FBR Securitization 8K Other Events | SEC 16 Jun 05

EXHIBIT 99.1

June 14, 2005

First NLC Trust 2005-2
Mortgage-Backed Certificates, Series 2005-2

$546,600,000
(Approximate, Subject to +/- 10% Variance)

Series Term Sheet

First NLC Financial Services, LLC

A wholly owned subsidiary of Friedman, Billings, Ramsey Group, Inc.

Originator

FBR Securitization, Inc.
Depositor

Litton Loan Servicing LP.
Servicer

FRIEDMAN BILLINGS RAMSEY
Lead Underwriter

(FBR LOGO)

DISCLAIMER

Attached is a Series Term Sheet that describes the structure, collateral and certain aspects of the First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2. 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 The information and assumptions contained in this Series Term Sheet are preliminary and will be superseded by any subsequent series term sheets and by a prospectus, a prospectus supplement and by any other additional information subsequently filed with the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.

The discussion contained in this Series Term Sheet as to U.S. federal tax considerations is not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal income tax penalties. Such discussion is written to support the promotion and marketing of the transaction or matters addressed in this Series Term Sheet. Each taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

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 the pool of Mortgage Loans expected to be included in the trust along with other certain 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. The pool described in the Computational Materials may not necessarily represent a statistically relevant population, notwithstanding any contrary references herein. 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

ABS Banking

ABS Trading/Syndicate

ABS Structuring

Mike Ciuffo

(703) 312-1889

Salmaan Siddiqui

(703) 469-1225

Anna Zuckerman

(703)469-1283

Mike Clippinger

(703) 469-1219

Tol Ho

(703)312-1737

Dane Smith

(703) 312-1896

Chris DeMulder

(703) 312-1754


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 1		June 14, 2005

First NLC Trust 2005-2
Mortgage-Backed Certificates, Series 2005-2

Principal

WAL

Payment Window

Expected Rating

Interest

Principal

Class⁽¹⁾

Balance ($)⁽²⁾

Call/Mat⁽³⁾

(Mths) Call/Mat⁽³⁾

(S&P/Moody’s)

Type⁽⁴⁾

Type

Class AV-1

187,750,000

1.00 / 1.00

1 - 19 / 1 - 19

AAA/Aaa

Floating

Senior Sequential

Class AV-2

239,730,000

2.75 / 2.79

19 - 73 / 19 - 91

AAA/Aaa

Floating

Senior Sequential

Class AV-3

15,320,000

6.07 / 9.78

73 - 73 / 91 - 163

AAA/Aaa

Floating

Senior Sequential

Class M-1

24,300,000

4.81 / 5.25

49 - 73 / 49 - 143

AA+/Aa1

Floating

Subordinate

Class M-2

23,100,000

4.58 / 5.02

45 - 73 / 45 - 138

AA+/Aa2

Floating

Subordinate

Class M-3

14,100,000

4.48 / 4.90

43 - 73 / 43 - 132

AA/Aa3

Floating

Subordinate

Class M-4

12,000,000

4.42 / 4.83

42 - 73 / 42 - 128

AA/A1

Floating

Subordinate

Class M-5

10,800,000

4.38 / 4.78

41 - 73 / 41 - 124

AA-/A2

Floating

Subordinate

Class M-6

10,500,000

4.35 / 4.74

40 - 73 / 40 - 120

A+/A3

Floating

Subordinate

Class M-7

9,000,000

4.33 / 4.70

39 - 73 / 39 - 115

A/Baa1

Floating

Subordinate

Class M-8

8,400,000

A-/Baa2

Floating

Subordinate

Class M-9

8,100,000

Not Offered Hereby

BBB+/Baa3

Floating

Subordinate

Class M-10

15,000,000

BBB/NR

Floating

Subordinate

Class M-11

8,100,000

BBB-/NR

Floating

Subordinate

Total:

586,200,000

(1)		The Offered Certificates are priced to the Optional Termination Date. The margin on the Class A Certificates will be multiplied by 2 and the margin on the Class M Certificates will be multiplied by 1.5 on any Distribution Date after the Optional Termination may be first exercised.
(2)		Approximate.
(3)		See “Pricing Prepayment Speed” herein.
(4)		Each class of Certificates will be subject to the “Net WAC Cap” as described herein.

A. General Terms


Issuer:		First NLC Trust 2005-2.

Depositor:		FBR Securitization, Inc.

Originator:		First NLC Financial Services, LLC.

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

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

Servicer:		Litton Loan Servicing LP.

Interim Subservicer:		Ocwen Federal Bank FSB.

Trustee:		JPMorgan Chase Bank, N.A.

Hedge Counterparty:		TBD.

Class A Certificates:		The Class AV-1, Class AV-2 and Class AV-3 Certificates.

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


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 2		June 14, 2005


Class M Certificates:		The Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates.The Class M-8, Class M-9, Class M-10 and Class M-11 Certificates are not offered hereby.

Offered Certificates:		The Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates.

Non-Offered Certificates:		The Class M-8, Class M-9, Class M-10 and Class M-11 Certificates

Distribution Date:		The 25th day of each month (or if not a business day, the next succeeding business day) commencing in July 2005.

Cut-off Date:		For each Mortgage Loan in the mortgage pool as of the Closing Date, the later of (i) the origination date or (ii) June 1, 2005.

Final Maturity Date:		The Distribution Date in September 2035.

Expected Pricing Date:		On or about June [16], 2005.

Expected Closing Date:		On or about June 29, 2005.

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

Interest Accrual Period:		The interest accrual period for each Distribution Date with respect to the Offered and Non-Offered Certificates will be the period beginning with the previous Distribution Date (or, in the case of the first Distribution Date, the Closing Date) and ending on the day prior to such Distribution Date (on an actual/360 basis).

Due Period:		With respect to a Distribution Date, the period commencing on the second day of the calendar month immediately preceding the month in which such Distribution Date occurs (or the date following the Cut-Off Date in respect of the first Due Period) and ending on the first day of the calendar month in which such Distribution Date occurs.

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

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 3		June 14, 2005


Initial and Additional Mortgage Loans:		As of June 1, 2005, the aggregate scheduled principal balance of the mortgage loans described herein will be approximately $335,569,487, consisting of approximately (i) $29,604,943 of fixed rate, first lien mortgage loans (the “*Initial Fixed-Rate Mortgage Loans”) and (ii) approximately $305,964,544 of adjustable-rate, first lien mortgage loans (the “Initial Adjustable-Rate Mortgage Loans,” and together with the Initial Fixed-Rate Mortgage Loans, the “Initial Mortgage Loans*”). See attached descriptions of the Statistical Pool for more information.

		On or prior to the Closing Date, approximately $117,880,513 of additional mortgage loans having similar characteristics to the Initial Mortgage Loans will be added to the mortgage pool, consisting of (i) approximately $10,399,771 of additional fixed-rate, first lien mortgage loans (the “*Additional Fixed-Rate Mortgage Loans”) and (ii) approximately $107,480,742 of additional adjustable-rate, first lien mortgage loans (the “Additional Adjustable-Rate Mortgage Loans,” and together with the Additional Fixed-Rate Mortgage Loans, the “Additional Mortgage Loans”). On the Closing Date, the Initial Mortgage Loans and the Additional Mortgage Loans will be the “Closing Date Mortgage Loans*.”

Pre-Funded Amount:		An account (the “*Pre-Funding Account”) will be established on the Closing Date into which approximately $146,550,000 (the “Original Pre-Funded Amount”) will be deposited. During the period from the Closing Date to [July 29, 2005] (the “Pre-Funding Period”), the amounts on deposit in the Pre-Funding Account generally will be used to purchase subsequent mortgage loans (“Subsequent Mortgage Loans”, and together with the Initial Mortgage loans and the Additional Mortgage Loans, the “Mortgage Loans”) having similar characteristics to the Closing Date Mortgage Loans. The “Pre-Funded Amount*” on any date of determination is the amount on deposit in the Pre-Funding Account on such date. Any unused portion of the Pre-Funded Amount will be distributed as a payment of principal of the Offered and Non-Offered Certificates then entitled to receive principal on the Distribution Date immediately following the end of the Pre-Funding Period.

Capitalized Interest Account:		Because the Subsequent Mortgage Loans will not be acquired by the trust until after the Closing Date, there may not be sufficient Available Interest Funds to pay all the interest due on the Offered and Non-Offered Certificates on the Distribution Dates during and immediately following the Pre-Funding Period. If the Pre-Funded Account is funded, a Capitalized Interest Account will be established and funded on the Closing Date to cover those potential shortfalls.

Cap Agreement:		On the Closing Date, the Issuer will enter into a hedge agreement with the Hedge Counterparty under which the Hedge Counterparty will make payments generally to the Issuer in respect of any Net WAC Cap Carryover Amounts on the Offered and Non-Offered Certificates to the extent not paid by Excess Cashflow on the Distribution Dates occurring from August 2005 to November 2008. On each such Distribution Date, the Hedge Counterparty will be obligated to make a distribution 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 Distribution Date, (b) the lesser of (i) the related notional balance for such Distribution Date and (ii) the sum of the principal balances of Offered and Non-Offered Certificates 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 distribution 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. The final scheduled strike rates and notional balances will be included in the prospectus supplement.

FRIEDMAN BILLINGS RAMSEY

First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 4		June 14, 2005


Credit Enhancement:		Consists of the following:

		1. Excess Cashflow;

		2. Overcollateralization; and

		3. Subordination (to the extent applicable for each class of Offered and Non-Offered Certificates).



Expected Initial Credit			Expected Credit
Enhancement Percentage			Enhancement Percentage
On Closing Date			On or After Stepdown Date
Class	Percent		Class	Percent
A		26.20	A		52.40
M-1		22.15	M-1		44.30
M-2		18.30	M-2		36.60
M-3		15.95	M-3		31.90
M-4		13.95	M-4		27.90
M-5		12.15	M-5		24.30
M-6		10.40	M-6		20.80
M-7		8.90	M-7		17.80
M-8		7.50	M-8		15.00
M-9		6.15	M-9		12.30
M-10		3.65	M-10		7.30
M-11		2.30	M-11		4.60


Optional Termination Date:		Any Distribution Date on which the aggregate principal balance of the Mortgage Loans is 10% or less of the sum of the aggregate principal balance of the Closing Date Mortgage Loans on the Cut-Off Date and the Original Pre-Funded Amount.

