FBR Securitization 8-K Other Events

Exhibit 99.7

Disclaimer

COMPUTATIONAL MATERIALS

This Series Term Sheet contains tables and other statistical analyses (the “Computational Materials”). These Computational Materials have been prepared by Friedman, Billings, Ramsey & Co., Inc. in reliance upon information furnished by the issuer of the securities and its affiliates. These Computational Materials are furnished to you solely by Friedman, Billings, Ramsey & Co., Inc. 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 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 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, including without limitation the collateral tables which follow, 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 s pecific characteristics of these securities also may differ from those shown in the Computational Materials. Certain mortgage loans contained in this statistical pool may be deleted from the final pool of mortgage loans delivered to the trust on the closing date. This 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. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither Friedman, Billings, Ramsey & Co., Inc. 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.

Deal Info
Deal Name	First NLC Trust 2005-1
Bloomberg Ticker:
Asset Class:	Subprime
Issuer:	First NLC
Trustee:	HSBC
Lead Manager(s)	FBR
Month:
To Roll	30
Remaining Term	359
Remaining IO Term	59
% Interest Only	39.36

Master Servicer: JPM
Backup Servicer:
Primary Servicer (s):		% Name	Originator (s):		% Name
	1			1
	2			2
	3			3
	4			4
	5			5
	6			6
	7			7
	8			8
	9			9
	10			10

							Avg
	Loan		Principal		% of		Loan				WA		WA						SF		Refi		Full		Interest
FICO	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
1 - 500		9		1,453,194.07		0.2		161,544.44		8.13		500		77.38		45.3		100		100		100		100		0
501 - 520		145		21,205,218.85		2.87		146,329.38		8.117		510		75.16		42.4		98.99		92.25		94.29		91.69		0
521 - 540		211		29,755,153.67		4.02		141,078.34		8.205		532		76.5		42.02		99.02		92.05		88.8		83.36		0.91
541 - 560		250		37,145,567.29		5.02		148,647.42		7.959		551		78.63		41.14		97.63		93.56		85.6		76.24		0
561 - 580		267		42,048,183.97		5.69		157,561.40		7.668		571		79.6		41.5		98.54		92.19		83.76		67.08		3.12
581 - 600		336		57,050,578.28		7.71		169,888.10		7.612		590		83.43		42.57		97.26		89.82		72.77		59.56		6.11
601 - 620		592		92,165,532.39		12.46		155,741.12		7.392		611		83.57		42.56		97.69		86.18		62.26		59.85		22.93
621 - 640		744		121,988,209.28		16.49		164,025.09		7.215		630		82.85		42.46		98.33		83.64		44.33		33.55		44.14
641 - 660		602		115,377,576.47		15.6		191,718.95		7.011		650		82.72		41.54		98.5		82.32		40.68		23.69		51.76
661 - 680		467		86,422,347.06		11.69		185,136.19		6.964		670		83.93		42.62		98.96		80.39		36		21.81		49.69
681 - 700		301		50,931,640.08		6.89		169,306.98		6.888		689		82.9		41.23		97.57		73.03		28.96		23.13		52.18
701 >=		456		84,048,401.62		11.36		184,381.20		6.85		734		83.93		42.25		96.3		75.19		23.1		23.02		55.3
Total:		4380		739,591,603.03		100		168,926.57		7.273		633		82.33		42.11		98.01		83.76		51.39		41.86		34.58

