FBR Securitization 8-K Other Events

	First NLC 2005-1 Replines
																			Mortgage		Months
																			Rate		Until Next
			Original		Remaining		Current												Adjustment		Rate		Remaining
	Pricipal		Term to		Term to		Gross		Maximum		Minimum		Gross		Initial		Subsequent		Frequency		Adjustment		IO
PPP Detail Replines	Balance		Maturity		Maturity		Interest Rate		Mortgage Rate		Mortgage Rate		Margin		Periodic Cap		Cap		(in Months)		Date		Term
ARM 2/28 - — No Penalty		23,396,947.30		360		359		7.36221		14.36221		7.36221		6.31827		3		1		6		23		0
ARM 2/28 - 1yr Penalty - 2%		2,440,757.26		360		359		7.1638		14.1638		7.1638		6.9138		3		1		6		23		0
ARM 2/28 - 1yr Penalty - 5%		851,284.12		360		359		7.97239		14.97239		7.97239		7.72239		3		1		6		23		0
ARM 2/28 - 1yr Penalty - 80% of 6 mo interest		13,833,245.61		360		359		7.10371		14.10371		7.10371		5.06505		3		1		6		23		0
ARM 2/28 - 2yr Penalty - 1%		7,979,184.67		360		359		7.80127		14.80127		7.80127		7.54049		3		1		6		23		0
ARM 2/28 - 2yr Penalty - 2 mo interest		2,164,050.48		360		359		7.59796		14.59796		7.59796		7.34796		3		1		6		23		0
ARM 2/28 - 2yr Penalty - 2%		6,538,724.67		360		359		7.36432		14.36432		7.36432		7.11432		3		1		6		23		0
ARM 2/28 - 2yr Penalty - 5%		36,161,369.53		360		359		7.28356		14.28356		7.28356		7.03353		3		1		6		23		0
ARM 2/28 - 2yr Penalty - 5%,4%/5%,5%,3%		816,522.24		360		359		8.11826		15.11826		8.11826		7.86826		3		1		6		23		0
ARM 2/28 - 2yr Penalty - 6 mo interest		359,863.85		360		356		5.75		12.75		5.75		5.5		3		1		6		20		0
ARM 2/28 - 2yr Penalty - 80% of 6 mo interest		52,984,825.13		360		359		7.04645		14.04645		7.04645		6.32638		3		1		6		23		0
ARM 2/28 - 3yr Penalty - 1%		190,800.00		360		360		8.99		15.99		8.99		8.74		3		1		6		24		0
ARM 2/28 - 3yr Penalty - 2%		102,600.00		360		359		8		15		8		7.75		3		1		6		23		0
ARM 2/28 - 3yr Penalty - 5%		1,885,786.34		360		358		7.24918		14.24918		7.24918		6.99918		3		1		6		22		0
ARM 2/28 - 3yr Penalty - 5%,4%/5%,5%,3%		185,500.00		360		360		8.05121		15.05121		8.05121		7.80121		3		1		6		24		0
ARM 2/28 - 3yr Penalty - 80% of 6 mo interest		1,271,600.00		360		360		7.61807		14.61807		7.61807		7.01899		3		1		6		24		0
ARM 2/28 - IO — - No Penalty		12,540,434.86		360		358		6.91319		13.91319		6.91319		6.12595		3		1		6		22		58
ARM 2/28 - IO - 1yr Penalty - 2%		333,475.00		360		358		6.41253		13.41253		6.41253		6.16253		3		1		6		22		58
ARM 2/28 - IO - 1yr Penalty - 5%		209,600.00		360		360		6.99		13.99		6.99		6.74		3		1		6		24		60
ARM 2/28 - IO - 1yr Penalty - 80% of 6 mo interest		7,323,387.50		360		358		6.76304		13.76304		6.76304		6.28048		3		1		6		22		58
ARM 2/28 - IO - 2yr Penalty - 1%		1,258,600.00		360		359		7.00586		14.00586		7.00586		6.75586		3		1		6		23		59