Pricing Prepayment Speed:		The Offered Certificates will be priced at 100% PPC. With respect to the fixed rate mortgage loans, 100% PPC assumes 23% HEP. With respect to the adjustable rate mortgage loans, 100% PPC assumes 2% CPR in month 1, an additional 1/11th of 28% CPR for each month thereafter, building to 30% CPR in month 12 and remaining constant at 30% CPR until month 22, increasing to and remaining constant at 50% CPR from month 23 until month 27 and decreasing and remaining constant at 35% CPR from month 28 and thereafter.

Federal Tax Status:		It is anticipated that for federal income tax purposes the Offered Certificates will represent, in part, ownership of REMIC regular interests for tax purposes.

SMMEA Eligibility:		The Class A, Class M-1, Class M-2, Class M-3 and Class M-4 Certificates are expected to constitute “mortgage related securities” for purposes of SMMEA (i) after the end of the Pre-Funding Period, and (ii) so long as they are rated in one of the two highest rating categories by one or more of nationally recognized statistical rating agencies. The remaining Offered Certificates are not expected to constitute “mortgage related securities” for purposes of SMMEA.

ERISA Legibility:		The Offered Certificates 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 Distribution Date, the Servicer will be entitled to 1/12 of 0.50% of the aggregate principal balance of the Mortgage Loans as of the beginning of the related Due Period.

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 5		June 14, 2005


Trustee Fee:		On each Distribution Date, the Trustee will be entitled to 1/12 of 0.0075% of the aggregate principal balance of the Mortgage Loans as the beginning of the related Due Period.

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 6		June 14, 2005

B. Distributions to Securities


Priority of Distributions:	Available Funds from the Mortgage Loans will be distributed on each Distribution Date as follows:

	1	)	Available Interest Funds will be distributed in the following order of priority:

			a)	first, to pay the Servicer Fee, the Trustee Fee and any indemnities and expenses due and payable;

			b)	second,concurrently to each class of Class A Certificates,pro ratabased upon the entitlement of each such class, its Interest Distribution Amount; and

			c)	third,sequentially to each class of Class M Certificates in numeric order, its Interest Distribution Amount.

	2	)	Available Principal Funds will be distributed as described under “Principal Paydown.”

	3	)	Excess Cashflow will be distributed in the following order of priority:

			a)	first,to each Class A Certificate,pro rataany remaining unpaid interest amounts;

			b)	second,as principal to the Offered and Non-Offered Certificates, to build or maintain the Overcollateralization Amount, to be distributed as described under “Principal Paydown;”

			c)	third,sequentially to each class of Class M Certificates in numeric order,first, to pay any remaining unpaid interest amounts and,secondto pay any unpaid Realized Loss amounts to such class;

			d)	fourth,to pay any unpaid Net WAC Cap Carryover Amount payable to each class of Offered and Non-Offered Certificates,pro ratabased on the entitlement of each such class; and

			e)	fifth,any remaining Excess Cashflow to other non-offered certificates as described in the pooling and servicing agreement.

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 7		June 14, 2005


Principal Paydown:	1	)	On any Distribution Date prior to the Stepdown Date or if a Trigger Event is in effect, Available Principal Funds will be distributed in the following order of priority:

				a.	first,to the Class A Certificates as described under “Class A Principal Distribution”; and
				b.	second,sequentially to each class of Class M Certificates in numeric order until the certificate principal balance of each such class has been reduced to zero.

	2	)	On any Distribution Date on or after the Stepdown Date and if a Trigger Event is not in effect, Available Principal Funds will be distributed in the following order of priority (subject, in each case, to any overcollateralization floors):

				a.	first,to the Class A Certificates as described under “Class A Principal Distribution,” such that the Class A Certificates collectively will have a Credit Enhancement Percentage of at least 52.40%;
				b.	second,to the Class M-1 Certificates such that the Class M-1 Certificates will have a Credit Enhancement Percentage of at least 44.30%;
				c.	third,to the Class M-2 Certificates such that the Class M-2 Certificates will have a Credit Enhancement Percentage of at least 36.60%;
				d.	fourth,to the Class M-3 Certificates such that the Class M-3 Certificates will have a Credit Enhancement Percentage of at least 31.90%;
				e.	fifth,to the Class M-4 Certificates such that the Class M-4 Certificates will have will have a Credit Enhancement Percentage of at least 27.90%;
				f.	sixth,to the Class M-5 Certificates such that the Class M-5 Certificates will have a Credit Enhancement Percentage of at least 24.30%;
				g.	seventh,to the Class M-6 Certificates such that the Class M-6 Certificates will have a Credit Enhancement Percentage of at least 20.80%;
				h.	eighth,to the Class M-7 Certificates such that the Class M-7 Certificates will have a Credit Enhancement Percentage of at least 17.80%;
				i.	ninth,to the Class M-8 Certificates such that the Class M-8 Certificates will have a Credit Enhancement Percentage of at least 15.00%;
				j.	tenth, to the Class M-9 Certificates such that the Class M-9 Certificates will have a Credit Enhancement Percentage of at least 12.30%;
				k.	eleventh, to the Class M-10 Certificates such that the Class M-10 Certificates will have a Credit Enhancement Percentage of at least 7.30%; and
				l.	twelfth, to the Class M-11 Certificates such that the Class M-11 Certificates will have a Credit Enhancement Percentage of at least 4.60%.

Class A Principal Distribution:	The Available Principal Funds allocated for distribution to the Class A Certificates on a Distribution Date shall be distributed as follows:

	1	)	first, to the Class AV-1 Certificates until their certificate principal balance has been reduced to zero;

	2	)	second, to the Class AV-2 Certificates until their certificate principal balance has been reduced to zero; and

	3	)	third, to the Class AV-3 Certificates until their certificate principal balance has been reduced to zero.

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 8		June 14, 2005

C. Definitions


Adjusted Net Mortgage Rate:		The “*Adjusted Net Mortgage Rate*” for each Mortgage Loan is equal to the mortgage rate less the sum of (i) the Servicing Fee rate and (ii) the Trustee Fee rate.

Available Funds:		The “*Available Funds*” for each Distribution Date will be the sum of the Available Interest Funds and the Available Principal Funds for such Distribution Date.

Available Interest Funds:		The “*Available Interest Funds*” for each Distribution Date generally will be amounts collected or advanced in respect of interest on the Mortgage Loans.

Available Principal Funds:		The “*Available Principal Funds*” for such Distribution Date generally will be amounts collected or advanced in respect of principal on the Mortgage Loans.

Credit Enhancement Percentage:		The “*Credit Enhancement Percentage*” for each class of Offered and Non-Offered Certificate is a percentage determined by dividing (a) the sum of (i) the sum of the certificate principal balances of all certificates subordinate to the subject class of Certificates, (ii) the Overcollateralization Amount for such Distribution Date in each case before taking into account any principal distributions on that date, by (b) the sum of (i) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (ii) the Pre-Funded Amount.

Excess Cashflow:		The “*Excess Cashflow” for any Distribution Date will be equal to the Available Funds remaining after priorities 1) and 2) under “Priority of Distributions*.”
Formula Rate:		The “*Formula Rate*” for each class of Offered and Non-Offered Certificates will be equal to the lesser of (i) One Month LIBOR plus the applicable margin for such Class and (ii) 14.00%.

Interest Distribution Amount:		The “*Interest Distribution Amount*” for each class of Offered and Non-Offered Certificates on a Distribution Date, an amount equal to the sum of (i) interest accrued during the related Interest Accrual Period at the Pass-Through Rate, and (ii) any interest described in clause (i) above for any prior Distribution Date that remains unpaid (together with any unpaid interest thereon), and (iii) interest accrued during the related Interest Accrual Period on the amount described in clause (ii) above at the Pass-Through Rate applicable to such class of Certificates. The Interest Distribution Amount may be reduced by prepayment interest shortfalls or Servicemembers Civil Relief Act shortfalls as shall described in the prospectus supplement.

Net WAC Cap:		The “*Net WAC Cap*” with respect to each Distribution Date is a rate equal to the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans as of the first day of the Due Period for such Distribution Date, calculated on an actual/360 basis.

Net WAC Cap Carryover Amount:		The “*Net WAC Cap Carryover Amount*” for each class of the Offered and Non-Offered Certificates on a Distribution Date is equal to the sum of (i) the excess, if any, of (a) the amount that would have been the monthly interest for such class of Certificates at the Formula Rate over (b) the actual amount of monthly interest paid for such class of Certificates, (ii) any excess described in clause (i) above for any prior Distribution Date that remains unpaid (together with any unpaid interest thereon), and (iii) interest accrued during the Interest Accrual Period related to such Distribution Date on the amount described in clause (ii) above at the Formula Rate applicable to such class of Certificates.

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 9		June 14, 2005


Overcollateralization Amount:		The“Overcollateralization Amount”as of any date of determination is equal to the excess of (i) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and the Pre-Funded Amount for such Distribution Date over (ii) the aggregate certificate principal balance of the Offered and Non-Offered Certificates. On the Closing Date, the Overcollateralization Amount will be approximately 2.30% of the sum of the aggregate principal balance of the Closing Date Mortgage Loans as of the Cut-Off Date and the Original Pre-Funded Amount. On each Distribution Date, Excess Cashflow, if any, remaining after application for payment of any unpaid interest amount on the Class A Certificates will be used to maintain the Targeted Overcollateralization Amount.

Pass-Through Rate:		The “*Pass-Through Rate*” on each class of Offered and Non-Offered Certificates will be equal to the lesser of (i) the related Formula Rate and (ii) the Net WAC Cap.

Realized Losses:		If a Mortgage Loan becomes a liquidated loan, the net liquidation proceeds relating thereto may be less than the principal balance of such Mortgage Loan. The amount of such difference is a “*Realized Loss*.” Realized Losses on the Mortgage Loans will, in effect, be absorbed first by the Excess Cashflow and second by the reduction of the Overcollateralization Amount. Following the reduction of the Overcollateralization Amount to zero, all allocable Realized Losses will be applied to the Class M Certificates sequentially in reverse numeric order in reduction of the certificate principal amount of each such class.