Mean: 629 Median: 630 Standard Dev: 58

							Avg
	Loan		Principal		% of		Loan				WA		WA						SF		Refi		Full		Interest
Original CLTV (%)	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
<= 50.00		63		7,777,997.55		1.05		123,517.06		7.11		599		41.28		40.04		96.54		85.53		92.58		45.67		6.75
50.01 - 55.00		34		4,762,262.47		0.64		140,201.47		6.937		584		53.12		39.04		94.74		95.82		96.02		40.16		6
55.01 - 60.00		46		7,103,612.20		0.96		154,521.07		7.307		580		57.99		39.98		92.15		84.45		98.83		57.52		13.92
60.01 - 65.00		92		15,224,314.04		2.06		165,578.26		7.235		591		63.23		38.53		96.75		81.91		94.1		51.3		13.68
65.01 - 70.00		144		27,698,902.21		3.75		192,444.44		7.103		590		68.39		40.48		93.36		86.54		91.5		43.28		19.12
70.01 - 75.00		239		42,402,439.54		5.73		177,490.10		7.206		605		73.58		41.74		89.18		81.61		75.94		40.65		24.84
75.01 - 80.00		1727		363,828,185.63		49.19		210,734.17		6.874		647		79.82		42.5		99.06		81.12		29.75		29.53		53.38
80.01 - 85.00		357		62,385,848.66		8.44		174,828.24		7.378		608		84.38		40.93		97.61		87.29		84.61		57.63		24.59
85.01 - 90.00		558		98,529,778.27		13.32		176,651.31		7.475		618		89.58		42.17		98.17		87.97		77.35		57.56		22.1
90.01 - 95.00		221		33,643,762.61		4.55		152,319.54		7.348		643		94.53		43.09		100		89.4		74.06		69.17		11.61
95.01 - 100.00		899		76,234,499.85		10.31		84,862.09		8.941		655		99.91		42.84		100		85.08		35.74		51.97		1.07
Total:		4380		739,591,603.03		100		168,926.57		7.273		633		82.33		42.11		98.01		83.76		51.39		41.86		34.58

Mean: 629.13 Median: 630.00 Standard Dev: 58.34 LTV = 80: 41.05 % Silent Seconds: 37.06

							Avg
	Loan		Principal		% of		Loan				WA		WA						SF		Refi		Full		Interest
DTI	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
<= 20		61		8,723,060.59		1.18		143,065.57		7.195		628		76.74		15.53		88.15		88.89		63.95		48.7		31.98
21 - 25		104		12,739,900.61		1.72		122,575.12		7.548		620		79.25		22.9		94.19		88.6		70.92		45.12		19.17
26 - 30		207		30,803,147.20		4.16		148,890.05		7.297		618		80.6		27.89		95.44		88.17		71.74		56.96		21.36
31 - 35		386		59,029,911.34		7.98		153,030.49		7.287		630		82.02		32.77		96.04		88.52		55.39		48.11		29.83
36 - 40		731		125,179,210.08		16.93		171,301.00		7.158		634		81.8		37.79		98.57		84.67		53.22		41.46		42.47
41 - 45		1392		246,168,944.78		33.28		176,907.53		7.224		644		82.68		42.76		98.87		81.51		43.83		30.42		42.73
46 - 50		1132		190,055,897.31		25.7		167,966.22		7.396		627		83.22		47.67		98.17		85.11		53.86		44.21		26.12
51 - 55		367		66,891,531.12		9.04		182,341.92		7.252		626		81.94		53.93		98.3		78.63		50.52		64.05		27.43
Total:		4380		739,591,603.03		100		168,926.57		7.273		633		82.33		42.11		98.01		83.76		51.39		41.86		34.58

Mean: 629.13 Median: 630.00 Standard Dev: 58.34

							Avg
	Loan		Principal		% of		Loan				WA		WA						SF		Refi		Full		Interest
Purpose	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
Cashout		2230		380,077,442.78		51.39		170,521.89		7.296		610		81.34		41.6		97.32		88.41		100		56.25		20.41
Purchase		2068		345,961,960.16		46.78		167,348.18		7.241		660		83.37		42.68		98.73		78.36		0		25.83		50.61
Rate/Term Refinance		82		13,552,200.09		1.83		165,347.85		7.455		616		83.53		42.16		99		91.07		0		47.58		22.86
Total:		4380		739,591,603.03		100		168,926.57		7.273		633		82.33		42.11		98.01		83.76		51.39		41.86		34.58

							Avg
	Loan		Principal		% of		Loan				WA		WA						SF		Refi		Full		Interest
Occupancy Type	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
Owner Occupied		4278		724,880,557.34		98.01		169,513.88		7.267		633		82.47		42.19		100		84.46		51.03		41.63		35.13
Non-Owner Occupied		102		14,711,045.69		1.99		144,294.31		7.574		647		75.81		38.36		0		49.23		69.24		53.04		7.68
Total:		4380		739,591,603.03		100		168,926.57		7.273		633		82.33		42.11		98.01		83.76		51.39		41.86		34.58