ARM 2/28 - IO - 2yr Penalty - 2 mo interest		184,000.00		360		360		6.75		13.75		6.75		6.5		3		1		6		24		60
ARM 2/28 - IO - 2yr Penalty - 2%		7,362,078.33		360		358		6.72829		13.72829		6.72829		6.47829		3		1		6		22		58
ARM 2/28 - IO - 2yr Penalty - 5%		14,255,199.94		360		359		6.81145		13.81145		6.81145		6.56145		3		1		6		23		59
ARM 2/28 - IO - 2yr Penalty - 80% of 6 mo interest		78,161,742.72		360		358		6.47724		13.47724		6.47724		6.19173		3		1		6		22		58
ARM 2/28 - IO - 3yr Penalty - 5%		190,000.00		360		358		6.25		13.25		6.25		6		3		1		6		22		58
ARM 2/28 - IO - 3yr Penalty - 80% of 6 mo interest		357,600.00		360		359		6.875		13.875		6.875		6.625		3		1		6		23		59
ARM 3/27 - — No Penalty		49,291,135.92		360		359		7.73991		14.73991		7.73991		6.97739		3		1		6		35		0
ARM 3/27 - 1yr Penalty - 1%		158,269.90		360		358		6.99		13.99		6.99		6.74		3		1		6		34		0
ARM 3/27 - 1yr Penalty - 2%		5,326,241.85		360		359		7.7804		14.7804		7.7804		7.5304		3		1		6		35		0

	First NLC 2005-1 Replines
																			Mortgage		Months
																			Rate		Until Next
			Original		Remaining		Current												Adjustment		Rate		Remaining
	Pricipal		Term to		Term to		Gross		Maximum		Minimum		Gross		Initial		Subsequent		Frequency		Adjustment		IO
PPP Detail Replines	Balance		Maturity		Maturity		Interest Rate		Mortgage Rate		Mortgage Rate		Margin		Periodic Cap		Cap		(in Months)		Date		Term
ARM 3/27 - 1yr Penalty - 5%		1,154,222.43		360		359		8.72134		15.72134		8.72134		8.47134		3		1		6		35		0
ARM 3/27 - 1yr Penalty - 80% of 6 mo interest		2,702,485.18		360		359		7.34394		14.34394		7.34394		5.11724		3		1		6		35		0
ARM 3/27 - 2yr Penalty - 1%		1,735,152.44		360		359		7.79642		14.79642		7.79642		7.54642		3		1		6		35		0
ARM 3/27 - 2yr Penalty - 2%		621,478.94		360		359		7.45287		14.45287		7.45287		7.20287		3		1		6		35		0
ARM 3/27 - 2yr Penalty - 5%		1,392,810.30		360		359		6.88125		13.88125		6.88125		6.63125		3		1		6		35		0
ARM 3/27 - 2yr Penalty - 80% of 6 mo interest		2,488,710.46		360		359		7.18933		14.18933		7.18933		6.41355		3		1		6		35		0
ARM 3/27 - 3yr Penalty - 1%		20,937,003.20		360		359		8.10308		15.10308		8.10308		7.85169		3		1		6		35		0
ARM 3/27 - 3yr Penalty - 2 mo interest		1,601,688.17		360		358		7.71529		14.71529		7.71529		7.46529		3		1		6		34		0
ARM 3/27 - 3yr Penalty - 2%		10,309,911.36		360		359		8.16317		15.16317		8.16317		7.90679		3		1		6		35		0
ARM 3/27 - 3yr Penalty - 3%,2%,1%		190,866.02		360		356		8.36325		15.36325		8.36325		8.11325		3		1		6		32		0
ARM 3/27 - 3yr Penalty - 5%		80,240,253.67		360		359		7.62454		14.62471		7.62454		7.37381		3		1		6		35		0
