FBR Securitization 8-K Other Events

Exhibit 99.3

FBR Securitization Trust 2005-2

Disclaimer

COMPUTATIONAL MATERIALS

This presentation contains tables and other statistical analyses (the “Computational Materials”). These Computational Materials have been prepared by Friedman, Billings, Ramsey & Co., Inc. (“FBR”) in reliance upon information furnished by the issuer of the securities and its affiliates. These Computational Materials are furnished to you solely by FBR and not by the issuer of the securities. They may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating said material.

Numerous assumptions were used in preparing the Computational Materials which may or may not be reflected therein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context. In addition, no assurance can be given as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.

Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall.

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

The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither FBR nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities.

We need these matrices in addition to strats

Aggregate Loans (First Lien Only) : in specific bucket

FICO	% of total deal			Avg LTV		Max LTV		% Full Doc*		% Owner Occ		% IO		WAC		MARGIN
460 - 479		0.04	%		68.02		70.00		0.04		0.04		0.000		9.633		6.768
480 - 499		0.17	%		64.16		79.20		0.18		0.18		0.000		9.611		6.513
500 - 519		3.51	%		74.23		90.00		2.93		3.54		0.000		8.120		6.547
520 - 539		5.30	%		75.60		90.00		3.75		5.30		0.000		7.810		6.379
540 - 559		6.14	%		78.97		100.00		4.11		6.03		0.030		7.735		6.262
560 - 579		7.60	%		80.12		100.00		4.82		7.35		0.690		7.410		6.232
580 - 599		10.24	%		79.61		100.00		7.19		9.81		2.230		7.195		6.075
600 - 619		13.39	%		81.57		100.00		8.28		12.97		4.300		6.994		6.011
620 - 639		13.35	%		82.36		100.00		7.02		12.56		4.980		6.953		5.946
640 - 659		11.02	%		82.38		100.00		5.09		10.16		4.400		6.906		5.870
660 - 679		8.70	%		83.29		100.00		2.97		7.82		3.180		6.918		5.851
680 - 699		6.64	%		82.48		100.00		1.95		5.94		2.730		6.829		5.730
700 - 719		4.99	%		82.82		100.00		1.62		4.46		2.530		6.715		5.742
720 - 739		2.69	%		81.87		100.00		0.76		2.32		1.270		6.758		5.663
740 - 759		1.91	%		81.66		100.00		0.56		1.67		0.880		6.701		5.710
760 - 779		1.43	%		80.96		100.00		0.23		1.26		0.640		6.702		5.554
780 - 799		0.47	%		82.50		100.00		0.18		0.35		0.140		6.753		5.748
800+		0.10	%		77.74		100.00		0.06		0.10		0.020		6.160		5.893
Totals (of deal)		97.69	%		80.94		100.00		51.71		91.87		28.010		7.118		6.001

Aggregate Loans (Second Lien Only)

FICO	% of total deal			Avg LTV		Max LTV		% Full Doc*		% Owner Occ		% IO		WAC		MARGIN
560 - 579		0.00	%		100.00		100.00		0.09		0.09		0.000		11.300		0.000
580 - 599		0.18	%		99.94		100.00		7.78		7.78		0.000		11.022		0.000
600 - 619		0.29	%		99.85		100.00		12.03		12.71		0.000		10.701		0.000
620 - 639		0.32	%		99.60		100.00		8.61		13.93		0.000		10.437		0.000
640 - 659		0.44	%		99.83		100.00		8.04		18.98		0.000		10.278		0.000
660 - 679		0.39	%		99.79		100.00		6.29		16.95		0.000		9.973		0.000
680 - 699		0.25	%		99.56		100.00		3.07		10.69		0.000		9.864		0.000
700 - 719		0.17	%		99.81		100.00		1.14		7.21		0.000		9.595		0.000
720 - 739		0.11	%		99.57		100.00		1.86		4.92		0.000		9.262		0.000
740 - 759		0.08	%		100.00		100.00		0.46		3.33		0.000		9.596		0.000
760 - 779		0.07	%		99.72		100.00		0.58		3.03		0.000		9.389		0.000
780 - 799		0.01	%		100.00		100.00		0.15		0.38		0.000		9.429		0.000
Totals (of deal)		2.31	%		99.76		100.00		50.12		100.00		0.000		10.165		0.000

If seconds in deal:

Second Lien Loans

FRM %	100.00
ARM %	0.00

IO Loans

FICO	% of total deal			Avg LTV		Max LTV		% Full Doc*		% Owner Occ		WAC		MARGIN		% Second Lien (Simultaneous or Silent)
540 - 559		0.03	%		80.76		85.00		0.12		0.12		7.055		5.990		0
560 - 579		0.67	%		74.99		90.00		1.72		2.40		6.892		6.232		0
580 - 599		2.18	%		79.92		95.00		6.73		7.94		6.877		5.998		0
600 - 619		4.20	%		80.82		100.00		10.14		15.32		6.720		6.024		0
620 - 639		4.86	%		82.10		100.00		10.96		17.54		6.727		5.945		0
640 - 659		4.29	%		81.58		100.00		7.94		15.40		6.647		5.842		0
660 - 679		3.11	%		82.41		100.00		4.50		11.28		6.620		5.860		0
680 - 699		2.66	%		81.48		100.00		3.39		9.62		6.534		5.697		0
700 - 719		2.47	%		81.59		95.00		3.14		8.98		6.456		5.717		0
720 - 739		1.24	%		80.60		95.00		1.22		4.37		6.440		5.583		0
740 - 759		0.86	%		79.86		95.00		0.98		3.13		6.366		5.619		0
760 - 779		0.63	%		79.89		95.00		0.42		2.25		6.419		5.433		0
780 - 799		0.13	%		81.10		90.00		0.16		0.48		6.482		5.527		0
800+		0.02	%		68.88		80.00		0.02		0.07		6.052		5.546		0
Total:		27.36	%		81.20		100.00		51.43		98.89		6.641		5.860		0

ONLY IF THE DEAL HAS DEEP MI, otherwise we DO NOT NEED

If the deal has deep MI — we want the following:

For Non-MI Loans-only
By LTV Bucket	% of total deal			Avg FICO		%<550 FICO		%full doc*		%non owner
<=50% LTV		1.68	%		599		0.62		1.33		0.15
51%-60%		2.39	%		593		0.98		1.76		0.21
61%-70%		6.61	%		591		2.87		5.35		0.62
71%-80%		46.38	%		634		7.00		33.23		3.52
81%-85%		2.17	%		591		0.79		2.10		0.54
86%-90%		2.34	%		618		0.29		2.38		0.86
91%-95%		3.91	%		660		0.00		0.40		0.07
96%-100%		3.03	%		667		0.00		1.72		0.00

*Includes 24 mo. Bank Statements

We needs strats broken out in this format for ARMs only, Fixed only, IO only
We also need this for the total pool combined
There should be one sheet of information per group. ALL/ARM/FIXED/IO

Original Principal Balances of Mortgage Loans

			Aggregate Original		% of Aggregate Principal			AVG CURRENT
Range ($)	Number of Loans		Principal Balance		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0-24,999.01		117	$	2,672,508.00		0.12	%	$	22,812.35		10.465		99.15		0.000		626
25,000.01 - 50,000.00		748	$	29,264,098.30		1.26	%	$	39,028.28		9.421		88.72		6.163		624
50,000.01 - 75,000.00		1,071	$	67,120,455.35		2.90	%	$	62,556.86		8.709		85.63		6.265		616
75,000.01 - 100,000.00		1,132	$	99,760,040.00		4.30	%	$	87,951.10		8.123		83.11		6.180		610
100,000.01 - 125,000.00		1,122	$	126,172,933.80		5.44	%	$	112,168.52		7.688		82.38		6.042		614
125,000.01 - 150,000.00		1,187	$	163,300,460.00		7.04	%	$	137,296.87		7.426		80.72		6.030		614
150,000.01 - 175,000.00		901	$	146,052,535.65		6.30	%	$	161,777.38		7.292		80.74		5.978		618
175,000.01 - 200,000.00		877	$	165,157,362.20		7.12	%	$	187,962.70		7.210		80.04		5.956		617
200,000.01 - 225,000.00		650	$	138,558,409.70		5.98	%	$	212,773.29		7.095		80.61		5.995		621
225,000.01 - 250,000.00		594	$	141,555,306.80		6.11	%	$	237,851.65		7.067		80.06		5.942		622
250,000.01 - 275,000.00		555	$	145,571,292.50		6.28	%	$	261,799.22		6.966		80.53		5.981		624
275,000.01 - 300,000.00		549	$	157,961,754.60		6.81	%	$	287,200.63		6.942		80.52		5.980		631
300,000.01 - 333,700.00		524	$	165,879,790.75		7.16	%	$	316,074.39		6.942		81.78		5.973		633
333,700.01 - 350,000.00		212	$	72,659,442.00		3.13	%	$	342,107.61		6.913		80.56		5.935		628
350,000.01 - 600,000.00		1,442	$	628,354,326.40		27.11	%	$	435,094.04		6.865		81.81		5.999		637
600,000.01 -1,000,000.00		104	$	72,295,094.00		3.12	%	$	694,071.73		6.860		79.30		5.990		623
Total:		11,785	$	2,322,335,810.05		100.18	%	$	196,703.22		7.189		81.38		6.001		625