Senior Enhancement Percentage:		The “*Senior Enhancement Percentage*” for a Distribution Date is equal to (a) the sum of the aggregate certificate principal balance of the Class M Certificates and the Overcollateralization Amount, in each case before taking into account any payments of principal to the Offered and Non-Offered Certificates on that Distribution Date divided by (b) the sum of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and the Pre-Funded Amount for such Distribution Date.

Stepdown Date:		The “*Step Down Date*” later to occur of (x) the earlier to occur of (a) the Distribution Date in July 2008 and (b) the Distribution Date on which the aggregate certificate principal balance of the Class A Certificates is reduced to zero, and (y) the first Distribution Date on which the Senior Enhancement Percentage is greater than or equal to 52.40%.

Targeted Overcollateralization Amount:		For any Distribution Date prior to the Stepdown Date, approximately 2.30% of the sum of (a) the aggregate principal balance of the Closing Date Mortgage Loans as of the Cut-off Date, and (b) the Original Pre-Funded Amount.

		For any Distribution Date on or after the Stepdown Date, approximately the lesser of (a) 2.30% of the sum of (i) of the aggregate principal balance of the Closing Date Mortgage Loans as of the Cut-off Date and (ii) the Original Pre-Funded Amount, and (b) 4.60% of the sum of (i) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (ii) the Pre-Funded Amount for such Distribution Date, subject to a floor equal to 0.50% of the sum of (i) the aggregate principal balance of the Closing Date Mortgage Loans as of the Cut-off Date and (ii) the Original Pre-Funded Amount;provided, however,if a Trigger Event has occurred and is continuing on the related Distribution Date, the Target Overcollateralization Amount will be the same as the Target Overcollateralization Amount on the preceding Distribution Date.

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 10		June 14, 2005


Trigger Event:		A “*Trigger Event*”is in effect on any Distribution Date on or after the Stepdown Date, if either (a) the six month rolling average 60+ delinquency percentage equals or exceeds [30.50%] of the current Senior Enhancement Percentage or (b) cumulative Realized Losses as a percentage of the sum of (i) the aggregate principal balance of the Closing Date Mortgage Loans as of the Cut-off Date and (ii) the Original Pre-Funded Amount, for the related Distribution Date are greater than:



	Distribution Date Occurring In			Percentage
	July 2007-June 2008			2.00% for the first month plus an additional 1/12th of 2.00% for each month thereafter
	July 2008-June 2009			4.00% for the first month plus an additional 1/12th of 1.50% for each month thereafter
	July 2009-June 2010			5.50% for the first month plus an additional 1/12th of 1.00% for each month thereafter
	July 2010-June 2011			6.50% for the first month plus an additional 1/12th of 0.75% for each month thereafter
	July 2011 and thereafter			7.25%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 11		June 14, 2005

D. Net WAC Cap



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

1	NA	NA	38	10.419%	10.500%
2	6.461%	10.500%	39	10.413%	10.500%
3	6.461%	10.500%	40	10.754%	10.754%
4	6.676%	10.500%	41	10.400%	10.500%
5	6.461%	10.500%	42	10.741%	10.741%
6	6.676%	10.500%	43	10.952%	10.952%
7	6.461%	10.500%	44	11.405%	11.405%
8	6.460%	10.500%	45	12.618%	12.618%
9	7.153%	10.500%	46	11.388%	11.388%
10	6.460%	10.500%	47	11.759%	11.759%
11	6.676%	10.500%	48	11.372%	11.372%
12	6.460%	10.500%	49	12.051%	12.051%
13	6.675%	10.500%	50	11.898%	11.898%
14	6.460%	10.500%	51	11.888%	11.888%
15	6.460%	10.500%	52	12.274%	12.274%
16	6.676%	10.500%	53	11.868%	11.868%
17	6.460%	10.500%	54	12.254%	12.254%
18	6.676%	10.500%	55	12.049%	12.049%
19	6.460%	10.500%	56	12.202%	12.202%
20	6.460%	10.500%	57	13.497%	13.497%
21	7.153%	10.500%	58	12.180%	12.180%
22	6.460%	10.500%	59	12.575%	12.575%
23	6.676%	10.500%	60	12.158%	12.158%
24	6.461%	10.500%	61	12.551%	12.551%
25	7.497%	10.500%	62	12.135%	12.135%
26	7.914%	10.500%	63	12.123%	12.123%
27	7.910%	10.500%	64	12.515%	12.515%
28	8.169%	10.500%	65	12.099%	12.099%
29	7.902%	10.500%	66	12.490%	12.490%
30	8.164%	10.500%	67	12.075%	12.075%
31	8.291%	10.500%	68	12.063%	12.063%
32	8.610%	10.500%	69	13.342%	13.342%
33	9.201%	10.500%	70	12.038%	12.038%
34	8.604%	10.500%	71	12.427%	12.427%
35	8.888%	10.500%	72	12.013%	12.013%
36	8.599%	10.500%	73	12.401%	12.401%
37	9.923%	10.500%

(1)		Assumes that 6-month LIBOR and 1-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 Optional Termination Date.

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 12		June 14, 2005

E. Cap Agreement



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

1	—	0.000%	10.500%	22	374,055,957.56		6.460	%	10.500%
2	585,471,134.33	6.461%	10.500%	23	362,777,075.94		6.676	%	10.500%
3	583,443,451.79	6.461%	10.500%	24	346,785,181.86		6.461	%	10.500%
4	580,109,067.24	6.676%	10.500%	25	327,573,261.77		7.497	%	10.500%
5	575,454,555.06	6.461%	10.500%	26	309,437,226.65		7.914	%	10.500%
6	569,474,288.75	6.676%	10.500%	27	292,312,427.17		7.910	%	10.500%
7	562,170,826.94	6.461%	10.500%	28	276,129,482.56		8.169	%	10.500%
8	553,555,238.07	6.460%	10.500%	29	263,764,493.86		7.902	%	10.500%
9	543,647,355.79	7.153%	10.500%	30	254,277,733.88		8.164	%	10.500%
10	532,475,957.65	6.460%	10.500%	31	245,118,984.48		8.291	%	10.500%
11	520,079,714.79	6.676%	10.500%	32	236,281,345.05		8.610	%	10.500%
12	506,569,075.88	6.460%	10.500%	33	227,752,522.82		9.201	%	10.500%
13	492,048,079.58	6.675%	10.500%	34	219,518,078.44		8.604	%	10.500%
14	477,335,843.24	6.460%	10.500%	35	211,567,763.95		8.888	%	10.500%
15	463,052,015.71	6.460%	10.500%	36	203,891,690.18		8.599	%	10.500%
16	449,184,104.73	6.676%	10.500%	37	196,480,314.11		9.923	%	10.500%
17	435,719,982.76	6.460%	10.500%	38	193,794,079.22		10.419	%	10.500%
18	422,647,876.31	6.676%	10.500%	39	187,225,640.90		10.413	%	10.500%
19	409,956,355.64	6.460%	10.500%	40	—		0.000	%	10.500%
20	397,634,324.65	6.460%	10.500%	41	174,757,503.74		10.400	%	10.500%
				42 and
21	385,671,011.19	7.153%	10.500%	thereafter	—		0.000	%	0.000%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 13		June 14, 2005

F. Excess Spread Schedule



Excess Spread⁽¹⁾⁽²⁾
	FWD 1	FWD 6	STATIC			FWD 1		FWD 6	STATIC
	Month	Month	LIBOR	FORWARD		Month		Month	LIBOR		FORWARD
Period	LIBOR %	LIBOR %	(%)	LIBOR (%)	Period	LIBOR %		LIBOR %	(%)		LIBOR (%)

1	3.3257	3.6440	NA	NA	38		4.1967	4.2251		5.202		4.657
2	3.5769	3.7907	2.872	2.618	39		4.2051	4.2334		5.257		4.703
3	3.5895	3.8484	2.871	2.604	40		4.2126	4.2394		5.413		4.879
4	3.7191	3.9143	2.992	2.608	41		4.2215	4.2464		5.293		4.721
5	3.9097	3.9575	2.867	2.286	42		4.2292	4.2554		5.426		4.876
6	3.8642	3.9764	2.988	2.462	43		4.2371	4.2749		5.345		4.888
7	3.9304	3.9855	2.862	2.261	44		4.2450	4.2961		5.383		5.032
8	3.8904	3.9914	2.858	2.296	45		4.2517	4.3199		5.771		5.500
9	3.9875	4.0008	3.223	2.621	46		4.2597	4.3414		5.381		5.013
10	3.9588	4.0022	2.848	2.221	47		4.2679	4.3630		5.509		5.161
11	4.0343	4.0136	2.966	2.280	48		4.2804	4.3862		5.378		4.987
12	3.9307	4.0119	2.835	2.237	49		4.2867	4.3945		5.505		5.194
13	3.9572	4.0356	2.952	2.339	50		4.2945	4.4036		5.373		5.065
14	3.9833	4.0610	2.819	2.172	51		4.3015	4.4129		5.371		5.054
15	4.0095	4.0831	2.811	2.139	52		4.3079	4.4197		5.497		5.204
16	4.0348	4.1047	2.927	2.244	53		4.3150	4.4283		5.366		5.034
17	4.0588	4.1284	2.793	2.077	54		4.3213	4.4369		5.493		5.184
18	4.0844	4.1499	2.909	2.183	55		4.3288	4.4283		5.362		5.029
19	4.1092	4.1501	2.774	2.013	56		4.3350	4.4186		5.358		5.023
20	4.1311	4.1482	2.764	1.984	57		4.3398	4.4078		5.738		5.494
21	4.1532	4.1446	3.138	2.393	58		4.3465	4.3987		5.346		4.998
22	4.1764	4.1407	2.754	1.935	59		4.3526	4.3872		5.469		5.146
23	4.1992	4.1327	2.875	2.050	60		4.2971	4.3752		5.335		5.033
24	4.0637	4.1247	2.740	2.030	61		4.3009	4.3792		5.458		5.159
25	4.0741	4.1366	3.647	2.949	62		4.3053	4.3851		5.324		4.975
26	4.0843	4.1474	4.164	3.451	63		4.3093	4.3887		5.318		4.964
27	4.0954	4.1582	4.147	3.425	64		4.3136	4.3919		5.440		5.112
28	4.1054	4.1690	4.257	3.552	65		4.3176	4.3964		5.305		4.941
29	4.1155	4.1791	4.115	3.377	66		4.3204	4.4006		5.428		5.091
30	4.1257	4.1893	4.233	3.512	67		4.3246	4.4096		5.293		4.933
31	4.1357	4.1941	4.160	3.534	68		4.3279	4.4193		5.287		4.934
32	4.1460	4.1976	4.203	3.675	69		4.3303	4.4277		5.667		5.407
33	4.1548	4.2011	4.451	3.967	70		4.3349	4.4373		5.274		4.912
34	4.1642	4.2049	4.179	3.635	71		4.3424	4.4469		5.396		5.058
35	4.1729	4.2071	4.296	3.772	72		4.4161	4.4557		5.270		4.826
36	4.1785	4.2105	4.153	3.598	73		4.4211	4.4593		5.402		5.011
37	4.1870	4.2175	4.891	4.380

(1)		Assumes the Pricing Prepayment Speed to the Optional Termination Date.