							Avg
	Loan		Principal		% of		Loan				WA		WA						SF		Refi		Full		Interest
Documentation Type	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
NIV		2059		390,127,073.10		52.75		189,545.20		7.185		656		81.56		42.22		98.67		81.4		34.27		0		50.79
Full		2088		309,595,639.90		41.86		148,338.18		7.373		606		83.7		42.31		97.48		86.05		69.05		100		16.59
Stated		165		27,741,194.06		3.75		168,241.59		7.358		620		78.44		40.47		94.36		88.63		86.33		0		15.3
12 Month Bank Statements		40		6,025,519.28		0.81		150,725.00		7.84		605		81.97		35.22		100		87.77		68.36		0		7.04
24 Month Bank Statements		21		4,229,362.47		0.57		201,542.38		6.857		626		81.91		39.65		96.8		87.86		69.38		0		11.68
Reduced		5		1,408,193.76		0.19		281,700.00		6.918		600		78.49		41.27		100		100		100		0		59.03
NINA		1		267,929.00		0.04		268,000.00		6.375		655		80		30.35		100		100		0		0		100
Alternative		1		196,691.46		0.03		196,950.00		8.125		508		65		27.45		100		100		100		0		0
Total:		4380		739,591,603.03		100		168,926.57		7.273		633		82.33		42.11		98.01		83.76		51.39		41.86		34.58

							Avg
	Loan		Principal		% of		Loan				WA		WA						SF		Refi		Full		Interest
Property Type	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
Single Family		3660		619,458,066.91		83.76		169,320.41		7.259		629		82.45		41.93		98.83		100		54.24		43.01		34.52
Condo		345		49,873,440.91		6.74		144,604.49		7.307		655		83.04		42.89		96.75		0		30.63		36.78		39.27
Townhouse		164		26,565,837.83		3.59		162,095.73		7.167		650		82.89		41.41		97.98		0		36.82		37.84		49.47
3-4 Unit		110		24,301,921.79		3.29		221,025.18		7.633		658		80.08		45.27		88.54		0		32.46		36.46		19.3
Duplex		101		19,392,335.59		2.62		192,085.64		7.319		653		78.88		43.05		86.98		0		57.26		30.54		23.36
Total:		4380		739,591,603.03		100		168,926.57		7.273		633		82.33		42.11		98.01		83.76		51.39		41.86		34.58

							Avg
	Loan		Principal		% of		Loan				WA		WA						SF		Refi		Full		Interest
UPB	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
0.01 - 50,000.00		406		13,598,507.62		1.84		33,543.04		10.514		650		95.98		41.28		97.99		79.67		24.01		39.65		0
50,000.01 - 75,000.00		428		27,199,777.72		3.68		63,585.11		9.176		627		88.77		41.46		94.78		80.1		43.66		49.58		0.52
75,000.01 - 100,000.00		528		46,491,909.19		6.29		88,096.30		8.158		613		84.34		41.03		98.14		86.5		54.15		60.27		3.97
100,000.01 - 125,000.00		514		57,909,329.56		7.83		112,727.02		7.662		617		82.16		40.95		96.89		84.93		56.82		60.83		9.81
125,000.01 - 150,000.00		431		59,041,059.84		7.98		137,063.17		7.539		615		82.15		40.93		98.2		87		64.11		56.08		13.75
150,000.01 - 200,000.00		718		126,006,509.24		17.04		175,574.38		7.267		624		82.04		41.45		97.2		85.08		62.61		52.77		23.73
200,000.01 - 250,000.00		483		107,923,244.94		14.59		223,540.20		7.061		634		81.93		42.96		99.14		80.3		53.03		39.57		34.83
250,000.01 - 300,000.00		336		92,667,317.43		12.53		275,916.55		6.854		641		81.23		42.52		97.7		80.26		49.24		38.2		42.08
300,000.01 - 350,000.00		199		64,360,373.31		8.7		323,477.84		6.896		645		82.75		43.8		98.49		82.14		47.74		28.72		52.53
350,000.01 - 400,000.00		143		53,665,100.76		7.26		375,378.32		6.79		648		81.08		43.07		98.59		82.64		43.91		22.9		67.21
400,000.01 - 450,000.00		82		34,967,497.15		4.73		426,504.27		6.613		645		81.07		42.54		98.72		92.59		42.82		27.96		64.45
450,000.01 - 500,000.00		91		43,854,845.17		5.93		481,979.23		6.529		660		79.28		43.19		100		86.64		21.84		13.11		81.51
500,000.01 - 600,000.00		14		7,392,798.56		1		528,228.57		6.802		648		83.26		41.7		92.97		86.16		78.19		28.53		36.27
600,000.01 >=		7		4,513,332.54		0.61		644,942.86		6.501		644		73.76		31.64		100		85.6		58.47		30.02		58.83
Total:		4380		739,591,603.03		100		168,926.57		7.273		633		82.33		42.11		98.01		83.76		51.39		41.86		34.58

