during Current Period Summary Loans Paid In Full Repurchased Loans Original Current Original Current Principal Principal Principal Principal Group Count Balance Balance Count Balance Balance Total 104 24,517,582.00 24,200,346.92 0 0.00 0.00

~~Signatures~~ Prepayment Detail - Prepayments during Current Period (continued) Summary Substitution Loans Liquidated Loans Curtailments Original Current Original Current Principal Principal Principal Principal Curtailment Group Count Balance Balance Count Balance Balance Amount Total 0 0.00 0.00 0 0.00 0.00 37,216.96

~~Pursuant~~Prepayment toLoan ~~the~~Detail ~~requirements~~- ofPrepayments ~~the~~during ~~Securities~~Current ~~Exchange~~Period ~~Act~~First ofOriginal ~~1934~~Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount Group 1 0412312750 NM 76.81 01-Apr-2005 169,000.00 as168,204.59 ~~amended~~Group 1 0501193546 CA 80.00 01-Mar-2005 184,000.00 ~~the Registrant~~182,695.86 ~~has~~Group ~~duly~~1 ~~caused~~0502042086 ~~this~~IL ~~report~~90.00 to01-Apr-2005 be171,000.00 ~~signed~~170,398.84 onGroup ~~its~~1 ~~behalf~~0502247150 byNJ ~~the~~26.94 ~~undersigned~~01-May-2005 ~~hereunto~~45,000.00 ~~duly authorized~~44,483. 90 Group 1 0504189167 GA 85.00 01-Jun-2005 100,300.00 100,039.32 Group 2 0410049409 OH 90.00 01-Feb-2005 234,000.00 233,002.84 Group 2 0411246069 FL 84.53 01-Apr-2005 153,000.00 152,433.92 Group 2 0411297270 CA 75.00 01-Feb-2005 352,500.00 350,779.10 Group 2 0412022148 CA 90.00 01-Feb-2005 77,850.00 77,594.19 Group 2 0501043303 NV 75.00 01-Apr-2005 225,000.00 223,980.26 Group 2 0501100191 FL 100.00 01-Mar-2005 230,000.00 230,000.00 Group 2 0501109907 FL 80.00 01-Mar-2005 88,800.00 88,397.32 Group 2 0501111594 VA 100.00 01-Mar-2005 108,000.00 107,469.33 Group 2 0501192026 MD 80.00 01-Apr-2005 324,000.00 322,706.55 Group 2 0501192928 OH 90.00 01-Apr-2005 130,500.00 129,938.36 Group 2 0501203858 CA 100.00 01-Mar-2005 249,000.00 248,023.93 Group 2 0501204367 CA 88.85 01-Mar-2005 255,000.00 254,315.54 Group 2 0501205275 FL 49.43 01-Apr-2005 65,000.00 64,621.48 Group 2 0501248211 NJ 50.00 01-Apr-2005 135,000.00 134,548.25 Group 2 0501261598 MN 80.00 01-Apr-2005 192,000.00 191,096.56 Group 2 0501284053 MD 75.00 01-Apr-2005 218,250.00 217,474.80 Group 2 0501284295 FL 85.00 01-Apr-2005 97,750.00 97,329.58 Group 2 0501316319 CA 85.00 01-Apr-2005 238,000.00 237,073.59 Group 2 0502017840 NY 80.00 01-May-2005 50,400.00 50,228.28 Group 2 0502018065 CA 75.00 01-Apr-2005 243,750.00 242,824.94 Group 2 0502028823 MD 85.00 01-Apr-2005 263,500.00 262,305.81 Group 2 0502030469 AZ 87.94 01-Apr-2005 299,000.00 297,504.93 Group 2 0502030514 CA 65.00 01-Apr-2005 273,000.00 273,000.00 Group 2 0502030679 GA 85.00 01-May-2005 353,600.00 352,150.19 Group 2 0502109172 NY 80.00 01-Apr-2005 128,000.00 127,359.96 Group 2 0502154890 NJ 68.86 01-Apr-2005 334,000.00 332,629.97 Group 2 0502155129 MD 85.00 01-May-2005 301,750.00 300,630.21 Group 2 0502170193 CA 80.00 01-May-2005 192,400.00 191,744.48 Group 2 0502178551 VA 80.00 01-May-2005 116,000.00 115,604.81 Group 2 0502180647 ME 54.54 01-May-2005 150,000.00 149,377.99 Group 2 0502181292 CA 90.00 01-May-2005 238,500.00 0.00 Group 2 0502222053 MD 80.00 01-May-2005 272,000.00 271,065.86 Group 2 0502235457 CA 90.00 01-Apr-2005 136,800.00 136,328.78 Group 2 0502246364 CA 66.66 01-May-2005 140,000.00 139,173.04 Group 2 0502289995 WI 100.00 01-May-2005 124,000.00 123,475.64 Group 2 0503022972 VA 80.00 01-May-2005 288,000.00 286,746.12 Group 2 0503023709 WI 90.00 01-May-2005 112,500.00 112,093.29 Group 2 0503047383 AZ 90.00 01-May-2005 185,400.00 184,768.36 Group 2 0503078310 CA 78.00 01-May-2005 195,000.00 194,108.79 Group 2 0503081122 CA 