Principal Balances of Mortgage Loans as of Cutoff Date

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Range ($)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0-24,999.01		117	$	2,669,045.09		0.12	$	22,812.35		10.465		99.15		0.000		626
25,000.01 - 50,000.00		752	$	29,392,152.40		1.27	$	39,085.31		9.414		88.68		6.157		623
50,000.01 - 75,000.00		1,073	$	67,222,949.29		2.90	$	62,649.53		8.703		85.40		6.265		615
75,000.01 - 100,000.00		1,131	$	99,586,249.04		4.30	$	88,051.50		8.119		83.26		6.180		610
100,000.01 - 125,000.00		1,126	$	126,526,913.80		5.46	$	112,368.48		7.684		82.30		6.042		614
125,000.01 - 150,000.00		1,184	$	162,747,547.65		7.02	$	137,455.70		7.429		80.80		6.028		614
150,000.01 - 175,000.00		905	$	146,608,881.59		6.32	$	161,998.76		7.286		80.75		5.976		618
175,000.01 - 200,000.00		872	$	164,094,248.38		7.08	$	188,181.48		7.214		79.96		5.962		617
200,000.01 - 225,000.00		656	$	139,776,470.65		6.03	$	213,073.89		7.103		80.66		5.997		621
225,000.01 - 250,000.00		590	$	140,560,068.99		6.06	$	238,237.41		7.049		79.97		5.938		623
250,000.01 - 275,000.00		557	$	146,017,565.57		6.30	$	262,150.03		6.973		80.60		5.988		624
275,000.01 - 300,000.00		542	$	155,806,177.16		6.72	$	287,465.27		6.941		80.56		5.975		631
300,000.01 - 333,700.00		527	$	166,689,337.37		7.19	$	316,298.55		6.939		81.70		5.970		633
333,700.01 - 350,000.00		208	$	71,210,056.06		3.07	$	342,356.04		6.917		80.64		5.941		629
350,000.01 - 600,000.00		1,441	$	627,056,371.37		27.05	$	435,153.62		6.865		81.81		5.999		637
600,000.01 -1,000,000.00		104	$	72,183,459.67		3.11	$	694,071.73		6.860		79.30		5.990		623
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

Current Mortgage Rates of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Mortgage Rates (%)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
4.500 - 4.999		6	$	1,281,302.84		0.06	$	213,550.47		4.990		73.43		5.867		637
5.000 - 5.499		122	$	34,630,121.09		1.49	$	283,853.45		5.338		75.78		5.952		650
5.500 - 5.999		848	$	233,401,219.67		10.07	$	275,237.29		5.865		76.45		5.862		649
6.000 - 6.499		1,266	$	326,787,756.50		14.10	$	258,126.19		6.295		78.35		5.764		645
6.500 - 6.999		2,615	$	634,028,704.62		27.35	$	242,458.40		6.798		80.26		5.826		635
7.000 - 7.499		1,578	$	331,232,419.65		14.29	$	209,906.48		7.281		82.68		5.935		623
7.500 - 7.999		2,015	$	380,638,939.49		16.42	$	188,902.70		7.770		83.53		6.069		612
8.000 - 8.499		852	$	134,857,722.69		5.82	$	158,283.71		8.271		84.01		6.459		592
8.500 - 8.999		948	$	123,561,790.10		5.33	$	130,339.44		8.778		85.32		6.728		584
9.000 - 9.499		374	$	38,593,891.18		1.66	$	103,192.22		9.267		85.81		6.718		579
9.500 - 9.999		552	$	43,230,980.12		1.86	$	78,316.99		9.790		89.16		7.092		605
10.000 - 10.499		161	$	11,396,616.40		0.49	$	70,786.44		10.233		90.88		6.786		605
10.500 - 10.999		273	$	15,725,389.37		0.68	$	57,602.16		10.781		95.64		7.386		621
11.000 - 11.499		128	$	6,137,836.61		0.26	$	47,951.85		11.251		97.38		6.880		615
11.500 - 11.999		41	$	2,323,353.90		0.10	$	56,667.17		11.787		90.64		6.990		605
12.000 - 12.499		4	$	212,712.26		0.01	$	53,178.07		12.082		83.85		6.990		569
12.500 - 12.999		1	$	59,969.12		0.00	$	59,969.12		12.500		45.45		6.990		505
13.500 - 13.999		1	$	46,768.47		0.00	$	46,768.47		13.999		90.00		12.499		535
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

Original Term to Maturity of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Original Term (mos)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0 - 180		983	$	57,711,781.82		2.49	$	58,709.85		9.734		94.89		0.000		653
181 - 240		129	$	9,631,746.57		0.42	$	74,664.70		8.702		87.78		0.000		638
241 - 360		10,673	$	2,250,803,965.69		97.09	$	210,887.66		7.117		81.00		6.001		625
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

Stated Remaining Term to Maturity of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Remaining Term (mos)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
61 - 120		5	$	420,605.33		0.02	$	84,121.07		6.934		65.97		0.000		604
121 - 180		978	$	57,291,176.49		2.47	$	58,579.94		9.755		95.10		0.000		654
181 - 240		129	$	9,631,746.57		0.42	$	74,664.70		8.702		87.78		0.000		638
241 - 300		3	$	337,760.96		0.01	$	112,586.99		6.723		71.25		0.000		627
301 - 360		10,670	$	2,250,466,204.73		97.08	$	210,915.30		7.117		81.01		6.001		625
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Mortgage Insurance	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
No		8,293	$	1,587,804,165.16		68.49	%	$	191,463.18		7.107		78.01		5.934		628
Yes		3,492	$	730,343,328.92		31.51	%	$	209,147.57		7.366		88.69		6.141		619
Total:		11,785	$	2,318,147,494.08		100.00		$	196,703.22		7.189		81.38		6.001		625

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Lien	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
1		10,811	$	2,264,550,161.40		97.69	%	$	209,467.22		7.118		80.94		6.001		625
2		974	$	53,597,332.68		2.31	%	$	55,028.06		10.165		99.76		0.000		660
Total:		11,785	$	2,318,147,494.08		100.00		$	196,703.22		7.189		81.38		6.001		625

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Seasoning(mos)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
1		150	$	26,937,994.81		1.16	%	$	179,586.63		7.207		78.60		6.026		628
2		4,551	$	804,799,561.73		34.72	%	$	176,840.16		7.283		81.02		5.990		623
3		3,933	$	776,483,533.84		33.50	%	$	197,427.80		7.347		80.91		5.935		634
4		1,260	$	256,808,074.95		11.08	%	$	203,815.93		7.175		83.72		6.062		628
5		1,433	$	334,326,774.75		14.42	%	$	233,305.50		6.828		81.01		6.098		615
6		323	$	82,065,290.16		3.54	%	$	254,072.11		6.721		84.20		6.055		607
7		100	$	27,801,184.12		1.20	%	$	278,011.84		6.191		81.81		6.182		608
8		31	$	8,104,224.50		0.35	%	$	261,426.60		6.122		81.83		6.135		604
9		3	$	505,182.87		0.02	%	$	168,394.29		5.813		83.37		5.711		647
11		1	$	315,672.35		0.01	%	$	315,672.35		6.800		85.00		6.750		573
Total:		11,785	$	2,318,147,494.08		100.00		$	196,703.22		7.189		81.38		6.001		625