Min: $13,750 Max: $750,000

							Avg
	Loan		Principal		% of		Loan				WA		WA						SF		Refi		Full		Interest
Geographic Distribution	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
California		1211		290,404,967.81		39.27		239,864.65		6.877		644		80.07		42.27		98.76		85.39		39.13		25.76		60.26
Florida		870		126,488,325.43		17.1		145,462.67		7.506		632		82.57		42.2		96.97		79.63		45.88		50.81		16.92
Illinois		480		78,883,473.46		10.67		164,447.60		7.388		631		83.75		42.11		96.38		79.89		74.42		47.5		13.62
Michigan		211		25,005,028.54		3.38		118,564.10		8.118		599		85.1		42.11		98.04		93.27		80.24		69.27		5.85
Maryland		116		23,697,537.32		3.2		204,350.09		7.34		637		82.95		42.27		97.92		72.83		61.2		40.83		37.21
Nevada		118		20,042,775.42		2.71		169,919.49		6.956		639		81.2		41.32		97.31		94.42		36.65		30.82		49.73
Virginia		108		19,743,316.42		2.67		182,885.09		7.499		641		83.56		42.55		98.77		60.52		49.2		24.04		36.37
Massachusetts		87		17,624,837.70		2.38		202,744.25		7.532		630		81.34		44.19		96.29		63.8		63.94		44.66		9.41
North Carolina		152		14,960,295.72		2.02		98,471.38		7.815		625		87.04		40.05		98.96		96.69		43.6		55.97		12.79
Arizona		112		14,017,472.36		1.9		125,193.21		7.253		623		87.36		40.82		99.5		98.27		69.84		67.45		22.88
Pennsylvania		125		13,080,777.03		1.77		104,704.80		7.747		607		86.8		40.3		98.74		92.5		58.69		70.39		1.07
Colorado		79		11,065,732.91		1.5		140,153.16		7.001		623		85.08		41.38		99.3		94.44		86.87		56.06		31.53
Rhode Island		58		9,449,302.39		1.28		163,027.16		7.723		652		81.95		45.01		100		42.8		46.12		50.2		3.53
Washington		56		8,580,308.78		1.16		153,301.34		7.106		620		85.65		38.97		100		97.15		71.64		67.86		34.18
Tennessee		86		7,606,624.90		1.03		88,478.49		7.904		620		86.19		42.85		97.47		96.24		45.76		72.44		7.6