ARM 3/27 - 3yr Penalty - 5%,4%/5%,5%,3%		2,187,655.05		360		359		8.29823		15.29823		8.29823		8.04823		3		1		6		35		0
ARM 3/27 - 3yr Penalty - 80% of 6 mo interest		62,488,691.08		360		359		7.10801		14.10801		7.10801		6.48556		3		1		6		35		0
ARM 3/27 - IO — - No Penalty		9,403,950.23		360		359		6.84566		13.84566		6.84566		6.03487		3		1		6		35		59
ARM 3/27 - IO - 1yr Penalty - 80% of 6 mo interest		1,410,800.00		360		358		6.9282		13.9282		6.9282		6.35498		3		1		6		34		58
ARM 3/27 - IO - 2yr Penalty - 1%		919,200.00		360		358		6.45315		13.45315		6.45315		6.20315		3		1		6		34		58
ARM 3/27 - IO - 2yr Penalty - 5%		486,061.00		360		359		6.83005		13.83005		6.83005		6.58005		3		1		6		35		59
ARM 3/27 - IO - 2yr Penalty - 80% of 6 mo interest		813,500.00		360		358		6.81423		13.81423		6.81423		6.56423		3		1		6		34		58
ARM 3/27 - IO - 3yr Penalty - 1%		2,003,700.00		360		358		6.61363		13.61363		6.61363		6.36363		3		1		6		34		58
ARM 3/27 - IO - 3yr Penalty - 5%		9,014,284.66		360		359	��	6.68945		13.68945		6.68945		6.43945		3		1		6		35		59
ARM 3/27 - IO - 3yr Penalty - 5%,4%/5%,5%,3%		124,000.00		360		360		6.25		13.25		6.25		6		3		1		6		36		60
ARM 3/27 - IO - 3yr Penalty - 80% of 6 mo interest		109,413,350.06		360		358		6.46196		13.46196		6.46196		6.21158		3		1		6		34		58
Fixed 15yr — - No Penalty		1,204,383.75		180		179		8.24303		0		0		0		0		0		0		0		0
Fixed 15yr - 1yr Penalty - 2%		397,594.84		180		178		7.29805		0		0		0		0		0		0		0		0
Fixed 15yr - 3yr Penalty - 2%		164,700.00		180		179		7.93372		0		0		0		0		0		0		0		0
Fixed 15yr - 3yr Penalty - 5%		827,864.54		180		179		8.09353		0		0		0		0		0		0		0		0
Fixed 15yr - 3yr Penalty - 5%,4%/5%,5%,3%		54,000.00		180		180		9.875		0		0		0		0		0		0		0		0
Fixed 15yr - 3yr Penalty - 80% of 6 mo interest		293,103.28		180		177		6.81825		0		0		0		0		0		0		0		0
Fixed 20yr — - No Penalty		759,120.22		240		238		9.29687		0		0		0		0		0		0		0		0
Fixed 20yr - 3yr Penalty - 5%		563,609.41		240		239		7.811		0		0		0		0		0		0		0		0
Fixed 20yr - 3yr Penalty - 80% of 6 mo interest		493,209.43		240		239		6.95394		0		0		0		0		0		0		0		0
Fixed 30yr — - No Penalty		12,721,002.77		360		359		9.22986		0		0		0		0		0		0		0		0
Fixed 30yr - 1yr Penalty - 2%		382,400.73		360		358		8.61091		0		0		0		0		0		0		0		0
Fixed 30yr - 1yr Penalty - 5%		35,633.80		360		358		13.05		0		0		0		0		0		0		0		0
Fixed 30yr - 1yr Penalty - 80% of 6 mo interest		432,000.00		360		360		5.85		0		0		0		0		0		0		0		0
Fixed 30yr - 2yr Penalty - 1%		175,573.52		360		359		7.41347		0		0		0		0		0		0		0		0

	First NLC 2005-1 Replines
																			Mortgage		Months
																			Rate		Until Next
			Original		Remaining		Current												Adjustment		Rate		Remaining