Combined Loan-to-Value Ratios of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Combined LTVs	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0.01 - 25.00		26	$	2,688,395.58		0.12	$	103,399.83		7.357		21.07		5.942		601
25.01 - 30.00		14	$	1,824,486.91		0.08	$	130,320.49		7.099		27.44		6.673		589
30.01 - 35.00		22	$	2,521,096.80		0.11	$	114,595.31		6.784		32.36		5.838		612
35.01 - 40.00		37	$	4,944,284.21		0.21	$	133,629.30		7.151		38.16		6.112		579
40.01 - 45.00		61	$	10,624,216.54		0.46	$	174,167.48		6.838		43.26		6.247		610
45.01 - 50.00		93	$	16,268,406.67		0.70	$	174,929.10		6.748		48.17		6.165		596
50.01 - 55.00		124	$	23,501,313.80		1.01	$	189,526.72		6.753		52.88		6.167		600
55.01 - 60.00		179	$	37,743,402.89		1.63	$	210,857.00		6.926		58.00		6.107		587
60.01 - 65.00		385	$	81,505,241.10		3.52	$	211,701.92		7.000		63.23		6.173		584
65.01 - 70.00		513	$	105,618,977.43		4.56	$	205,884.95		6.973		68.70		6.126		595
70.01 - 75.00		702	$	154,078,831.31		6.65	$	219,485.51		6.938		74.03		6.122		595
75.01 - 80.00		4,079	$	880,588,405.47		37.99	$	215,883.40		6.870		79.75		5.796		643
80.01 - 85.00		1,419	$	303,530,596.13		13.09	$	213,904.58		7.244		84.42		6.114		606
85.01 - 90.00		2,154	$	436,229,919.78		18.82	$	202,520.85		7.495		89.65		6.178		621
90.01 - 95.00		712	$	155,237,152.17		6.70	$	218,029.71		7.509		94.72		6.010		649
95.01 - 100.00		1,265	$	101,242,767.29		4.37	$	80,033.81		9.058		99.91		6.462		657
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

Owner Occupancy of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Owner Occupancy	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Owner Occupied		10,679	$	2,133,926,493.66		92.05	$	199,824.56		7.145		81.26		5.986		623
Investment		1,055	$	172,314,807.76		7.43	$	163,331.57		7.719		82.81		6.174		652
Second Home		51	$	11,906,192.66		0.51	$	233,454.76		7.373		82.66		6.050		663
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

Property Type of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Property Types	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Single Family		8,574	$	1,602,756,251.18		69.14	$	186,932.15		7.191		81.26		6.023		620
PUD		1,185	$	259,477,066.38		11.19	$	218,967.99		7.195		81.92		6.078		626
Duplex		690	$	169,418,331.46		7.31	$	245,533.81		7.111		81.36		5.802		642
Condo		886	$	162,912,200.97		7.03	$	183,873.82		7.175		82.95		5.879		643
3-4 Unit		291	$	91,901,920.37		3.96	$	315,814.16		7.279		78.25		5.951		652
Townhouse		151	$	30,178,833.20		1.30	$	199,859.82		7.245		84.76		6.027		625
Manufactured		6	$	1,286,405.00		0.06	$	214,400.83		7.253		71.89		6.303		595
Modular		2	$	216,485.52		0.01	$	108,242.76		7.903		82.27		6.221		613
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

Loan Purpose of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Loan Purpose	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Cashout Refinance		5,922	$	1,298,736,893.34		56.02	$	219,307.14		7.118		79.60		6.095		609
Purchase		5,342	$	914,878,366.18		39.47	$	171,261.39		7.312		83.89		5.878		651
Rate/Term Refinance		521	$	104,532,234.56		4.51	$	200,637.69		6.989		81.41		5.977		609
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

Document Type of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Document Type	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Full		6,853	$	1,194,954,647.87		51.55	$	174,369.57		7.101		81.30		6.046		608
Stated		4,601	$	1,043,308,105.68		45.01	$	226,756.81		7.297		81.52		5.947		647
12 mo. Bank Statements		150	$	33,259,350.31		1.43	$	221,729.00		7.102		82.85		5.908		643
Limited		118	$	32,159,994.21		1.39	$	272,542.32		6.944		79.38		6.193		590
Alt.		48	$	10,363,562.59		0.45	$	215,907.55		7.605		78.61		6.196		594
24 mo. Bank Statements		10	$	2,929,815.56		0.13	$	292,981.56		6.743		81.69		5.990		615
6 mo. Bank Statements		5	$	1,172,017.86		0.05	$	234,403.57		6.987		77.54		5.909		675
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

Product Type of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Product Type	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
ARM 2/28		6,587	$	1,268,406,527.51		54.72	$	192,562.10		7.354		81.32		6.064		609
ARM 2/28 - 24 month IO		1,104	$	327,276,272.87		14.12	$	296,445.90		6.653		81.58		6.051		645
ARM 2/28 - 60 month IO		863	$	241,699,780.56		10.43	$	280,069.27		6.676		81.00		5.600		665
Fixed 30 yr		1,351	$	234,268,001.00		10.11	$	173,403.41		7.071		77.50		0.000		632
ARM 3/27		296	$	52,509,459.57		2.27	$	177,396.82		7.509		84.00		6.144		622
Balloon 30/15		854	$	47,597,644.46		2.05	$	55,734.95		10.142		99.79		0.000		661
ARM 1/29		135	$	36,477,898.86		1.57	$	270,206.66		6.958		84.38		5.915		613
Fixed 30 yr - 60 month IO		88	$	25,430,497.41		1.10	$	288,982.93		6.389		77.33		0.000		676
ARM 3/27 - 36 month IO		77	$	22,565,189.86		0.97	$	293,054.41		6.477		82.88		6.014		646
ARM 5/25		73	$	15,477,140.51		0.67	$	212,015.62		6.946		78.96		6.111		624
ARM 3/27 - 60 month IO		50	$	14,122,220.53		0.61	$	282,444.41		6.416		80.23		5.700		677
Fixed 15 yr		123	$	9,633,532.03		0.42	$	78,321.40		7.858		72.49		0.000		616
Fixed 20 yr		129	$	9,631,746.57		0.42	$	74,664.70		8.702		87.78		0.000		638
6 Month ARM		32	$	9,083,660.97		0.39	$	283,864.41		7.124		86.28		5.940		636
ARM 5/25 - 60 month IO		14	$	3,149,555.08		0.14	$	224,968.22		6.999		81.82		5.600		657
Fixed 10 yr		5	$	420,605.33		0.02	$	84,121.07		6.934		65.97		0.000		604
Fixed 25 yr		3	$	337,760.96		0.01	$	112,586.99		6.723		71.25		0.000		627
Fixed 15 yr - 60 month IO		1	$	60,000.00		0.00	$	60,000.00		7.440		9.23		0.000		713
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

** For ARM loans please break out 2/28, 3/27, 5/25 by percentage
** For IO loans please include length of ammortization term and fixed rate term ( 2yr, 3yr, 5yr, 10yr)

Geographical Distribution of Mortgages Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
State	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Other		8,074	$	1,272,986,887.97		54.91	$	157,664.96		7.450		82.81		5.978		620
California		3,112	$	869,639,660.34		37.51	$	279,447.19		6.818		79.52		6.039		632
New York		472	$	141,407,409.58		6.10	$	299,591.97		7.079		80.00		5.939		637
Massachusetts		127	$	34,113,536.19		1.47	$	268,610.52		7.323		80.98		6.075		628
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

Prepay Penalty for Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Prepay Penalty	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Has Prepay Penalty		8,933	$	1,787,398,729.03		77.10	$	200,089.41		7.092		80.86		6.042		626
None		2,852	$	530,748,765.05		22.90	$	186,097.04		7.512		83.13		5.866		625
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

Prepay Term for Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Prepay Term	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
6		70	$	11,699,397.14		0.50	$	167,134.24		7.754		82.86		5.952		637
12		865	$	237,279,104.45		10.24	$	274,311.10		7.048		80.09		5.721		640
18		24	$	4,384,457.26		0.19	$	182,685.72		7.023		80.17		4.647		653
24		6,129	$	1,198,316,227.68		51.69	$	195,515.78		7.130		81.35		6.098		621
30		31	$	5,846,730.08		0.25	$	188,604.20		7.388		78.67		6.152		616
36		1,429	$	273,149,399.04		11.78	$	191,147.24		6.856		79.06		6.091		633
48		2	$	325,690.01		0.01	$	162,845.01		8.845		76.46		8.250		512
60		383	$	56,397,723.37		2.43	$	147,252.54		7.465		82.16		6.044		622
No Prepay Penalty		2,852	$	530,748,765.05		22.90	$	186,097.04		7.512		83.13		5.866		625
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