							Avg
	Loan		Principal		% of		Loan				WA		WA						SF		Refi		Full		Interest
Loan Type	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
ARM 3/27		1535		242,826,575.97		32.83		158,281.24		7.584		605		81.16		42.75		97.23		83.13		60.43		56.77		0
ARM 2/28		827		151,163,061.20		20.44		182,896.44		7.24		621		83.83		41.73		97.18		84.62		70.34		48.74		0
ARM 3/27 60 Month IO		486		133,588,845.95		18.06		274,891.15		6.515		666		80.21		42.59		99.41		86.19		27.39		20.64		100
ARM 2/28 60 Month IO		460		122,176,118.35		16.52		265,610.03		6.601		662		80.51		40.85		99.72		80.77		33.54		19.46		100
30 Year Fixed		789		75,841,851.41		10.25		96,188.11		8.305		641		87.73		42.08		97.08		85.6		57.9		53.55		0
15 Year Balloon		222		9,237,564.68		1.25		41,627.25		10.63		657		99.2		42.54		100		73.4		21.97		37.18		0
15 Year Fixed		35		2,941,646.41		0.4		84,284.29		7.944		650		81.09		42.27		87.19		80.58		73.8		47.56		0
20 Year Fixed		26		1,815,939.06		0.25		70,000.00		8.199		641		83.88		38.48		100		98.1		72.86		70.32		0
Total:		4380		739,591,603.03		100		168,926.57		7.273		633		82.33		42.11		98.01		83.76		51.39		41.86		34.58

							Avg
	Loan		Principal		% of		Loan				WA		WA						SF		Refi		Full		Interest
Lien Position	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
1		3683		702,663,160.81		95.01		190,860.87		7.114		632		81.43		42.07		97.91		84.1		53.25		42.9		36.4
2		697		36,928,442.22		4.99		53,024.13		10.305		664		99.42		42.98		100		77.16		15.91		22.16		0
Total:		4380		739,591,603.03		100		168,926.57		7.273		633		82.33		42.11		98.01		83.76		51.39		41.86		34.58

							Avg
Prepayment Penalty Term	Loan		Principal		% of		Loan				WA		WA						SF			Refi		Full		Interest
(Years)	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD			Cashout		Doc		Only
0		826		112,873,231.10		15.26		136,729.36		7.769		634		84.03		42.35		97.69		80.07			56.46		45.06		19.44
1		184		37,678,412.91		5.09		204,877.04		7.297		647		82.29		42.68		97.96		68.6			57.25		34.43		24.62
2		1083		221,591,111.70		29.96		204,677.47		6.937		636		82.44		41.27		98.36		83.84	��		52.03		37.17		46.68
3		2287		367,448,847.32		49.68		160,733.21		7.321		630		81.75		42.49		97.9		86.39			48.85		44.47		32.96
Total:		4380		739,591,603.03		100		168,926.57		7.273		633		82.33		42.11		98.01		83.76			51.39		41.86		34.58

	Deal Coverage
	Percentage of the deal based on		Loan-to-Value (LTV)
	FICO and LTV buckets.*		=<55		>55 =<60		>60 =<65		>65 =<70		>70 =<75		>75 =<80		>80 =<85		>85 =<90		>90 =<95		>95 <100		=>100
FICO		NA	—		—		—		—		—		—		—		—		—		—		—
		=<500		0.00		0.00		0.02		0.00		0.02		0.16		0.00		0.00		0.00		0.00		0.00
		>500 =<550		0.44		0.36		0.51		0.99		0.78		3.40		1.93		0.79		0.02		0.03		0.00
		>550 =<600		0.59		0.25		0.69		1.22		1.95		2.95		1.96		4.58		0.78		1.08		0.00
		>600 =<625		0.20		0.17		0.37		0.68		1.07		6.97		1.65		2.29		1.00		2.06		0.00
		>625 =<650		0.15		0.07		0.23		0.35		0.97		11.81		0.97		2.57		0.86		2.01		0.00
		>650 =<675		0.14		0.04		0.06		0.36		0.47		11.07		0.75		1.53		0.89		2.32		0.00
		>675 =<700		0.10		0.01		0.08		0.06		0.17		5.92		0.40		0.83		0.48		1.01		0.00
		>700 =<725		0.04		0.05		0.08		0.01		0.17		3.26		0.45		0.22		0.33		0.87		0.00
		>725 =<750		0.00		0.00		0.00		0.06		0.03		2.14		0.15		0.19		0.05		0.41		0.00
		>750 <800		0.04		0.00		0.02		0.02		0.10		1.52		0.18		0.31		0.15		0.51		0.00
		=>800	—		—		—		—		—		—		—		—		—		—		—