(2)		Calculated as (a) interest collections on the Mortgage Loans (net of the Servicing Fee and Trustee Fee), less the aggregate amount of interest due on the Offered and Non-Offered Certificates divided by (b) the aggregate principal balance of the Mortgage Loans as of the first day of the Due Period, multiplied by 12.

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 14		June 14, 2005

G. Breakeven Losses



Breakeven Losses
			Static LIBOR		Forward LIBOR
				Cumulative		Cumulative
Class	Moody’s	S&P	Break CDR⁽¹⁾	Losses⁽²⁾	Break CDR⁽¹⁾	Losses⁽²⁾

M-1	Aa1	AA+	39.27%	25.88%	37.61%	25.26%
M-2	Aa2	AA+	31.17%	22.61%	29.67%	21.93%
M-3	Aa3	AA	26.89%	20.60%	25.47%	19.88%
M-4	A1	AA	23.57%	18.87%	22.22%	18.13%
M-5	A2	AA-	20.81%	17.32%	19.52%	16.55%
M-6	A3	A+	18.29%	15.79%	17.04%	14.99%
M-7	Baa1	A	16.20%	14.43%	14.99%	13.60%

(1)		The “Break CDR” is the percentage of CDR that creates first dollar of principal loss on the related bond.

(2)		As a percentage of the aggregate principal balance of the Closing Date Mortgage Loans and the Original Pre-Funded Amount.

Assumptions:
40% Loss Severity
12 Month Lag
Triggers Set to Fail
Run to maturity
Defaults are in addition to prepays
Prepays according to Pricing Speed
Principal and interest advanced on all defaulted loans

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2
Series Term Sheet
Page 15		June 14, 2005

H. Computational Items


	Bond Summary - To Call

Class AV-1
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		1.51	1.19	1.00	0.88	0.80
Modified Duration (yrs)		1.46	1.16	0.98	0.86	0.78
Principal Window (mths)		1 - 30	1 - 24	1 - 19	1 - 17	1 - 15

Class AV-2
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		5.66	3.86	2.75	2.00	1.76
Modified Duration (yrs)		4.97	3.53	2.58	1.93	1.70
Principal Window (mths)		30 - 148	24 - 99	19 - 73	17 - 33	15 - 27

Class AV-3
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		12.32	8.24	6.07	2.84	2.31
Modified Duration (yrs)		9.84	7.07	5.41	2.69	2.20
Principal Window (mths)		148 - 148	99 - 99	73 - 73	33 - 35	27 - 28

Class M-1
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		8.25	5.56	4.81	4.61	3.69
Modified Duration (yrs)		6.93	4.93	4.37	4.21	3.43
Principal Window (mths)		50 - 148	38 - 99	49 - 73	35 - 57	28 - 45

Class M-2
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		8.25	5.55	4.58	4.67	3.69
Modified Duration (yrs)		6.92	4.92	4.17	4.26	3.42
Principal Window (mths)		50 - 148	38 - 99	45 - 73	52 - 57	42 - 45

Class M-3
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		8.25	5.55	4.48	4.30	3.40
Modified Duration (yrs)		6.90	4.91	4.07	3.94	3.17
Principal Window (mths)		50 - 148	38 - 99	43 - 73	48 - 57	38 - 45

Class M-4
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		8.25	5.55	4.42	4.09	3.25
Modified Duration (yrs)		6.86	4.89	4.01	3.75	3.03
Principal Window (mths)		50 - 148	37 - 99	42 - 73	45 - 57	36 - 45

Class M-5
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		8.25	5.54	4.38	3.96	3.15
Modified Duration (yrs)		6.84	4.88	3.97	3.64	2.94
Principal Window (mths)		50 - 148	37 - 99	41 - 73	43 - 57	34 - 45

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2
Series Term Sheet
Page 16		June 14, 2005



	Bond Summary - To Call

Class M-6
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		8.25	5.54	4.35	3.86	3.07
Modified Duration (yrs)		6.83	4.87	3.94	3.55	2.86
Principal Window (mths)		50 - 148	37 - 99	40 - 73	42 - 57	33 - 45

Class M-7
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		8.25	5.54	4.33	3.79	3.02
Modified Duration (yrs)		6.67	4.79	3.87	3.45	2.79
Principal Window (mths)		50 - 148	37 - 99	39 - 73	40 - 57	32 - 45

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2
Series Term Sheet
Page 17		June 14, 2005



	Bond Summary - To Maturity

Class AV-1
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		1.51	1.19	1.00	0.88	0.80
Modified Duration (yrs)		1.46	1.16	0.98	0.86	0.78
Principal Window (mths)		1 - 30	1 - 24	1 - 19	1 - 17	1 - 15

Class AV-2
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		5.73	3.91	2.79	2.00	1.76
Modified Duration (yrs)		5.02	3.57	2.61	1.93	1.70
Principal Window (mths)		30 - 184	24 - 124	19 - 91	17 - 33	15 - 27

Class AV-3
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		19.17	13.26	9.78	2.84	2.31
Modified Duration (yrs)		13.53	10.33	8.11	2.69	2.20
Principal Window (mths)		184 - 300	124 - 219	91 - 163	33 - 35	27 - 28

Class M-1
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		9.08	6.16	5.25	6.86	5.52
Modified Duration (yrs)		7.40	5.34	4.70	5.96	4.93
Principal Window (mths)		50 - 273	38 - 193	49 - 143	35 - 127	28 - 101

Class M-2
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		9.07	6.14	5.02	5.14	4.06
Modified Duration (yrs)		7.37	5.32	4.49	4.63	3.73
Principal Window (mths)		50 - 266	38 - 187	45 - 138	52 - 107	42 - 85

Class M-3
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		9.05	6.13	4.90	4.62	3.66
Modified Duration (yrs)		7.34	5.29	4.38	4.19	3.39
Principal Window (mths)		50 - 257	38 - 179	43 - 132	48 - 102	38 - 81

Class M-4
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		9.03	6.11	4.83	4.40	3.50
Modified Duration (yrs)		7.29	5.26	4.32	3.99	3.23
Principal Window (mths)		50 - 250	37 - 174	42 - 128	45 - 99	36 - 79

Class M-5
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		9.01	6.09	4.78	4.26	3.39
Modified Duration (yrs)		7.26	5.24	4.27	3.87	3.14
Principal Window (mths)		50 - 243	37 - 168	41 - 124	43 - 96	34 - 76

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2
Series Term Sheet
Page 18		June 14, 2005



	Bond Summary - To Maturity

Class M-6
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		8.99	6.07	4.74	4.15	3.30
Modified Duration (yrs)		7.23	5.22	4.22	3.77	3.06
Principal Window (mths)		50 - 236	37 - 163	40 - 120	42 - 93	33 - 74

Class M-7
Prepay Speed		50 PPC	75 PPC	100 PPC	125 PPC	150 PPC
WAL (yrs)		8.95	6.04	4.70	4.06	3.24
Modified Duration (yrs)		7.03	5.11	4.13	3.66	2.97
Principal Window (mths)		50 - 228	37 - 156	39 - 115	40 - 89	32 - 71

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2
Series Term Sheet
Page 19		June 14, 2005

I. The Statistical Pool

The information presented in this Series Term Sheet for the Mortgage Loans, particularly in the collateral tables, which follow, reflects a statistical pool of Mortgage Loans as of June 6, 2005. However, the characteristics of the statistical pool are expected to be representative of the final pool of Mortgage Loans actually delivered to the Trust on the Closing Date.

Aggregate Mortgage Loan Statistics

As of the Cut-off Date


					Minimum			Maximum
Scheduled Principal Balance	$	354,402,292.03			$	40,000.00		$	720,000.00
Average Scheduled Principal Balance	$	191,155.50
Number of Mortgage Loans		1,854

Weighted Average Gross Coupon		7.201	%			5.125	%		10.875	%
Weighted Average FICO Score		627				471			809
Weighted Average Original LTV		80.38	%			17.86	%		100.00	%

Weighted Average Original Term	359 months				120 months			360 months
Weighted Average Stated Remaining Term	359 months				120 months			360 months
Weighted Average Seasoning	0 months				0 months			4 months

ARM Characteristics
Weighted Average Gross Margin		6.670	%			4.210	%		9.875	%
Weighted Average Minimum Interest Rate		7.181	%			5.125	%		10.330	%
Weighted Average Maximum Interest Rate		14.177	%			11.805	%		17.330	%
Weighted Average Initial Rate Cap		3.000	%			3.000	%		3.000	%
Weighted Average Subsequent Rate Cap		1.493	%			1.000	%		1.500	%
Weighted Average Months to Roll	29 months				22 months			49 months

Maturity Date					June 1, 2015			July 1, 2035
Maximum Zip Code Concentration		0.54	%	60618

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2
Series Term Sheet
Page 20		June 14, 2005


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

5.001 - - 5.500		9	$	2,185,000.00		0.62	%		5.423	%		695		75.31	%
5.501 - 6.000		87		21,115,668.15		5.96			5.898			653		77.33
6.001 - 6.500		262		58,601,523.61		16.54			6.333			652		78.56
6.501 - 7.000		438		96,087,274.83		27.11			6.832			642		80.75
7.001 - 7.500		333		64,675,513.29		18.25			7.306			631		80.36
7.501 - 8.000		351		60,198,596.68		16.99			7.777			608		80.89
8.001 - 8.500		137		22,459,664.86		6.34			8.278			591		82.27
8.501 - 9.000		151		20,602,895.63		5.81			8.771			565		82.97
9.001 - 9.500		48		5,035,195.76		1.42			9.268			557		82.48
9.501 - 10.000		29		2,626,309.22		0.74			9.748			553		84.68
10.001 - 10.500		8		764,250.00		0.22			10.219			533		82.09
10.501 - 11.000		1		50,400.00		0.01			10.875			569		80.00