Fico Scores of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Fico Scores	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
460 - 479		4	$	813,415.63		0.04	$	203,353.91		9.633		68.02		6.768		477
480 - 499		25	$	3,986,871.10		0.17	$	159,474.84		9.611		64.16		6.513		489
500 - 519		500	$	81,351,629.59		3.51	$	162,703.26		8.120		74.23		6.547		510
520 - 539		679	$	122,966,939.28		5.30	$	181,100.06		7.810		75.60		6.379		530
540 - 559		812	$	142,448,836.70		6.14	$	175,429.60		7.735		78.97		6.262		550
560 - 579		912	$	176,331,368.22		7.61	$	193,345.80		7.411		80.12		6.232		570
580 - 599		1,367	$	241,472,810.62		10.42	$	176,644.34		7.261		79.96		6.075		589
600 - 619		1,578	$	317,210,718.42		13.68	$	201,020.73		7.074		81.96		6.011		609
620 - 639		1,562	$	316,980,239.51		13.67	$	202,932.29		7.035		82.77		5.946		629
640 - 659		1,287	$	265,543,137.49		11.45	$	206,327.22		7.035		83.05		5.870		649
660 - 679		1,047	$	210,852,310.91		9.10	$	201,387.12		7.050		84.00		5.851		669
680 - 699		768	$	159,596,609.00		6.88	$	207,808.08		6.938		83.10		5.730		689
700 - 719		517	$	119,473,615.95		5.15	$	231,090.17		6.808		83.37		5.742		709
720 - 739		306	$	64,942,404.81		2.80	$	212,230.08		6.860		82.58		5.663		729
740 - 759		216	$	46,057,662.05		1.99	$	213,229.92		6.813		82.37		5.710		749
760 - 779		145	$	34,829,574.78		1.50	$	240,203.96		6.827		81.83		5.554		768
780 - 799		51	$	11,012,259.59		0.48	$	215,926.66		6.802		82.82		5.748		785
800 - 819		9	$	2,277,090.43		0.10	$	253,010.05		6.160		77.74		5.893		804
Total:		11,785	$	2,318,147,494.08		100.00	$	196,703.22		7.189		81.38		6.001		625

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series termsheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the prospectus and prospectus supplements.

Original Principal Balances of Mortgage Loans

			Aggregate Original		% of Aggregate Principal			AVG CURRENT
Range ($)	Number of Loans		Principal Balance		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0-24,999.01		117	$	2,672,508.00		0.82	%	$	22,812.35		10.465		99.15		0.000		626
25,000.01 - 50,000.00		484	$	18,113,615.30		5.53	%	$	37,317.34		9.982		94.66		0.000		641
50,000.01 - 75,000.00		427	$	26,610,154.00		8.13	%	$	62,204.33		9.317		90.11		0.000		637
75,000.01 - 100,000.00		373	$	32,592,072.00		9.96	%	$	87,184.52		8.774		86.67		0.000		628
100,000.01 - 125,000.00		243	$	27,101,572.00		8.28	%	$	111,274.14		8.042		83.38		0.000		634
125,000.01 - 150,000.00		197	$	27,045,650.00		8.26	%	$	136,907.75		7.466		77.92		0.000		634
150,000.01 - 175,000.00		125	$	20,432,425.00		6.24	%	$	163,031.02		7.146		77.07		0.000		642
175,000.01 - 200,000.00		106	$	19,956,510.00		6.10	%	$	187,792.27		6.996		75.54		0.000		622
200,000.01 - 225,000.00		87	$	18,539,739.00		5.66	%	$	212,504.00		6.798		75.53		0.000		628
225,000.01 - 250,000.00		51	$	12,151,321.00		3.71	%	$	237,642.76		6.826		71.52		0.000		623
250,000.01 - 275,000.00		59	$	15,496,767.00		4.73	%	$	262,038.25		6.726		76.44		0.000		636
275,000.01 - 300,000.00		60	$	17,229,050.00		5.26	%	$	286,434.08		6.701		76.02		0.000		632
300,000.01 - 333,700.00		58	$	18,262,025.00		5.58	%	$	314,223.05		6.496		79.56		0.000		661
333,700.01 - 350,000.00		27	$	9,246,950.00		2.82	%	$	341,649.79		6.667		79.14		0.000		647
350,000.01 - 600,000.00		131	$	56,738,451.00		17.33	%	$	432,130.31		6.633		78.58		0.000		656
600,000.01 -1,000,000.00		9	$	5,975,050.00		1.83	%	$	662,254.11		6.545		78.98		0.000		648
Total:		2,554	$	328,163,859.30		100.24	%	$	128,183.16		7.535		80.85		0.000		639

Principal Balances of Mortgage Loans as of Cutoff Date

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Range ($)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0-24,999.01		117	$	2,669,045.09		0.82	%	$	22,812.35		10.465		99.15		0.000		626
25,000.01 - 50,000.00		486	$	18,161,047.41		5.55	%	$	37,368.41		9.973		94.53		0.000		641
50,000.01 - 75,000.00		428	$	26,686,118.31		8.15	%	$	62,350.74		9.307		89.81		0.000		637
75,000.01 - 100,000.00		370	$	32,295,505.65		9.86	%	$	87,285.15		8.782		86.95		0.000		629
100,000.01 - 125,000.00		245	$	27,289,175.73		8.34	%	$	111,384.39		8.032		83.44		0.000		634
125,000.01 - 150,000.00		197	$	27,020,964.65		8.25	%	$	137,162.26		7.471		77.91		0.000		634
150,000.01 - 175,000.00		125	$	20,428,824.56		6.24	%	$	163,430.60		7.145		77.14		0.000		641
175,000.01 - 200,000.00		104	$	19,556,337.13		5.97	%	$	188,041.70		6.990		75.28		0.000		622
200,000.01 - 225,000.00		87	$	18,487,848.32		5.65	%	$	212,504.00		6.798		75.53		0.000		628
225,000.01 - 250,000.00		51	$	12,119,780.66		3.70	%	$	237,642.76		6.826		71.52		0.000		623
250,000.01 - 275,000.00		60	$	15,735,246.57		4.81	%	$	262,254.11		6.740		76.68		0.000		637
275,000.01 - 300,000.00		59	$	16,911,054.66		5.17	%	$	286,628.05		6.688		75.80		0.000		632
300,000.01 - 333,700.00		59	$	18,558,461.58		5.67	%	$	314,550.20		6.500		79.41		0.000		659
333,700.01 - 350,000.00		27	$	9,240,251.94		2.82	%	$	342,231.55		6.641		79.45		0.000		648
350,000.01 - 600,000.00		130	$	56,259,838.48		17.18	%	$	432,767.99		6.637		78.57		0.000		656
600,000.01 -1,000,000.00		9	$	5,960,287.02		1.82	%	$	662,254.11		6.545		78.98		0.000		648
Total:		2,554	$	327,379,787.76		100.00	%	$	128,183.16		7.535		80.85		0.000		639

Current Mortgage Rates of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Mortgage Rates (%)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
5.000 - 5.499		3	$	638,317.78		0.19	$	212,772.59		5.441		54.93		0.000		748
5.500 - 5.999		130	$	32,867,693.00		10.04	$	252,828.41		5.939		71.32		0.000		679
6.000 - 6.499		239	$	58,716,588.24		17.94	$	245,676.10		6.287		73.66		0.000		647
6.500 - 6.999		397	$	83,026,942.72		25.36	$	209,135.88		6.781		76.26		0.000		636
7.000 - 7.499		166	$	26,557,584.81		8.11	$	159,985.45		7.244		80.44		0.000		629
7.500 - 7.999		261	$	36,183,881.05		11.05	$	138,635.56		7.775		82.16		0.000		624
8.000 - 8.499		127	$	12,355,874.56		3.77	$	97,290.35		8.259		84.63		0.000		611
8.500 - 8.999		211	$	18,003,551.29		5.50	$	85,324.89		8.789		86.63		0.000		616
9.000 - 9.499		134	$	10,059,440.66		3.07	$	75,070.45		9.255		90.64		0.000		619
9.500 - 9.999		356	$	20,949,293.70		6.40	$	58,846.33		9.835		97.26		0.000		659
10.000 - 10.499		116	$	7,194,912.77		2.20	$	62,025.11		10.230		97.20		0.000		642
10.500 - 10.999		250	$	13,312,386.10		4.07	$	53,249.54		10.796		99.31		0.000		634
11.000 - 11.499		123	$	5,670,784.86		1.73	$	46,103.94		11.255		99.50		0.000		622
11.500 - 11.999		38	$	1,744,109.49		0.53	$	45,897.62		11.748		98.56		0.000		627
12.000 - 12.499		3	$	98,426.73		0.03	$	32,808.91		12.072		100.00		0.000		636
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535		80.85		0.000		639