							Avg
	Loan		Principal		% of		Loan					WA		WA						SF		Refi		Full		Interest
FICO IO Only	Count		Balance		Pool		Amount			WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
521 - 540		1		270,000.00		0.11		270,000.00			8.375		532		90		45.15		100		100		100		100		100
561 - 580		7		1,312,088.73		0.51		187,614.29			6.645		575		74.11		37.06		100		100		89.62		28.58		100
581 - 600		13		3,485,049.75		1.36		268,080.77	��		6.928		591		83.49		42.35		100		91.48		77.47		42.75		100
601 - 620		77		21,130,308.16		8.26		274,450.65			6.785		612		80.64		41.85		100		90.14		55.27		43.11		100
621 - 640		204		53,844,217.21		21.05		263,951.72			6.724		631		80.07		42.24		99.86		86.23		31.26		21.6		100
641 - 660		211		59,721,936.02		23.35		283,048.48			6.536		651		79.85		41.44		99.43		85.97		31.92		16.62		100
661 - 680		158		42,943,012.94		16.79		271,804.43			6.447		670		81.04		42.29		99.64		83.34		26.97		17.37		100
681 - 700		100		26,578,366.59		10.39		265,792.60			6.424		689		80.28		40.8		98.41		75.88		21.01		20		100
701 >=		175		46,479,984.90		18.17		265,616.71			6.417		732		80.5		41.69		99.71		78.03		18.71		12.41		100
Total:		946		255,764,964.30		100		270,378.13			6.556		664		80.35		41.76		99.56		83.6		30.33		20.08		100

							Avg
	Loan		Principal		% of		Loan				WA		WA						SF		Refi		Full		Interest
UPB IO Only	Count		Balance		Pool		Amount		WAC		FICO		OCLTV		DTI		Primary		PUD		Cashout		Doc		Only
0.01 - 50,000.00		406		13,598,507.62		1.84		33,543.04		10.514		650		95.98		41.28		97.99		79.67		24.01		39.65		0
50,000.01 - 75,000.00		428		27,199,777.72		3.68		63,585.11		9.176		627		88.77		41.46		94.78		80.1		43.66		49.58		0.52
75,000.01 - 100,000.00		528		46,491,909.19		6.29		88,096.30		8.158		613		84.34		41.03		98.14		86.5		54.15		60.27		3.97
100,000.01 - 125,000.00		514		57,909,329.56		7.83		112,727.02		7.662		617		82.16		40.95		96.89		84.93		56.82		60.83		9.81
125,000.01 - 150,000.00		431		59,041,059.84		7.98		137,063.17		7.539		615		82.15		40.93		98.2		87		64.11		56.08		13.75
150,000.01 - 200,000.00		718		126,006,509.24		17.04		175,574.38		7.267		624		82.04		41.45		97.2		85.08		62.61		52.77		23.73
200,000.01 - 250,000.00		483		107,923,244.94		14.59		223,540.20		7.061		634		81.93		42.96		99.14		80.3		53.03		39.57		34.83
250,000.01 - 300,000.00		336		92,667,317.43		12.53		275,916.55		6.854		641		81.23		42.52		97.7		80.26		49.24		38.2		42.08
300,000.01 - 350,000.00		199		64,360,373.31		8.7		323,477.84		6.896		645		82.75		43.8		98.49		82.14		47.74		28.72		52.53
350,000.01 - 400,000.00		143		53,665,100.76		7.26		375,378.32		6.79		648		81.08		43.07		98.59		82.64		43.91		22.9		67.21
400,000.01 - 450,000.00		82		34,967,497.15		4.73		426,504.27		6.613		645		81.07		42.54		98.72		92.59		42.82		27.96		64.45
450,000.01 - 500,000.00		91		43,854,845.17		5.93		481,979.23		6.529		660		79.28		43.19		100		86.64		21.84		13.11		81.51
500,000.01 - 600,000.00		14		7,392,798.56		1		528,228.57		6.802		648		83.26		41.7		92.97		86.16		78.19		28.53		36.27
600,000.01 >=		7		4,513,332.54		0.61		644,942.86		6.501		644		73.76		31.64		100		85.6		58.47		30.02		58.83
Total:		4380		739,591,603.03		100		168,926.57		7.273		633		82.33		42.11		98.01		83.76		51.39		41.86		34.58

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 tran