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%


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

0.01 - 50,000.00		13	$	621,561.35		0.18	%		8.969	%		562		78.57	%
50,000.01 - 100,000.00		358		28,762,435.98		8.12			7.930			598		79.54
100,000.01 - 150,000.00		419		52,103,664.67		14.70			7.487			615		80.66
150,000.01 - 200,000.00		325		56,814,691.14		16.03			7.297			623		80.02
200,000.01 - 250,000.00		302		67,952,158.62		19.17			7.067			624		79.37
250,000.01 - 300,000.00		157		42,890,108.52		12.10			7.031			635		81.10
300,000.01 - 350,000.00		133		42,859,615.08		12.09			6.996			629		80.35
350,000.01 - 400,000.00		68		25,435,281.67		7.18			6.944			644		82.79
400,000.01 - 450,000.00		38		16,199,275.00		4.57			6.826			648		80.07
450,000.01 - 500,000.00		28		13,434,800.00		3.79			6.842			674		79.32
500,000.01 - 550,000.00		6		3,066,200.00		0.87			7.557			589		83.99
550,000.01 - 600,000.00		5		2,900,000.00		0.82			7.492			676		85.96
600,000.01 - 650,000.00		1		642,500.00		0.18			5.875			696		80.31
700,000.01 - 750,000.00		1		720,000.00		0.20			5.750			643		84.71

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2
Series Term Sheet
Page 21		June 14, 2005


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

ARM 3/27		612	$	97,611,804.24		27.54	%		7.652	%		601		80.01	%
ARM 2/28 60 Month IO		364		90,896,743.15		25.65			6.859			657		80.69
ARM 2/28		466		86,925,092.72		24.53			7.244			609		81.45
ARM 3/27 60 Month IO		197		48,197,759.29		13.60			6.720			655		80.30
30 Year Fixed		187		27,890,727.67		7.87			7.393			629		77.95
15 Year Fixed		17		1,432,054.96		0.40			7.533			617		73.12
20 Year Fixed		10		1,286,710.00		0.36			7.622			624		78.83
10 Year Fixed		1		161,400.00		0.05			6.875			654		84.06

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%


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

109 - 120		1	$	161,400.00		0.05	%		6.875	%		654		84.06	%
169 - 180		17		1,432,054.96		0.40			7.533			617		73.12
229 - 240		10		1,286,710.00		0.36			7.622			624		78.83
349 - 360		1,826		351,522,127.07		99.19			7.198			627		80.42

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%


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

0		1,720	$	328,138,161.76		92.59	%		7.208	%		627		80.37	%
1		128		25,532,612.87		7.20			7.103			621		80.56
2		5		587,927.88		0.17			7.302			602		78.61
4		1		143,589.52		0.04			7.750			684		80.00

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2		��
Series Term Sheet
Page 22		June 14, 2005

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Lien Position

Loans

Balance

Coupon

Score

LTV

1,854

354,402,292.03

100.00

7.201

627

80.38

Total

1,854

354,402,292.03

100.00

7.201

627

80.38


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Range of Original	Mortgage		Principal		Principal			Gross			Credit		Original
Loan-to-Value Ratios (%)	Loans		Balance		Balance			Coupon			Score		LTV

15.01 - 20.00		1	$	125,000.00		0.04	%		6.500	%		646		17.86	%
20.01 - 25.00		3		433,750.00		0.12			7.383			585		23.25
25.01 - 30.00		1		104,000.00		0.03			6.350			614		28.89
30.01 - 35.00		4		556,500.00		0.16			7.810			550		32.36
35.01 - 40.00		7		648,984.00		0.18			6.828			625		38.10
40.01 - 45.00		7		1,302,500.00		0.37			6.684			630		42.41
45.01 - 50.00		12		2,346,470.00		0.66			6.898			573		47.46
50.01 - 55.00		27		4,042,223.44		1.14			7.046			592		53.09
55.01 - 60.00		34		5,431,090.00		1.53			7.030			591		57.64
60.01 - 65.00		43		7,762,378.89		2.19			7.146			580		63.27
65.01 - 70.00		96		17,297,479.96		4.88			7.072			596		68.49
70.01 - 75.00		115		22,699,245.53		6.40			7.293			600		73.95
75.01 - 80.00		847		171,845,660.15		48.49			7.063			645		79.77
80.01 - 85.00		226		40,090,208.08		11.31			7.399			600		84.25
85.01 - 90.00		313		58,084,989.82		16.39			7.437			622		89.69
90.01 - 95.00		64		13,109,135.00		3.70			7.347			638		94.34
95.01 - 100.00		54		8,522,677.16		2.40			7.610			639		99.63

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2
Series Term Sheet
Page 23		June 14, 2005


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

461 - 480		1	$	50,000.00		0.01	%		9.940	%		471		76.92	%
481 - 500		5		481,800.00		0.14			7.652			500		70.02
501 - 520		73		11,363,222.94		3.21			8.052			511		73.90
521 - 540		124		19,136,807.85		5.40			8.086			531		75.19
541 - 560		150		24,151,124.11		6.81			7.944			551		78.46
561 - 580		135		20,881,210.11		5.89			7.645			571		80.35
581 - 600		160		29,233,407.48		8.25			7.459			591		81.91
601 - 620		228		41,987,997.61		11.85			7.106			611		81.66
621 - 640		305		62,939,396.21		17.76			7.061			630		80.36
641 - 660		245		48,235,263.46		13.61			7.001			649		81.47
661 - 680		165		36,131,779.56		10.20			6.826			670		80.68
681 - 700		122		27,922,256.56		7.88			6.800			689		82.01
701 - 720		60		12,201,032.81		3.44			6.688			709		80.78
721 - 740		39		10,363,293.33		2.92			6.830			730		80.98
741 - 760		28		5,852,450.00		1.65			6.743			752		81.49
761 - 780		6		1,717,850.00		0.48			6.642			769		82.56
781 - 800		7		1,441,400.00		0.41			6.884			790		80.47
801 - 820		1		312,000.00		0.09			5.600			809		80.00

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%


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

Cashout		1,152	$	205,488,009.19		57.98	%		7.279	%		608		79.68	%
Purchase		661		141,511,903.95		39.93			7.078			655		81.39
Rate/Term Refinance		41		7,402,378.89		2.09			7.373			614		80.80

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%


					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		1,569	$	294,508,282.44		83.10	%		7.187	%		624		80.47	%
Condo		103		19,093,028.86		5.39			7.307			633		80.28
Townhouse		79		15,778,630.73		4.45			7.081			634		80.82
3-4 Unit		49		13,571,750.00		3.83			7.376			667		79.95
Duplex		53		11,352,600.00		3.20			7.321			639		78.01
PUD		1		98,000.00		0.03			7.500			674		100.00

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2
Series Term Sheet
Page 24		June 14, 2005


					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

Full		1,105	$	185,314,778.70		52.29	%		7.230	%		607		81.11	%
Stated		744		167,764,633.08		47.34			7.166			648		79.60
NINA		5		1,322,880.25		0.37			7.502			659		78.25

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Occupancy Status

Loans

Balance

Coupon

Score

LTV

Owner Occupied

1,779

343,689,974.69

96.98

7.195

626

80.48

Non-Owner Occupied

10,712,317.34

3.02

7.368

653

77.35

Total

1,854

354,402,292.03

100.00

7.201

627

80.38


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

A		989	$	209,780,071.93		59.19	%		6.919	%		665		81.03	%
B		597		103,829,753.23		29.30			7.432			589		81.12
C		268		40,792,466.87		11.51			8.058			529		75.22

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 25		June 14, 2005


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

California		442	$	120,462,797.45		33.99	%		6.894	%		631		77.92	%
Florida		341		61,057,691.89		17.23			7.251			634		80.57
Illinois		239		44,153,456.79		12.46			7.203			631		82.17
Maryland		87		19,434,248.34		5.48			7.154			622		81.71
Virginia		48		10,716,450.00		3.02			7.159			645		79.18
Arizona		63		9,623,267.95		2.72			7.129			619		83.21
Nevada		39		8,772,010.00		2.48			6.882			637		80.61
Michigan		66		8,020,778.87		2.26			8.089			597		83.37
North Carolina		59		6,693,750.25		1.89			7.589			614		83.55
Wisconsin		57		6,640,247.74		1.87			7.645			604		80.96
Washington		35		6,182,325.00		1.74			7.290			609		80.48
Pennsylvania		52		6,143,898.55		1.73			7.574			620		85.04
Massachusetts		24		5,770,228.91		1.63			7.355			630		78.15
Rhode Island		18		4,141,750.00		1.17			7.276			653		81.39
Georgia		25		4,122,267.42		1.16			7.356			608		81.62
Indiana		33		3,568,925.00		1.01			8.035			610		85.50
Tennessee		28		3,566,800.00		1.01			7.727			606		84.74
Louisiana		33		3,251,844.14		0.92			8.170			595		85.35
Ohio		25		3,170,925.00		0.89			8.037			608		86.06
Texas		32		2,973,884.97		0.84			8.073			624		78.64
New Jersey		13		2,699,907.11		0.76			7.710			576		75.19
Minnesota		13		2,591,940.98		0.73			7.303			617		85.17
Colorado		16		2,505,982.81		0.71			7.502			638		84.59
Connecticut		12		1,994,450.00		0.56			7.821			606		80.56
Idaho		9		1,034,290.00		0.29			7.865			589		86.42
Missouri		9		987,650.00		0.28			8.636			567		82.37
Kentucky		9		967,176.08		0.27			8.075			604		87.75
Iowa		11		809,996.78		0.23			7.916			591		80.48
Oregon		4		641,800.00		0.18			7.922			631		83.95
New Hampshire		3		592,800.00		0.17			7.695			647		80.00
Utah		3		476,500.00		0.13			6.829			587		73.32
Oklahoma		1		223,200.00		0.06			6.990			612		90.00
New Mexico		1		144,000.00		0.04			6.500			623		80.00
Nebraska		2		129,150.00		0.04			7.829			642		90.01
South Dakota		1		68,400.00		0.02			8.000			627		90.00
Kansas		1		67,500.00		0.02			9.640			650		90.00