Original Term to Maturity of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Original Term (mos)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0 - 180		983	$	57,711,781.82		17.63	$	58,709.85		9.734		94.89		0.000		653
181 - 240		129	$	9,631,746.57		2.94	$	74,664.70		8.702		87.78		0.000		638
241 - 360		1,442	$	260,036,259.37		79.43	$	180,330.28		7.003		77.47		0.000		636
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535		80.85		0.000		639

Stated Remaining Term to Maturity of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Remaining Term (mos)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
61 - 120		5	$	420,605.33		0.13	$	84,121.07		6.934		65.97		0.000		604
121 - 180		978	$	57,291,176.49		17.50	$	58,579.94		9.755		95.10		0.000		654
181 - 240		129	$	9,631,746.57		2.94	$	74,664.70		8.702		87.78		0.000		638
241 - 300		3	$	337,760.96		0.10	$	112,586.99		6.723		71.25		0.000		627
301 - 360		1,439	$	259,698,498.41		79.33	$	180,471.51		7.004		77.48		0.000		636
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535		80.85		0.000		639

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Mortgage Insurance	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
No		2,025	$	236,763,126.00		72.32	%	$	116,920.06		7.641		77.81		0.000		638
Yes		529	$	90,616,661.76		27.68	%	$	171,298.04		7.256		88.78		0.000		641
Total:		2,554	$	327,379,787.76		100.00	%	$	128,183.16		7.535		80.85		0.000		639

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Lien	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
1		1,580	$	273,782,455.08		83.63	%	$	173,280.03		7.020		77.14		0.000		635
2		974	$	53,597,332.68		16.37	%	$	55,028.06		10.165		99.76		0.000		660
Total:		2,554	$	327,379,787.76		100.00	%	$	128,183.16		7.535		80.85		0.000		639

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Seasoning(mos)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
1		36	$	3,414,885.24		1.04	%	$	94,857.92		7.530		73.28		0.000		631
2		969	$	89,114,768.66		27.22	%	$	91,965.71		8.291		84.77		0.000		640
3		916	$	123,134,304.32		37.61	%	$	134,426.10		7.513		79.22		0.000		643
4		324	$	49,691,589.56		15.18	%	$	153,369.10		7.281		81.71		0.000		639
5		285	$	56,727,481.55		17.33	%	$	199,043.79		6.680		77.35		0.000		632
6		19	$	4,010,387.88		1.22	%	$	211,073.05		6.933		87.21		0.000		616
7		4	$	1,075,848.41		0.33	%	$	268,962.10		6.564		85.80		0.000		632
8		1	$	210,522.14		0.06	%	$	210,522.14		6.790		80.00		0.000		596
Total:		2,554	$	327,379,787.76		100.00		$	128,183.16		7.535		80.85		0.000		639

Combined Loan-to-Value Ratios of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Combined LTVs	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0.00 - 25.00		13	$	1,049,109.32		0.32	$	80,700.72		6.751		20.21		0.000		646
25.01 - 30.00		9	$	1,354,461.28		0.41	$	150,495.70		6.861		27.49		0.000		595
30.01 - 35.00		10	$	1,113,139.14		0.34	$	111,313.91		6.948		32.44		0.000		610
35.01 - 40.00		17	$	2,010,474.49		0.61	$	118,263.21		6.768		37.60		0.000		605
40.01 - 45.00		21	$	2,786,696.06		0.85	$	132,699.81		6.411		43.20		0.000		653
45.01 - 50.00		33	$	5,251,658.46		1.60	$	159,141.17		6.648		48.35		0.000		622
50.01 - 55.00		46	$	7,748,062.38		2.37	$	168,436.14		6.579		52.66		0.000		615
55.01 - 60.00		57	$	11,941,501.32		3.65	$	209,500.02		6.642		57.33		0.000		611
60.01 - 65.00		88	$	17,743,206.42		5.42	$	201,627.35		6.712		62.94		0.000		619
65.01 - 70.00		124	$	21,751,844.04		6.64	$	175,418.10		6.733		68.51		0.000		629
70.01 - 75.00		124	$	23,086,087.14		7.05	$	186,178.12		6.867		73.84		0.000		626
75.01 - 80.00		401	$	70,466,740.56		21.52	$	175,727.53		6.972		79.51		0.000		641
80.01 - 85.00		235	$	42,709,763.55		13.05	$	181,743.67		7.061		84.40		0.000		638
85.01 - 90.00		256	$	42,177,352.92		12.88	$	164,755.28		7.418		89.57		0.000		640
90.01 - 95.00		105	$	14,887,870.15		4.55	$	141,789.24		7.725		94.46		0.000		658
95.01 - 100.00		1,015	$	61,301,820.53		18.72	$	60,395.88		9.806		99.95		0.000		658
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535		80.85		0.000		639

Owner Occupancy of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Owner Occupancy	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		��	WA COMBLTV		Margin		WA FICO
Owner Occupied		2,381	$	304,496,512.42		93.01	$	127,885.98		7.523			80.99		0.000		637
Investment		169	$	21,219,638.80		6.48	$	125,559.99		7.661			78.00		0.000		663
Second Home		4	$	1,663,636.54		0.51	$	415,909.14		8.102			90.65		0.000		692
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535			80.85		0.000		639

Property Type of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Property Types	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Single Family		1,936	$	237,051,522.49		72.41	$	122,443.97		7.560		80.87		0.000		634
Duplex		148	$	29,669,833.01		9.06	$	200,471.84		7.143		78.23		0.000		656
PUD		235	$	28,523,927.00		8.71	$	121,378.41		7.753		82.91		0.000		643
3-4 Unit		59	$	15,112,785.45		4.62	$	256,148.91		7.065		76.95		0.000		669
Condo		152	$	13,569,994.36		4.15	$	89,276.28		8.042		85.08		0.000		649
Townhouse		24	$	3,451,725.45		1.05	$	143,821.89		7.424		85.13		0.000		627
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535		80.85		0.000		639

Loan Purpose of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Loan Purpose	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Cashout Refinance		1,271	$	213,277,568.80		65.15	$	167,802.97		7.058		76.40		0.000		629
Purchase		1,148	$	91,007,936.00		27.80	$	79,275.21		8.802		91.83		0.000		664
Rate/Term Refinance		135	$	23,094,282.96		7.05	$	171,068.76		6.943		78.58		0.000		631
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535		80.85		0.000		639

Document Type of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Document Type	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Full		1,632	$	202,574,044.54		61.88	$	124,126.25		7.410		81.08		0.000		627
Stated		851	$	114,068,786.15		34.84	$	134,040.88		7.778		80.71		0.000		661
12 mo. Bank Statements		44	$	5,844,999.01		1.79	$	132,840.89		7.737		84.85		0.000		648
Limited		21	$	4,255,270.07		1.30	$	202,631.91		6.670		70.58		0.000		624
Alt.		3	$	255,608.28		0.08	$	85,202.76		8.306		85.10		0.000		619
24 mo. Bank Statements		2	$	229,470.13		0.07	$	114,735.07		7.453		56.05		0.000		594
6 mo. Bank Statements		1	$	151,609.58		0.05	$	151,609.58		5.750		29.00		0.000		652
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535		80.85		0.000		639

Product Type of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Product Type	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Fixed 30 yr		1,351	$	234,268,001.00		71.56	$	173,403.41		7.071		77.50		0.000		632
Balloon 30/15		854	$	47,597,644.46		14.54	$	55,734.95		10.142		99.79		0.000		661
Fixed 30 yr - 60 month IO		88	$	25,430,497.41		7.77	$	288,982.93		6.389		77.33		0.000		676
Fixed 15 yr		123	$	9,633,532.03		2.94	$	78,321.40		7.858		72.49		0.000		616
Fixed 20 yr		129	$	9,631,746.57		2.94	$	74,664.70		8.702		87.78		0.000		638
Fixed 10 yr		5	$	420,605.33		0.13	$	84,121.07		6.934		65.97		0.000		604
Fixed 25 yr		3	$	337,760.96		0.10	$	112,586.99		6.723		71.25		0.000		627
Fixed 15 yr - 60 month IO		1	$	60,000.00		0.02	$	60,000.00		7.440		9.23		0.000		713
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535		80.85		0.000		639