65.00 01-May-2005 357,500.00 355,882.10 Group 2 0503089811 NJ 85.00 01-May-2005 306,000.00 304,761.86 Group 2 0503104043 NJ 90.00 01-May-2005 198,000.00 197,177.37 Group 2 0503104359 TX 75.00 01-May-2005 110,925.00 110,547.09 Group 2 0503105291 CA 74.68 01-May-2005 295,000.00 293,652.01 Group 2 0503147532 MI 90.00 01-May-2005 297,000.00 295,989.98 Group 2 0503159070 FL 80.00 01-May-2005 208,000.00 207,067.71 Group 2 0503161067 IL 80.00 01-May-2005 232,000.00 231,170.62 Group 2 0503242281 GA 83.10 01-May-2005 107,200.00 106,772.11 Group 2 0503285810 GA 90.00 01-Jun-2005 135,450.00 135,149.97 Group 2 0503310467 CA 59.37 01-Jun-2005 285,000.00 284,265.54 Group 2 0504011057 DE 90.00 01-Jun-2005 216,000.00 215,346.26 Group 2 0504043015 VA 85.00 01-Jun-2005 140,250.00 139,785.19 Group 2 0504043144 GA 77.14 01-Jun-2005 135,000.00 134,580.18 Group 2 0504077472 IL 81.40 01-Jun-2005 133,500.00 133,126.97 Group 2 0504078361 CA 90.00 01-Jun-2005 182,700.00 182,229.13 Group 2 0504089417 IL 56.52 01-Jun-2005 130,000.00 129,629.39 Group 2 0504122430 PA 90.00 01-Jun-2005 141,300.00 140,953.92 Group 2 0504145843 FL 58.66 01-Jun-2005 88,000.00 87,736.30 Group 3 0410190028 TN 85.00 01-Jan-2005 71,400.00 70,862.67 Group 3 0501192214 WI 86.13 01-Mar-2005 205,000.00 203,883.01 Group 3 0502280242 NV 60.81 01-May-2005 240,200.00 239,203.78 Group 3 0503147063 FL 18.01 01-May-2005 40,000.00 39,446.59 Group 3 0503244024 CA 80.00 01-May-2005 232,800.00 231,729.96 Group 3 0504111977 CA 56.09 01-Jun-2005 230,000.00 227,929.06 Group 4 0411083282 MD 80.00 01-Feb-2005 486,932.00 486,932.00 Group 4 0411308187 FL 90.00 01-Feb-2005 225,000.00 223,700.47 Group 4 0412011575 CA 85.00 01-Feb-2005 382,500.00 380,780.46 Group 4 0501078292 IL 80.00 01-May-2005 328,000.00 326,767.09 Group 4 0501078444 CA 80.00 01-Apr-2005 352,000.00 350,407.86 Group 4 0501147739 MN 82.79 01-Mar-2005 421,000.00 418,393.86 Group 4 0501179555 NY 80.00 01-Apr-2005 300,000.00 298,465.93 Group 4 0501204337 NJ 60.97 01-May-2005 500,000.00 500,000.00 Group 4 0501215909 CA 60.00 01-Apr-2005 207,000.00 206,063.69 Group 4 0501250270 CA 21.42 01-Apr-2005 75,000.00 74,557.46 Group 4 0501260986 IL 79.84 01-Mar-2005 400,000.00 397,659.72 Group 4 0501283807 OH 90.00 01-Apr-2005 78,750.00 78,464.42 Group 4 0501284791 IL 95.00 01-Apr-2005 385,553.00 385,553.00 Group 4 0501315710 CA 53.19 01-Apr-2005 500,000.00 497,901.23 Group 4 0502073781 CA 88.86 01-Apr-2005 391,000.00 389,300.04 Group 4 0502098157 CA 90.00 01-Apr-2005 203,400.00 202,565.68 Group 4 0502100255 MI 80.00 01-Apr-2005 424,000.00 421,782.46 Group 4 0502111700 CA 80.00 01-Apr-2005 376,000.00 373,779.33 Group 4 0502179518 MO 90.00 01-Apr-2005 335,700.00 328,546.30 Group 4 0502234694 AL 80.00 01-Apr-2005 147,120.00 146,367.67 Group 4 0502289556 CA 80.00 01-May-2005 360,000.00 359,999.00 Group 4 0503010830 CA 80.00 01-May-2005 224,000.00 223,070.11 Group 4 0503077865 AL 90.00 01-May-2005 539,100.00 537,263.39 Group 4 0503089799 OH 90.00 01-May-2005 130,500.00 130,128.74 Group 4 0503092572 CA 80.00 01-May-2005 280,000.00 279,045.25 Group 4 0503093143 FL 90.00 01-May-2005 202,500.00 201,811.34 Group 4 0503160976 FL 80.00 01-May-2005 220,000.00 219,275.60 Group 4 0503161166 MD 80.00 01-May-2005 224,000.00 223,191.15 Group 4 0503254546 AL 80.00 01-May-2005 452,000.00 450,384.16 Group 4 0503285588 VA 90.00 01-May-2005 508,500.00 507,226.76 Group 4 0503297504 FL 100.00 01-Jun-2005 389,900.00 388,992.83 Group 4 0503308729 IL 75.00 01-Jun-2005 412,500.00 411,135.34 Group 4 0504134543 NE 80.00 01-Jun-2005 328,000.00 326,778.62 Group 4 0504158412 VA 80.00 01-Jun-2005 283,852.00 283,852.00 Group 4 0504180618 CA 65.51 01-Jun-2005 285,000.00 283,854.41