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 26		June 14, 2005


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

None		440	$	77,479,528.03		21.86	%		7.421	%		625		81.01	%
1		94		21,836,769.49		6.16			7.163			646		81.98
2		653		138,592,827.55		39.11			7.001			629		80.43
3		667		116,493,166.96		32.87			7.298			622		79.62

Total		1,854	$	354,402,292.03		100.00	%		7.201	%		627		80.38	%


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

4.001 - 4.500		187	$	34,631,303.51		10.70	%		7.049	%		637		81.59	%
4.501 - 5.000		1		180,000.00		0.06			5.125			711		80.00
5.001 - 5.500		23		5,961,500.00		1.84			5.628			663		75.80
5.501 - 6.000		144		33,095,685.45		10.23			6.089			651		77.90
6.001 - 6.500		257		60,142,494.61		18.58			6.558			646		79.81
6.501 - 7.000		324		72,057,348.36		22.27			7.010			636		81.17
7.001 - 7.500		261		50,390,086.74		15.57			7.534			619		80.11
7.501 - 8.000		190		34,018,103.96		10.51			8.000			601		81.68
8.001 - 8.500		120		17,822,676.38		5.51			8.550			575		82.59
8.501 - 9.000		81		10,306,902.98		3.18			8.937			561		83.38
9.001 - 9.500		39		3,774,000.41		1.17			9.456			563		85.86
9.501 - 10.000		12		1,251,297.00		0.39			9.896			542		84.31

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 27		June 14, 2005


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

11.501 - 12.000		1	$	328,000.00		0.10	%		8.375	%		533		77.18	%
12.001 - 12.500		10		2,435,000.00		0.75			5.534			686		73.84
12.501 - 13.000		85		20,240,668.15		6.25			5.897			652		77.28
13.001 - 13.500		235		53,541,273.61		16.54			6.331			652		79.26
13.501 - 14.000		388		88,899,232.05		27.47			6.830			641		81.06
14.001 - 14.500		295		59,397,063.01		18.35			7.300			630		80.43
14.501 - 15.000		307		53,725,673.92		16.60			7.776			606		81.07
15.001 - 15.500		113		19,128,765.78		5.91			8.270			590		82.86
15.501 - 16.000		134		18,714,195.63		5.78			8.773			565		83.20
16.001 - 16.500		42		4,546,380.25		1.40			9.275			554		82.52
16.501 - 17.000		23		2,194,897.00		0.68			9.761			552		84.63
17.001 - 17.500		6		480,250.00		0.15			10.173			542		83.33

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%


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

5.001 - 5.500		9	$	2,185,000.00		0.68	%		5.423	%		695		75.31	%
5.501 - 6.000		85		20,240,668.15		6.25			5.897			652		77.28
6.001 - 6.500		236		53,791,273.61		16.62			6.332			652		79.17
6.501 - 7.000		388		88,899,232.05		27.47			6.830			641		81.06
7.001 - 7.500		295		59,397,063.01		18.35			7.300			630		80.43
7.501 - 8.000		308		53,808,173.92		16.63			7.776			606		81.04
8.001 - 8.500		113		19,374,265.78		5.99			8.274			589		82.86
8.501 - 9.000		134		18,714,195.63		5.78			8.773			565		83.20
9.001 - 9.500		42		4,546,380.25		1.40			9.275			554		82.52
9.501 - 10.000		23		2,194,897.00		0.68			9.761			552		84.63
10.001 - 10.500		6		480,250.00		0.15			10.173			542		83.33

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 28		June 14, 2005

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Initial Rate Cap (%)

Loans

Balance

Coupon

Score

LTV

3.000

1,639

323,631,399.40

100.00

7.181

627

80.63

Total

1,639

323,631,399.40

100.00

7.181

627

80.63


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

1.000		28	$	4,732,866.09		1.46	%		6.733	%		623		79.29	%
1.500		1,611		318,898,533.31		98.54			7.188			627		80.65

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%


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

22		3	$	381,163.66		0.12	%		7.106	%		620		76.30	%
23		64		15,450,694.45		4.77			6.778			631		81.20
24		722		154,709,082.76		47.80			7.057			634		81.03
25		41		7,280,895.00		2.25			7.419			622		81.57
34		2		206,764.22		0.06			7.664			569		82.87
35		45		7,798,620.31		2.41			7.542			600		79.31
36		698		127,418,219.00		39.37			7.314			620		80.02
37		63		10,075,710.00		3.11			7.541			619		81.58
49		1		310,250.00		0.10			7.940			611		85.00

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 29		June 14, 2005

Fixed Rate Mortgage Loan Statistics
As of the Cut-off Date


					Minimum			Maximum
Scheduled Principal Balance	$	30,770,892.63			$	40,000.00		$	642,500.00
Average Scheduled Principal Balance	$	143,120.43
Number of Mortgage Loans		215

Weighted Average Gross Coupon		7.407	%			5.875	%		10.875	%
Weighted Average FICO Score		629				500			759
Weighted Average Original LTV		77.80	%			33.39	%		100.00	%

Weighted Average Original Term	345 months				120 months			360 months
Weighted Average Stated Remaining Term	345 months				120 months			360 months
Weighted Average Seasoning	0 months				0 months			4 months

Maturity Date					June 1, 2015			July 1, 2035
Maximum Zip Code Concentration		2.09	%	95630

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 30		June 14, 2005


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

5.501 - 6.000		2	$	875,000.00		2.84	%		5.908	%		677		78.58	%
6.001 - 6.500		26		4,810,250.00		15.63			6.348			646		71.71
6.501 - 7.000		50		7,188,042.78		23.36			6.849			647		76.88
7.001 - 7.500		38		5,278,450.28		17.15			7.376			634		79.60
7.501 - 8.000		43		6,390,422.76		20.77			7.782			629		79.69
8.001 - 8.500		24		3,085,399.08		10.03			8.305			605		78.54
8.501 - 9.000		17		1,888,700.00		6.14			8.754			560		80.60
9.001 - 9.500		6		488,815.51		1.59			9.207			583		82.11
9.501 - 10.000		6		431,412.22		1.40			9.685			556		84.97
10.001 - 10.500		2		284,000.00		0.92			10.297			517		80.00
10.501 - 11.000		1		50,400.00		0.16			10.875			569		80.00

Total		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%


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

0.01 - 50,000.00		5	$	229,700.00		0.75	%		8.594	%		602		82.15	%
50,000.01 - 100,000.00		70		5,481,867.25		17.82			7.877			609		75.90
100,000.01 - 150,000.00		67		8,124,163.27		26.40			7.416			625		77.43
150,000.01 - 200,000.00		30		5,181,363.33		16.84			7.534			633		78.36
200,000.01 - 250,000.00		28		6,209,748.78		20.18			7.181			632		79.90
250,000.01 - 300,000.00		4		1,135,700.00		3.69			7.598			652		80.99
300,000.01 - 350,000.00		5		1,625,600.00		5.28			6.720			637		75.49
350,000.01 - 400,000.00		3		1,143,250.00		3.72			7.142			568		68.34
400,000.01 - 450,000.00		1		425,000.00		1.38			6.750			718		88.36
550,000.01 - 600,000.00		1		572,000.00		1.86			7.900			726		80.00
600,000.01 - 650,000.00		1		642,500.00		2.09			5.875			696		80.31

Total		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%


					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

30 Year Fixed		187	$	27,890,727.67		90.64	%		7.393	%		629		77.95	%
15 Year Fixed		17		1,432,054.96		4.65			7.533			617		73.12
20 Year Fixed		10		1,286,710.00		4.18			7.622			624		78.83
10 Year Fixed		1		161,400.00		0.52			6.875			654		84.06

Total		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 31		June 14, 2005


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

109 - 120		1	$	161,400.00		0.52	%		6.875	%		654		84.06	%
169 - 180		17		1,432,054.96		4.65			7.533			617		73.12
229 - 240		10		1,286,710.00		4.18			7.622			624		78.83
349 - 360		187		27,890,727.67		90.64			7.393			629		77.95

Total		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%


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

0		195	$	28,344,005.00		92.11	%		7.372	%		629		77.57	%
1		19		2,283,298.11		7.42			7.810			628		80.52
4		1		143,589.52		0.47			7.750			684		80.00

Total		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Lien Position

Loans

Balance

Coupon

Score

LTV

215

30,770,892.63

100.00

7.407

629

77.80

Total

215

30,770,892.63

100.00

7.407

629

77.80


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Range of Original	Mortgage		Principal		Principal			Gross			Credit		Original
Loan-to-Value Ratios (%)	Loans		Balance		Balance			Coupon			Score		LTV

30.01 - 35.00		1	$	95,500.00		0.31	%		6.750	%		600		33.39	%
35.01 - 40.00		4		251,214.00		0.82			7.678			610		38.08
40.01 - 45.00		1		93,000.00		0.30			8.190			591		43.26
45.01 - 50.00		3		647,000.00		2.10			6.798			594		47.64
50.01 - 55.00		6		940,373.44		3.06			6.916			631		53.32
55.01 - 60.00		6		695,000.00		2.26			6.975			642		56.73
60.01 - 65.00		7		909,950.00		2.96			7.608			577		63.01
65.01 - 70.00		25		3,362,941.84		10.93			7.023			619		67.30
70.01 - 75.00		22		4,018,268.33		13.06			7.186			612		73.71
75.01 - 80.00		60		7,839,829.03		25.48			7.770			632		79.42
80.01 - 85.00		27		4,336,564.46		14.09			7.279			620		83.50
85.01 - 90.00		40		5,832,566.75		18.95			7.612			644		89.64
90.01 - 95.00		6		861,800.00		2.80			6.814			712		93.59
95.01 - 100.00		7		886,884.78		2.88			7.508			656		99.95