	Pricipal		Term to		Term to		Gross		Maximum		Minimum		Gross		Initial		Subsequent		Frequency		Adjustment		IO
PPP Detail Replines	Balance		Maturity		Maturity		Interest Rate		Mortgage Rate		Mortgage Rate		Margin		Periodic Cap		Cap		(in Months)		Date		Term
Fixed 30yr - 2yr Penalty - 2 mo interest		316,750.00		360		359		7.50562		0		0		0		0		0		0		0		0
Fixed 30yr - 2yr Penalty - 2%		404,000.00		360		359		6.39109		0		0		0		0		0		0		0		0
Fixed 30yr - 2yr Penalty - 5%		478,008.93		360		358		8.31957		0		0		0		0		0		0		0		0
Fixed 30yr - 2yr Penalty - 80% of 6 mo interest		3,088,492.95		360		359		8.63798		0		0		0		0		0		0		0		0
Fixed 30yr - 3yr Penalty - 1%		1,392,111.29		360		359		7.73635		0		0		0		0		0		0		0		0
Fixed 30yr - 3yr Penalty - 2 mo interest		848,793.24		360		359		7.08749		0		0		0		0		0		0		0		0
Fixed 30yr - 3yr Penalty - 2%		1,565,909.00		360		359		8.09696		0		0		0		0		0		0		0		0
Fixed 30yr - 3yr Penalty - 3%,2%,1%		78,300.00		360		360		7.75		0		0		0		0		0		0		0		0
Fixed 30yr - 3yr Penalty - 5%		25,642,607.52		360		359		7.60118		0		0		0		0		0		0		0		0
Fixed 30yr - 3yr Penalty - 5%, 3%, 1%		200,000.00		360		360		8.4		0		0		0		0		0		0		0		0
Fixed 30yr - 3yr Penalty - 5%,4%/5%,5%,3%		448,300.00		360		360		8.44006		0		0		0		0		0		0		0		0
Fixed 30yr - 3yr Penalty - 80% of 6 mo interest		27,631,967.66		360		359		8.64303		0		0		0		0		0		0		0		0
Fixed 30yr - 30/15 Balloon — - No Penalty		3,556,256.05		180		179		10.6006		0		0		0		0		0		0		0		0
Fixed 30yr - 30/15 Balloon - 1yr Penalty - 2%		609,414.69		180		179		11.39295		0		0		0		0		0		0		0		0
Fixed 30yr - 30/15 Balloon - 1yr Penalty - 5%		77,600.00		180		180		11.55		0		0		0		0		0		0		0		0
Fixed 30yr - 30/15 Balloon - 2yr Penalty - 1%		15,600.00		180		178		12.15		0		0		0		0		0		0		0		0
Fixed 30yr - 30/15 Balloon - 2yr Penalty - 2%		114,972.24		180		179		10.2217		0		0		0		0		0		0		0		0
Fixed 30yr - 30/15 Balloon - 2yr Penalty - 5%		221,306.09		180		178		10.47618		0		0		0		0		0		0		0		0
Fixed 30yr - 30/15 Balloon - 2yr Penalty - 80% of 6 mo interest		93,333.27		180		178		9.625		0		0		0		0		0		0		0		0
Fixed 30yr - 30/15 Balloon - 3yr Penalty - 1%		97,341.14		180		179		11.71853		0		0		0		0		0		0		0		0
Fixed 30yr - 30/15 Balloon - 3yr Penalty - 2%		792,195.62		180		179		10.52068		0		0		0		0		0		0		0		0
Fixed 30yr - 30/15 Balloon - 3yr Penalty - 5%		2,782,225.32		180		179		10.87968		0		0		0		0		0		0		0		0
Fixed 30yr - 30/15 Balloon - 3yr Penalty - 5%,4%/5%,5%,3%		26,000.00		180		179		11.15		0		0		0		0		0		0		0		0
Fixed 30yr - 30/15 Balloon - 3yr Penalty - 80% of 6 mo interest		851,320.26		180		179		9.44795		0		0		0		0		0		0		0		0
Total:		739,591,603.03		357		355		7.27297		14.09914		7.09912		6.632		3		1		6		26		20