** For ARM loans please break out 2/28, 3/27, 5/25 by percentage
** For IO loans please include length of ammortization term and fixed rate term ( 2yr, 3yr, 5yr, 10yr)

Geographical Distribution of Mortgages Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
State	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Other		1,687	$	174,999,031.49		53.45	$	103,733.87		7.793		83.07		0.000		630
California		695	$	110,354,670.89		33.71	$	158,783.70		7.362		79.26		0.000		652
New York		147	$	37,092,156.37		11.33	$	252,327.59		6.872		75.10		0.000		643
Massuchusetts		25	$	4,933,929.01		1.51	$	197,357.16		7.228		80.66		0.000		649
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535		80.85		0.000		639

Prepay Penalty for Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Prepay Penalty	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Has Prepay Penalty		1,927	$	268,866,951.77		82.13	$	139,526.18		7.382		79.99		0.000		640
None		627	$	58,512,835.99		17.87	$	93,321.91		8.237		84.79		0.000		633
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535		80.85		0.000		639

Prepay Term for Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Prepay Term	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
6		4	$	369,681.20		0.11	$	92,420.30		7.699		84.69		0.000		607
12		165	$	37,960,964.59		11.60	$	230,066.45		7.059		75.74		0.000		645
18		1	$	191,463.64		0.06	$	191,463.64		6.375		73.85		0.000		671
24		690	$	50,531,002.17		15.43	$	73,233.34		9.178		92.67		0.000		652
36		813	$	145,575,819.33		44.47	$	179,060.05		6.824		76.76		0.000		639
48		1	$	104,786.77		0.03	$	104,786.77		7.990		79.55		0.000		509
60		253	$	34,133,234.07		10.43	$	134,913.97		7.460		79.70		0.000		627
No Prepay Penalty		627	$	58,512,835.99		17.87	$	93,321.91		8.237		84.79		0.000		633
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535		80.85		0.000		639

Fico Scores of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Fico Scores	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
500 - 519		55	$	5,609,380.70		1.71	$	101,988.74		8.328		68.25		0.000		509
520 - 539		80	$	10,380,079.93		3.17	$	129,751.00		7.841		69.05		0.000		530
540 - 559		97	$	12,942,743.31		3.95	$	133,430.34		7.805		73.52		0.000		550
560 - 579		141	$	19,118,944.46		5.84	$	135,595.35		7.558		74.19		0.000		569
580 - 599		282	$	32,554,673.20		9.94	$	115,442.10		7.676		77.81		0.000		590
600 - 619		353	$	46,191,222.11		14.11	$	130,853.32		7.526		81.70		0.000		610
620 - 639		355	$	43,330,953.41		13.24	$	122,059.02		7.529		81.60		0.000		629
640 - 659		367	$	46,163,698.79		14.10	$	125,786.65		7.608		83.56		0.000		649
660 - 679		272	$	30,795,840.88		9.41	$	113,220.00		7.766		85.90		0.000		669
680 - 699		204	$	27,872,339.99		8.51	$	136,629.12		7.382		83.32		0.000		689
700 - 719		133	$	22,487,443.87		6.87	$	169,078.53		7.115		83.43		0.000		709
720 - 739		86	$	10,483,805.57		3.20	$	121,904.72		7.414		82.76		0.000		729
740 - 759		60	$	8,304,837.07		2.54	$	138,413.95		7.137		84.11		0.000		749
760 - 779		46	$	7,652,599.72		2.34	$	166,360.86		6.980		80.05		0.000		769
780 - 799		18	$	2,329,213.15		0.71	$	129,400.73		6.844		81.85		0.000		786
800 - 819		5	$	1,162,011.60		0.35	$	232,402.32		5.929		72.19		0.000		805
Total:		2,554	$	327,379,787.76		100.00	$	128,183.16		7.535		80.85		0.000		639

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series termsheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the prospectus and prospectus supplements.

Original Principal Balances of Mortgage Loans

			Aggregate Original		% of Aggregate Principal			AVG CURRENT
Range ($)	Number of Loans		Principal Balance		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0-24,999.01		—		—		—			—		—		—		—		—
25,000.01 - 50,000.00		264	$	11,150,483.00		0.56	%	$	42,165.01		8.511		79.10		6.163		595
50,000.01 - 75,000.00		644	$	40,510,301.35		2.03	%	$	62,790.61		8.310		82.69		6.265		601
75,000.01 - 100,000.00		759	$	67,167,968.00		3.37	%	$	88,327.82		7.807		81.38		6.180		601
100,000.01 - 125,000.00		879	$	99,071,361.80		4.98	%	$	112,415.76		7.591		82.10		6.042		608
125,000.01 - 150,000.00		990	$	136,254,810.00		6.84	%	$	137,374.30		7.418		81.27		6.030		610
150,000.01 - 175,000.00		776	$	125,620,110.65		6.31	%	$	161,575.44		7.316		81.34		5.978		614
175,000.01 - 200,000.00		771	$	145,200,852.20		7.29	%	$	187,986.13		7.239		80.65		5.956		616
200,000.01 - 225,000.00		563	$	120,018,670.70		6.03	%	$	212,814.90		7.141		81.39		5.995		620
225,000.01 - 250,000.00		543	$	129,403,985.80		6.50	%	$	237,871.27		7.090		80.86		5.942		622
250,000.01 - 275,000.00		496	$	130,074,525.50		6.53	%	$	261,770.79		6.994		81.01		5.981		623
275,000.01 - 300,000.00		489	$	140,732,704.60		7.07	%	$	287,294.68		6.971		81.07		5.980		631
300,000.01 - 333,700.00		466	$	147,617,765.75		7.42	%	$	316,304.82		6.997		82.06		5.973		630
333,700.01 - 350,000.00		185	$	63,412,492.00		3.19	%	$	342,174.42		6.949		80.77		5.935		625
350,000.01 - 600,000.00		1,311	$	571,615,875.40		28.71	%	$	435,390.19		6.888		82.13		5.999		635
600,000.01 - 1,000,000.00		95	$	66,320,044.00		3.33	%	$	697,086.03		6.888		79.33		5.990		621
Total:		9,231	$	1,994,171,950.75		100.17	%	$	215,661.11		7.132		81.47		6.001		623

Principal Balances of Mortgage Loans as of Cutoff Date

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Range ($)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0-24,999.01		—		—		—		—		—		—		—		—
25,000.01 - 50,000.00		266	$	11,231,104.99		0.56	$	42,222.20		8.511		79.21		6.157		596
50,000.01 - 75,000.00		645	$	40,536,830.98		2.04	$	62,847.80		8.306		82.50		6.265		601
75,000.01 - 100,000.00		761	$	67,290,743.39		3.38	$	88,424.10		7.801		81.49		6.180		601
100,000.01 - 125,000.00		881	$	99,237,738.07		4.98	$	112,642.15		7.588		81.99		6.042		608
125,000.01 - 150,000.00		987	$	135,726,583.00		6.82	$	137,514.27		7.420		81.37		6.028		610
150,000.01 - 175,000.00		780	$	126,180,057.03		6.34	$	161,769.30		7.309		81.34		5.976		614
175,000.01 - 200,000.00		768	$	144,537,911.25		7.26	$	188,200.41		7.244		80.59		5.962		616
200,000.01 - 225,000.00		569	$	121,288,622.33		6.09	$	213,161.02		7.149		81.45		5.997		619
225,000.01 - 250,000.00		539	$	128,440,288.33		6.45	$	238,293.67		7.070		80.77		5.938		623
250,000.01 - 275,000.00		497	$	130,282,319.00		6.54	$	262,137.46		7.001		81.08		5.988		623
275,000.01 - 300,000.00		483	$	138,895,122.50		6.98	$	287,567.54		6.972		81.13		5.975		631
300,000.01 - 333,700.00		468	$	148,130,875.79		7.44	$	316,518.97		6.994		81.98		5.970		629
333,700.01 - 350,000.00		181	$	61,969,804.12		3.11	$	342,374.61		6.959		80.81		5.941		626
350,000.01 - 600,000.00		1,311	$	570,796,532.89		28.67	$	435,390.19		6.888		82.13		5.999		635
600,000.01 - 1,000,000.00		95	$	66,223,172.65		3.33	$	697,086.03		6.888		79.33		5.990		621
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