Total		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 32		June 14, 2005


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

481 - 500		1	$	56,000.00		0.18	%		10.490	%		500		80.00	%
501 - 520		4		414,800.00		1.35			8.441			509		74.18
521 - 540		13		2,338,356.77		7.60			8.125			532		72.96
541 - 560		14		1,532,236.36		4.98			8.481			547		77.78
561 - 580		16		2,150,942.61		6.99			8.008			571		75.27
581 - 600		17		1,763,810.00		5.73			7.498			591		75.28
601 - 620		30		3,493,564.58		11.35			7.551			611		77.79
621 - 640		40		5,460,195.00		17.74			7.216			630		75.01
641 - 660		34		5,449,418.46		17.71			7.078			649		78.47
661 - 680		18		2,481,536.00		8.06			7.247			668		79.75
681 - 700		13		2,437,089.52		7.92			6.714			691		82.09
701 - 720		9		1,813,500.00		5.89			6.760			712		82.60
721 - 740		3		870,393.33		2.83			7.941			727		80.84
741 - 760		3		509,050.00		1.65			6.889			751		92.42

Total		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%


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

Cashout		184	$	26,243,348.57		85.29	%		7.351	%		625		77.04	%
Purchase		24		3,770,344.06		12.25			7.717			655		81.91
Rate/Term Refinance		7		757,200.00		2.46			7.793			620		83.47

Total		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%


					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		189	$	26,677,811.27		86.70	%		7.393	%		625		77.82	%
Duplex		9		1,309,000.00		4.25			7.371			645		71.53
Condo		7		1,200,081.36		3.90			7.540			676		76.48
3-4 Unit		4		850,500.00		2.76			7.583			632		79.07
Townhouse		5		635,500.00		2.07			7.529			663		86.90
PUD		1		98,000.00		0.32			7.500			674		100.00

Total		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 33		June 14, 2005


					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

Full		161	$	21,265,199.30		69.11	%		7.391	%		618		78.21	%
Stated		53		9,209,693.33		29.93			7.424			652		76.77
NINA		1		296,000.00		0.96			8.000			671		80.00

Total:		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Occupancy Status

Loans

Balance

Coupon

Score

LTV

Owner Occupied

202

29,274,188.62

95.14

7.404

627

78.13

Non-Owner Occupied

1,496,704.01

4.86

7.466

661

71.29

Total

215

30,770,892.63

100.00

7.407

629

77.80


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

A		121	$	19,133,182.31		62.18	%		7.098	%		663		78.91	%
B		69		7,872,603.55		25.58			7.727			591		76.61
C		25		3,765,106.77		12.24			8.304			532		74.65

Total		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 34		June 14, 2005


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

Florida		46	$	6,495,154.80		21.11	%		7.479	%		643		74.77	%
California		24		5,273,250.00		17.14			6.696			622		69.42
Illinois		24		3,915,356.53		12.72			7.227			626		82.52
Texas		23		2,122,334.97		6.90			8.096			619		77.57
Pennsylvania		18		1,935,375.86		6.29			7.698			619		85.03
Maryland		7		1,482,393.33		4.82			7.326			664		80.79
Louisiana		13		1,311,394.14		4.26			8.293			602		82.93
Washington		7		1,081,950.00		3.52			6.893			624		73.65
Michigan		8		1,035,978.46		3.37			7.954			634		81.43
North Carolina		7		970,404.54		3.15			7.691			587		83.42
Arizona		7		747,350.00		2.43			7.168			628		79.91
Wisconsin		4		534,750.00		1.74			6.938			677		80.60
Rhode Island		3		530,150.00		1.72			7.226			638		80.48
Massachusetts		2		442,500.00		1.44			8.699			582		80.34
Georgia		3		418,650.00		1.36			7.565			633		80.06
Ohio		2		374,400.00		1.22			6.977			691		76.60
Virginia		2		374,000.00		1.22			7.021			669		89.91
Connecticut		2		373,000.00		1.21			8.165			625		79.53
Indiana		2		345,800.00		1.12			8.768			551		79.99
Iowa		4		344,050.00		1.12			7.383			618		77.66
Idaho		2		209,700.00		0.68			8.135			608		85.19
Tennessee		2		186,000.00		0.60			6.994			638		86.94
Oregon		1		120,600.00		0.39			7.625			648		90.00
Nevada		1		103,850.00		0.34			6.990			605		67.00
Colorado		1		42,500.00		0.14			7.625			583		85.00

Total		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%


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

None		56	$	7,771,024.59		25.25	%		7.664	%		632		79.60	%
1		6		1,029,513.24		3.35			7.139			642		81.67
2		7		1,204,091.84		3.91			7.027			596		74.07
3		146		20,766,262.96		67.49			7.346			629		77.14

Total		215	$	30,770,892.63		100.00	%		7.407	%		629		77.80	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 35		June 14, 2005

Adjustable Rate Mortgage Loan Statistics

As of the Cut-off Date


					Minimum			Maximum
Scheduled Principal Balance	$	323,631,399.40			$	46,000.00		$	720,000.00
Average Scheduled Principal Balance	$	197,456.62
Number of Mortgage Loans		1,639

Weighted Average Gross Coupon		7.181	%			5.125	%		10.330	%
Weighted Average FICO Score		627				471			809
Weighted Average Original LTV		80.63	%			17.86	%		100.00	%

Weighted Average Original Term	360 months				360 months			360 months
Weighted Average Stated Remaining Term	360 months				358 months			360 months
Weighted Average Seasoning	0 months				0 months			2 months

ARM Characteristics
Weighted Average Gross Margin		6.670	%			4.210	%		9.875	%
Weighted Average Minimum Interest Rate		7.181	%			5.125	%		10.330	%
Weighted Average Maximum Interest Rate		14.177	%			11.805	%		17.330	%
Weighted Average Initial Rate Cap		3.000	%			3.000	%		3.000	%
Weighted Average Subsequent Rate Cap		1.493	%			1.000	%		1.500	%
Weighted Average Months to Roll	29 months				22 months			49 months

Maturity Date					April 1, 2035			July 1, 2035
Maximum Zip Code Concentration		0.59	%	60618

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 36		June 14, 2005


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

5.001 - 5.500		9	$	2,185,000.00		0.68	%		5.423	%		695		75.31	%
5.501 - 6.000		85		20,240,668.15		6.25			5.897			652		77.28
6.001 - 6.500		236		53,791,273.61		16.62			6.332			652		79.17
6.501 - 7.000		388		88,899,232.05		27.47			6.830			641		81.06
7.001 - 7.500		295		59,397,063.01		18.35			7.300			630		80.43
7.501 - 8.000		308		53,808,173.92		16.63			7.776			606		81.04
8.001 - 8.500		113		19,374,265.78		5.99			8.274			589		82.86
8.501 - 9.000		134		18,714,195.63		5.78			8.773			565		83.20
9.001 - 9.500		42		4,546,380.25		1.40			9.275			554		82.52
9.501 - 10.000		23		2,194,897.00		0.68			9.761			552		84.63
10.001 - 10.500		6		480,250.00		0.15			10.173			542		83.33

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%


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

0.01 - 50,000.00		8	$	391,861.35		0.12	%		9.189	%		538		76.47	%
50,000.01 - 100,000.00		288		23,280,568.73		7.19			7.943			595		80.40
100,000.01 - 150,000.00		352		43,979,501.40		13.59			7.500			613		81.25
150,000.01 - 200,000.00		295		51,633,327.81		15.95			7.273			622		80.18
200,000.01 - 250,000.00		274		61,742,409.84		19.08			7.055			623		79.31
250,000.01 - 300,000.00		153		41,754,408.52		12.90			7.016			634		81.10
300,000.01 - 350,000.00		128		41,234,015.08		12.74			7.007			628		80.54
350,000.01 - 400,000.00		65		24,292,031.67		7.51			6.934			648		83.47
400,000.01 - 450,000.00		37		15,774,275.00		4.87			6.828			646		79.85
450,000.01 - 500,000.00		28		13,434,800.00		4.15			6.842			674		79.32
500,000.01 - 550,000.00		6		3,066,200.00		0.95			7.557			589		83.99
550,000.01 - 600,000.00		4		2,328,000.00		0.72			7.392			664		87.42
700,000.01 - 750,000.00		1		720,000.00		0.22			5.750			643		84.71

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 37		June 14, 2005


					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 3/27		612	$	97,611,804.24		30.16	%		7.652	%		601		80.01	%
ARM 2/28 60 Month IO		364		90,896,743.15		28.09			6.859			657		80.69
ARM 2/28		466		86,925,092.72		26.86			7.244			609		81.45
ARM 3/27 60 Month IO		197		48,197,759.29		14.89			6.720			655		80.30

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

Percent of

Weighted

Number of

Outstanding

Average

Range of Remaining Terms

Mortgage

Principal

Gross

Credit

Original

to Maturity (Months)

Loans

Balance

Coupon

Score

LTV

349 - 360

1,639

323,631,399.40

100.00

7.181

627

80.63

Total

1,639

323,631,399.40

100.00

7.181

627

80.63


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

0		1,525	$	299,794,156.76		92.63	%		7.192	%		627		80.64	%
1		109		23,249,314.76		7.18			7.034			621		80.56
2		5		587,927.88		0.18			7.302			602		78.61

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Lien Position

Loans

Balance

Coupon

Score

LTV

1,639

323,631,399.40

100.00

7.181

627

80.63

Total

1,639

323,631,399.40

100.00

7.181

627

80.63

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 38		June 14, 2005


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
Range of Original	Mortgage		Principal		Principal			Gross			Credit		Original
Loan-to-Value Ratios (%)	Loans		Balance		Balance			Coupon			Score		LTV

15.01 - 20.00		1	$	125,000.00		0.04	%		6.500	%		646		17.86	%
20.01 - 25.00		3		433,750.00		0.13			7.383			585		23.25
25.01 - 30.00		1		104,000.00		0.03			6.350			614		28.89
30.01 - 35.00		3		461,000.00		0.14			8.030			540		32.14
35.01 - 40.00		3		397,770.00		0.12			6.291			634		38.11
40.01 - 45.00		6		1,209,500.00		0.37			6.568			633		42.34
45.01 - 50.00		9		1,699,470.00		0.53			6.936			565		47.39
50.01 - 55.00		21		3,101,850.00		0.96			7.085			580		53.02
55.01 - 60.00		28		4,736,090.00		1.46			7.039			583		57.77
60.01 - 65.00		36		6,852,428.89		2.12			7.084			581		63.30
65.01 - 70.00		71		13,934,538.12		4.31			7.084			591		68.78
70.01 - 75.00		93		18,680,977.20		5.77			7.316			597		74.00
75.01 - 80.00		787		164,005,831.12		50.68			7.030			646		79.79
80.01 - 85.00		199		35,753,643.62		11.05			7.413			598		84.34
85.01 - 90.00		273		52,252,423.07		16.15			7.417			620		89.70
90.01 - 95.00		58		12,247,335.00		3.78			7.384			633		94.39
95.01 - 100.00		47		7,635,792.38		2.36			7.621			637		99.59