Prepayment - Voluntary Prepayments

~~[Form 8~~Summary SMM CPR PSA Current Month 2.126% Current Month 22.731% Current Month 2,675.028% 3 Month Average 0.000% 3 Month Average 0.000% 3 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Oct-K2004 N/A N/A Oct-~~FBR Securitization~~2004 ~~Trust~~N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 N/A N/A Apr-2005 N/A N/A May-2005 N/A N/A May-2005 N/A N/A Jun-2005 N/A N/A Jun-2005 N/A N/A Jul-2005 N/A N/A Jul-2005 N/A N/A Aug-2005 21.664% N/A Aug-2005 3,327.176% N/A Sep-2005 22.731% N/A Sep-2005 2,675.028% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled Principal) Conditional PrePayment Rate (CPR): 1 -~~Post~~ ((1 -~~Closing]~~ SMM)^12) PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS)) Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal Balance))

~~Exhibit Index~~ Realized Loss Detail Report - Loans with Losses during Current Period Summary # Loans Prior Realized Current with Principal Loss/(Gain) Loss Group Losses Balance Amount Percentage Total 0 0.00 0.00 0.000%

Exhibit No.		Page
4.1	Indenture dated as of July 1, 2005, among FBR Securitization Trust 2005-1, as issuer, Wells Fargo Bank, National Association, as securities administrator and HSBC Bank, National Association, as indenture trustee	[Electronic Format]
99.1	Transfer and Servicing Agreement dated as of July 1, 2005, among FBR Securitization Trust 2005-1, as issuer, FBR Securitization, Inc., as depositor, MHC I, Inc., as seller, Wells Fargo Bank, National Association, as securities administrator and master servicer, JPMorgan Chase Bank, National Association, as servicer, The Murrayhill Company, as the credit risk manager, and HSBC Bank, National Association, as indenture trustee	[Electronic Format]
99.2	Amended and Restated Owner Trust Agreement, dated as of May 11, 2005, by and among FBR Securitization, Inc., as depositor, Wells Fargo Bank, National Association, as securities administrator, and Wilmington Trust Company, as owner trustee.	[Electronic Format]
99.3	Financial Guaranty Insurance Policy, dated August 16, 2005, issued by Financial Security Assurance Inc.	[Electronic Format]

Realized Loss Report - Collateral Summary

Dated: August 31, 2005

FBR SECURITIZATION, INC.

/s/ Richard J. Hendrix

Name: Richard J. Hendrix

Title: President and Chief Operating Officer

Filing Compare · FBR Securitization Trust 2005-1