Current Mortgage Rates of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Mortgage Rates (%)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
4.500 - 4.999		6	$	1,281,302.84		0.06	$	213,550.47		4.990		73.43		5.867		637
5.000 - 5.499		119	$	33,991,803.31		1.71	$	285,645.41		5.336		76.17		5.952		649
5.500 - 5.999		718	$	200,533,526.67		10.07	$	279,294.61		5.853		77.29		5.862		645
6.000 - 6.499		1,027	$	268,071,168.26		13.47	$	261,023.53		6.297		79.38		5.764		645
6.500 - 6.999		2,218	$	551,001,761.90		27.68	$	248,422.80		6.801		80.87		5.826		634
7.000 - 7.499		1,412	$	304,674,834.84		15.30	$	215,775.38		7.285		82.88		5.935		623
7.500 - 7.999		1,754	$	344,455,058.44		17.30	$	196,382.59		7.769		83.67		6.069		610
8.000 - 8.499		725	$	122,501,848.13		6.15	$	168,968.07		8.272		83.95		6.459		590
8.500 - 8.999		737	$	105,558,238.81		5.30	$	143,226.92		8.776		85.09		6.728		578
9.000 - 9.499		240	$	28,534,450.52		1.43	$	118,893.54		9.271		84.10		6.718		565
9.500 - 9.999		196	$	22,281,686.42		1.12	$	113,682.07		9.747		81.54		7.092		555
10.000 - 10.499		45	$	4,201,703.63		0.21	$	93,371.19		10.237		80.06		6.786		543
10.500 - 10.999		23	$	2,413,003.27		0.12	$	104,913.19		10.698		75.38		7.386		549
11.000 - 11.499		5	$	467,051.75		0.02	$	93,410.35		11.201		71.58		6.880		529
11.500 - 11.999		3	$	579,244.41		0.03	$	193,081.47		11.902		66.81		6.990		540
12.000 - 12.499		1	$	114,285.53		0.01	$	114,285.53		12.090		69.94		6.990		511
12.500 - 12.999		1	$	59,969.12		0.00	$	59,969.12		12.500		45.45		6.990		505
13.500 - 13.999		1	$	46,768.47		0.00	$	46,768.47		13.999		90.00		12.499		535
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

Original Term to Maturity of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Original Term (mos)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0 - 180		—		—		—		—		—		—		—		—
181 - 240		—		—		—		—		—		—		—		—
241 - 360		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

Stated Remaining Term to Maturity of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Remaining Term (mos)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
61 - 120		—		—		—		—		—		—		—		—
121 - 180		—		—		—		—		—		—		—		—
181 - 240		—		—		—		—		—		—		—		—
241 - 300		—		—		—		—		—		—		—		—
301 - 360		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Mortgage Insurance	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
No		6,268	$	1,351,041,039.16		67.87	%	$	215,545.79		7.014		78.05		5.934		627
Yes		2,963	$	639,726,667.16		32.13	%	$	215,905.05		7.381		88.68		6.141		616
Total:		9,231	$	1,990,767,706.32		100.00		$	215,661.11		7.132		81.47		6.001		623

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Lien	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
1		9,231	$	1,990,767,706.32		100.00	%	$	215,661.11		7.132		81.47		6.001		623
2		—		—		—			—		—		—		—		—
Total:		9,231	$	1,990,767,706.32		100.00		$	215,661.11		7.132		81.47		6.001		623

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Seasoning(mos)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
1		114	$	23,523,109.57		1.18	%	$	206,343.07		7.160		79.38		6.026		627
2		3,582	$	715,684,793.07		35.95	%	$	199,800.33		7.158		80.55		5.990		621
3		3,017	$	653,349,229.52		32.82	%	$	216,555.93		7.315		81.23		5.935		632
4		936	$	207,116,485.39		10.40	%	$	221,278.30		7.150		84.20		6.062		626
5		1,148	$	277,599,293.20		13.94	%	$	241,811.23		6.859		81.75		6.098		612
6		304	$	78,054,902.28		3.92	%	$	256,759.55		6.710		84.05		6.055		606
7		96	$	26,725,335.71		1.34	%	$	278,388.91		6.176		81.65		6.182		607
8		30	$	7,893,702.36		0.40	%	$	263,123.41		6.104		81.88		6.135		604
9		3	$	505,182.87		0.03	%	$	168,394.29		5.813		83.37		5.711		647
11		1	$	315,672.35		0.02	%	$	315,672.35		6.800		85.00		6.750		573
Total:		9,231	$	1,990,767,706.32		100.00		$	215,661.11		7.132		81.47		6.001		623

Combined Loan-to-Value Ratios of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Combined LTVs	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0.01 - 25.00		13	$	1,639,286.26		0.08	$	126,098.94		7.745		21.61		5.942		571
25.01 - 30.00		5	$	470,025.63		0.02	$	94,005.13		7.786		27.31		6.673		571
30.01 - 35.00		12	$	1,407,957.66		0.07	$	117,329.81		6.654		32.29		5.838		614
35.01 - 40.00		20	$	2,933,809.72		0.15	$	146,690.49		7.414		38.55		6.112		561
40.01 - 45.00		40	$	7,837,520.48		0.39	$	195,938.01		6.990		43.27		6.247		595
45.01 - 50.00		60	$	11,016,748.21		0.55	$	183,612.47		6.795		48.08		6.165		584
50.01 - 55.00		78	$	15,753,251.42		0.79	$	201,964.76		6.838		52.98		6.167		593
55.01 - 60.00		122	$	25,801,901.57		1.30	$	211,491.00		7.058		58.32		6.107		575
60.01 - 65.00		297	$	63,762,034.68		3.20	$	214,686.99		7.080		63.31		6.173		574
65.01 - 70.00		389	$	83,867,133.39		4.21	$	215,596.74		7.035		68.75		6.126		586
70.01 - 75.00		578	$	130,992,744.17		6.58	$	226,631.05		6.950		74.06		6.122		589
75.01 - 80.00		3,678	$	810,121,664.91		40.69	$	220,261.46		6.861		79.77		5.796		643
80.01 - 85.00		1,184	$	260,820,832.58		13.10	$	220,287.87		7.274		84.42		6.114		600
85.01 - 90.00		1,898	$	394,052,566.86		19.79	$	207,614.63		7.503		89.65		6.178		619
90.01 - 95.00		607	$	140,349,282.02		7.05	$	231,217.93		7.487		94.74		6.010		649
95.01 - 100.00		250	$	39,940,946.76		2.01	$	159,763.79		7.909		99.86		6.462		655
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

Owner Occupancy of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Owner Occupancy	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Owner Occupied		8,298	$	1,829,429,981.24		91.90	$	220,466.38		7.082		81.30		5.986		621
Non-Owner Occupied		886	$	151,095,168.96		7.59	$	170,536.31		7.727		83.49		6.174		650
Second Home		47	$	10,242,556.12		0.51	$	217,926.73		7.254		81.36		6.050		658
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

Property Type of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Property Types	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Single Family		6,638	$	1,365,704,728.69		68.60	$	205,740.39		7.127		81.32		6.023		618
PUD		950	$	230,953,139.38		11.60	$	243,108.57		7.126		81.80		6.078		624
Condo		734	$	149,342,206.61		7.50	$	203,463.50		7.096		82.76		5.879		642
Duplex		542	$	139,748,498.45		7.02	$	257,838.56		7.104		82.02		5.802		639
3-4 Unit		232	$	76,789,134.92		3.86	$	330,987.65		7.321		78.50		5.951		648
Townhouse		127	$	26,727,107.75		1.34	$	210,449.67		7.222		84.71		6.027		625
Manufactured		6	$	1,286,405.00		0.06	$	214,400.83		7.253		71.89		6.303		595
Modular		2	$	216,485.52		0.01	$	108,242.76		7.903		82.27		6.221		613
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

Loan Purpose of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Loan Purpose	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Cashout Refinance		4,651	$	1,085,459,324.54		54.52	$	233,381.92		7.129		80.23		6.095		605
Purchase		4,194	$	823,870,430.18		41.38	$	196,440.26		7.147		83.01		5.878		650
Rate/Term Refinance		386	$	81,437,951.60		4.09	$	210,979.15		7.002		82.22		5.977		603
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