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%


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

461 - 480		1	$	50,000.00		0.02	%		9.940	%		471		76.92	%
481 - 500		4		425,800.00		0.13			7.279			500		68.71
501 - 520		69		10,948,422.94		3.38			8.038			511		73.89
521 - 540		111		16,798,451.08		5.19			8.081			531		75.49
541 - 560		136		22,618,887.75		6.99			7.908			551		78.51
561 - 580		119		18,730,267.50		5.79			7.603			571		80.93
581 - 600		143		27,469,597.48		8.49			7.457			591		82.34
601 - 620		198		38,494,433.03		11.89			7.066			611		82.01
621 - 640		265		57,479,201.21		17.76			7.046			630		80.86
641 - 660		211		42,785,845.00		13.22			6.991			650		81.85
661 - 680		147		33,650,243.56		10.40			6.795			670		80.74
681 - 700		109		25,485,167.04		7.87			6.809			689		82.00
701 - 720		51		10,387,532.81		3.21			6.676			709		80.47
721 - 740		36		9,492,900.00		2.93			6.729			730		80.99
741 - 760		25		5,343,400.00		1.65			6.729			752		80.45
761 - 780		6		1,717,850.00		0.53			6.642			769		82.56
781 - 800		7		1,441,400.00		0.45			6.884			790		80.47
801 - 820		1		312,000.00		0.10			5.600			809		80.00

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 39		June 14, 2005


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

Cashout		968	$	179,244,660.62		55.39	%		7.268	%		605		80.06	%
Purchase		637		137,741,559.89		42.56			7.061			655		81.38
Rate/Term Refinance		34		6,645,178.89		2.05			7.326			614		80.49

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%


					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		1,380	$	267,830,471.17		82.76	%		7.167	%		624		80.74	%
Condo		96		17,892,947.50		5.53			7.292			630		80.53
Townhouse		74		15,143,130.73		4.68			7.062			633		80.56
3-4 Unit		45		12,721,250.00		3.93			7.362			670		80.00
Duplex		44		10,043,600.00		3.10			7.315			638		78.86

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%


					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

Full		944	$	164,049,579.40		50.69	%		7.209	%		606		81.49	%
Stated		691		158,554,939.75		48.99			7.151			648		79.76
NINA		4		1,026,880.25		0.32			7.358			656		77.75

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Occupancy Status

Loans

Balance

Coupon

Score

LTV

Owner Occupied

1,577

314,415,786.07

97.15

7.176

626

80.70

Non-Owner Occupied

9,215,613.33

2.85

7.352

651

78.33

Total

1,639

323,631,399.40

100.00

7.181

627

80.63


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

A		868	$	190,646,889.62		58.91	%		6.901	%		665		81.24	%
B		528		95,957,149.68		29.65			7.407			589		81.49
C		243		37,027,360.10		11.44			8.033			528		75.28

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 40		June 14, 2005


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

California		418	$	115,189,547.45		35.59	%		6.904	%		631		78.31	%
Florida		295		54,562,537.09		16.86			7.224			633		81.26
Illinois		215		40,238,100.26		12.43			7.200			632		82.13
Maryland		80		17,951,855.01		5.55			7.140			618		81.79
Virginia		46		10,342,450.00		3.20			7.164			644		78.79
Arizona		56		8,875,917.95		2.74			7.126			618		83.49
Nevada		38		8,668,160.00		2.68			6.881			638		80.77
Michigan		58		6,984,800.41		2.16			8.110			592		83.66
Wisconsin		53		6,105,497.74		1.89			7.706			598		80.99
North Carolina		52		5,723,345.71		1.77			7.571			618		83.57
Massachusetts		22		5,327,728.91		1.65			7.243			634		77.97
Washington		28		5,100,375.00		1.58			7.374			606		81.93
Pennsylvania		34		4,208,522.69		1.30			7.516			620		85.05
Georgia		22		3,703,617.42		1.14			7.332			606		81.80
Rhode Island		15		3,611,600.00		1.12			7.283			655		81.52
Tennessee		26		3,380,800.00		1.04			7.767			604		84.62
Indiana		31		3,223,125.00		1.00			7.956			617		86.10
Ohio		23		2,796,525.00		0.86			8.179			597		87.33
New Jersey		13		2,699,907.11		0.83			7.710			576		75.19
Minnesota		13		2,591,940.98		0.80			7.303			617		85.17
Colorado		15		2,463,482.81		0.76			7.499			639		84.58
Louisiana		20		1,940,450.00		0.60			8.087			590		86.98
Connecticut		10		1,621,450.00		0.50			7.742			601		80.80
Missouri		9		987,650.00		0.31			8.636			567		82.37
Kentucky		9		967,176.08		0.30			8.075			604		87.75
Texas		9		851,550.00		0.26			8.016			636		81.31
Idaho		7		824,590.00		0.25			7.796			584		86.73
New Hampshire		3		592,800.00		0.18			7.695			647		80.00
Oregon		3		521,200.00		0.16			7.991			628		82.56
Utah		3		476,500.00		0.15			6.829			587		73.32
Iowa		7		465,946.78		0.14			8.310			572		82.56
Oklahoma		1		223,200.00		0.07			6.990			612		90.00
New Mexico		1		144,000.00		0.04			6.500			623		80.00
Nebraska		2		129,150.00		0.04			7.829			642		90.01
South Dakota		1		68,400.00		0.02			8.000			627		90.00
Kansas		1		67,500.00		0.02			9.640			650		90.00

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 41		June 14, 2005


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

None		384	$	69,708,503.44		21.54	%		7.394	%		624		81.16	%
1		88		20,807,256.25		6.43			7.164			647		82.00
2		646		137,388,735.71		42.45			7.001			629		80.49
3		521		95,726,904.00		29.58			7.288			621		80.15

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%


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

4.001 - 4.500		187	$	34,631,303.51		10.70	%		7.049	%		637		81.59	%
4.501 - 5.000		1		180,000.00		0.06			5.125			711		80.00
5.001 - 5.500		23		5,961,500.00		1.84			5.628			663		75.80
5.501 - 6.000		144		33,095,685.45		10.23			6.089			651		77.90
6.001 - 6.500		257		60,142,494.61		18.58			6.558			646		79.81
6.501 - 7.000		324		72,057,348.36		22.27			7.010			636		81.17
7.001 - 7.500		261		50,390,086.74		15.57			7.534			619		80.11
7.501 - 8.000		190		34,018,103.96		10.51			8.000			601		81.68
8.001 - 8.500		120		17,822,676.38		5.51			8.550			575		82.59
8.501 - 9.000		81		10,306,902.98		3.18			8.937			561		83.38
9.001 - 9.500		39		3,774,000.41		1.17			9.456			563		85.86
9.501 - 10.000		12		1,251,297.00		0.39			9.896			542		84.31

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%


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

11.501 - 12.000		1	$	328,000.00		0.10	%		8.375	%		533		77.18	%
12.001 - 12.500		10		2,435,000.00		0.75			5.534			686		73.84
12.501 - 13.000		85		20,240,668.15		6.25			5.897			652		77.28
13.001 - 13.500		235		53,541,273.61		16.54			6.331			652		79.26
13.501 - 14.000		388		88,899,232.05		27.47			6.830			641		81.06
14.001 - 14.500		295		59,397,063.01		18.35			7.300			630		80.43
14.501 - 15.000		307		53,725,673.92		16.60			7.776			606		81.07
15.001 - 15.500		113		19,128,765.78		5.91			8.270			590		82.86
15.501 - 16.000		134		18,714,195.63		5.78			8.773			565		83.20
16.001 - 16.500		42		4,546,380.25		1.40			9.275			554		82.52
16.501 - 17.000		23		2,194,897.00		0.68			9.761			552		84.63
17.001 - 17.500		6		480,250.00		0.15			10.173			542		83.33

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

FRIEDMAN BILLINGS RAMSEY


First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2 Series Term Sheet Page 42		June 14, 2005


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

5.001 - 5.500		9	$	2,185,000.00		0.68	%		5.423	%		695		75.31	%
5.501 - 6.000		85		20,240,668.15		6.25			5.897			652		77.28
6.001 - 6.500		236		53,791,273.61		16.62			6.332			652		79.17
6.501 - 7.000		388		88,899,232.05		27.47			6.830			641		81.06
7.001 - 7.500		295		59,397,063.01		18.35			7.300			630		80.43
7.501 - 8.000		308		53,808,173.92		16.63			7.776			606		81.04
8.001 - 8.500		113		19,374,265.78		5.99			8.274			589		82.86
8.501 - 9.000		134		18,714,195.63		5.78			8.773			565		83.20
9.001 - 9.500		42		4,546,380.25		1.40			9.275			554		82.52
9.501 - 10.000		23		2,194,897.00		0.68			9.761			552		84.63
10.001 - 10.500		6		480,250.00		0.15			10.173			542		83.33

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Initial Rate Cap (%)

Loans

Balance

Coupon

Score

LTV

3.000

1,639

323,631,399.40

100.00

7.181

627

80.63

Total

1,639

323,631,399.40

100.00

7.181

627

80.63


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

1.000		28	$	4,732,866.09		1.46	%		6.733	%		623		79.29	%
1.500		1,611		318,898,533.31		98.54			7.188			627		80.65

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%


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

22		3	$	381,163.66		0.12	%		7.106	%		620		76.30	%
23		64		15,450,694.45		4.77			6.778			631		81.20
24		722		154,709,082.76		47.80			7.057			634		81.03
25		41		7,280,895.00		2.25			7.419			622		81.57
34		2		206,764.22		0.06			7.664			569		82.87
35		45		7,798,620.31		2.41			7.542			600		79.31
36		698		127,418,219.00		39.37			7.314			620		80.02
37		63		10,075,710.00		3.11			7.541			619		81.58
49		1		310,250.00		0.10			7.940			611		85.00

Total		1,639	$	323,631,399.40		100.00	%		7.181	%		627		80.63	%

FRIEDMAN BILLINGS RAMSEY

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