Document Type of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Document Type	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Full		5,221	$	992,380,603.33		49.85	$	190,074.81		7.038		81.34		6.046		604
Stated		3,750	$	929,239,319.53		46.68	$	247,797.15		7.238		81.61		5.947		645
Limited		97	$	27,904,724.14		1.40	$	287,677.57		6.985		80.72		6.193		585
12 mo. Bank Statements		106	$	27,414,351.30		1.38	$	258,625.96		6.967		82.43		5.908		642
Alt.		45	$	10,107,954.31		0.51	$	224,621.21		7.587		78.45		6.196		593
24 mo. Bank Statements		8	$	2,700,345.43		0.14	$	337,543.18		6.682		83.87		5.990		617
6 mo. Bank Statements		4	$	1,020,408.28		0.05	$	255,102.07		7.171		84.75		5.909		678
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

Product Type of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Product Type	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
ARM 2/28		6,587	$	1,268,406,527.51		63.71	$	192,562.10		7.354		81.32		6.064		609
ARM 2/28 - 24 month IO		1,104	$	327,276,272.87		16.44	$	296,445.90		6.653		81.58		6.051		645
ARM 2/28 - 60 month IO		863	$	241,699,780.56		12.14	$	280,069.27		6.676		81.00		5.600		665
ARM 3/27		296	$	52,509,459.57		2.64	$	177,396.82		7.509		84.00		6.144		622
ARM 1/29		135	$	36,477,898.86		1.83	$	270,206.66		6.958		84.38		5.915		613
ARM 3/27 - 36 month IO		77	$	22,565,189.86		1.13	$	293,054.41		6.477		82.88		6.014		646
ARM 5/25		73	$	15,477,140.51		0.78	$	212,015.62		6.946		78.96		6.111		624
ARM 3/27 - 60 month IO		50	$	14,122,220.53		0.71	$	282,444.41		6.416		80.23		5.700		677
6 Month ARM		32	$	9,083,660.97		0.46	$	283,864.41		7.124		86.28		5.940		636
ARM 5/25 - 60 month IO		14	$	3,149,555.08		0.16	$	224,968.22		6.999		81.82		5.600		657
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

** For ARM loans please break out 2/28, 3/27, 5/25 by percentage
** For IO loans please include length of ammortization term and fixed rate term ( 2yr, 3yr, 5yr, 10yr)

Geographical Distribution of Mortgages Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
State	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Other		6,387	$	1,097,987,856.48		55.15	$	171,909.79		7.396		82.77		5.978		618
California		2,417	$	759,284,989.45		38.14	$	314,143.56		6.739		79.56		6.039		629
New York		325	$	104,315,253.21		5.24	$	320,970.01		7.153		81.74		5.939		634
Massachusetts		102	$	29,179,607.18		1.47	$	286,074.58		7.340		81.04		6.075		624
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

Prepay Penalty for Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Prepay Penalty	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Has Prepay Penalty		7,006	$	1,518,531,777.26		76.28	$	216,747.33		7.041		81.01		6.042		623
None		2,225	$	472,235,929.06		23.72	$	212,240.87		7.423		82.92		5.866		624
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

Prepay Term for Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Prepay Term	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
6		66	$	11,329,715.94		0.57	$	171,662.36		7.756		82.80		5.952		638
12		700	$	199,318,139.86		10.01	$	284,740.20		7.046		80.92		5.721		639
18		23	$	4,192,993.62		0.21	$	182,304.07		7.052		80.45		4.647		653
24		5,439	$	1,147,785,225.51		57.66	$	211,028.72		7.039		80.85		6.098		620
30		31	$	5,846,730.08		0.29	$	188,604.20		7.388		78.67		6.152		616
36		616	$	127,573,579.71		6.41	$	207,099.97		6.892		81.70		6.091		626
48		1	$	220,903.24		0.01	$	220,903.24		9.250		75.00		8.250		513
60		130	$	22,264,489.30		1.12	$	171,265.30		7.472		85.95		6.044		615
No Prepay Penalty		2,225	$	472,235,929.06		23.72	$	212,240.87		7.423		82.92		5.866		624
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

Fico Scores of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Fico Scores	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
460 - 479		4	$	813,415.63		0.04	$	203,353.91		9.633		68.02		6.768		477
480 - 499		25	$	3,986,871.10		0.20	$	159,474.84		9.611		64.16		6.513		489
500 - 519		445	$	75,742,248.89		3.80	$	170,207.30		8.104		74.68		6.547		510
520 - 539		599	$	112,586,859.35		5.66	$	187,958.03		7.808		76.21		6.379		530
540 - 559		715	$	129,506,093.39		6.51	$	181,127.40		7.728		79.51		6.262		550
560 - 579		771	$	157,212,423.76		7.90	$	203,907.16		7.393		80.84		6.232		570
580 - 599		1,085	$	208,918,137.42		10.49	$	192,551.28		7.196		80.29		6.075		589
600 - 619		1,225	$	271,019,496.31		13.61	$	221,240.41		6.997		82.00		6.011		609
620 - 639		1,207	$	273,649,286.10		13.75	$	226,718.55		6.957		82.95		5.946		629
640 - 659		920	$	219,379,438.70		11.02	$	238,455.91		6.914		82.94		5.870		649
660 - 679		775	$	180,056,470.03		9.04	$	232,330.93		6.927		83.67		5.851		669
680 - 699		564	$	131,724,269.01		6.62	$	233,553.67		6.844		83.05		5.730		689
700 - 719		384	$	96,986,172.08		4.87	$	252,568.16		6.737		83.36		5.742		709
720 - 739		220	$	54,458,599.24		2.74	$	247,539.09		6.753		82.55		5.663		728
740 - 759		156	$	37,752,824.98		1.90	$	242,005.29		6.742		81.98		5.710		749
760 - 779		99	$	27,176,975.06		1.37	$	274,514.90		6.784		82.33		5.554		768
780 - 799		33	$	8,683,046.44		0.44	$	263,122.62		6.791		83.08		5.748		785
800 - 819		4	$	1,115,078.83		0.06	$	278,769.71		6.400		83.53		5.893		804
Total:		9,231	$	1,990,767,706.32		100.00	$	215,661.11		7.132		81.47		6.001		623

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series termsheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the prospectus and prospectus supplements.

Original Principal Balances of Mortgage Loans

			Aggregate Original		% of Aggregate Principal			AVG CURRENT
Range ($)	Number of Loans		Principal Balance		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0-24,999.01		—		—		—			—		—		—		—		—
25,000.01 - 50,000.00		—		—		—			—		—		—		—		—
50,000.01 - 75,000.00		13	$	852,950.00		0.13	%	$	65,611.54		7.027		69.77		5.780		631
75,000.01 - 100,000.00		33	$	2,973,300.00		0.47	%	$	90,100.00		7.024		76.91		5.858		631
100,000.01 - 125,000.00		87	$	9,958,890.00		1.57	%	$	114,461.04		6.856		78.85		5.634		653
125,000.01 - 150,000.00		157	$	21,710,613.00		3.42	%	$	138,275.21		6.831		80.30		5.719		652
150,000.01 - 175,000.00		150	$	24,335,080.80		3.84	%	$	162,230.14		6.801		79.96		5.686		655
175,000.01 - 200,000.00		182	$	34,518,659.20		5.44	%	$	189,658.58		6.661		79.51		5.780		654
200,000.01 - 225,000.00		173	$	36,817,573.00		5.80	%	$	212,815.49		6.722		81.13		5.789		655
225,000.01 - 250,000.00		155	$	37,077,103.40		5.85	%	$	239,184.89		6.708		79.99		5.825		652
250,000.01 - 275,000.00		162	$	42,550,144.50		6.71	%	$	262,643.90		6.656		81.09		5.910		652
275,000.01 - 300,000.00		185	$	53,341,744.60		8.41	%	$	288,305.88		6.637		80.27		5.876		647
300,000.01 - 333,700.00		201	$	63,595,302.00		10.03	%	$	316,369.87		6.660		82.18		5.924		654
333,700.01 - 350,000.00		66	$	22,604,951.00		3.56	%	$	342,485.36		6.477		80.44		5.818		659
350,000.01 - 600,000.00		604	$	263,620,317.80		41.56	%	$	436,448.81		6.574		82.10		5.903		657
600,000.01 -1,000,000.00		29	$	20,372,574.00		3.21	%	$	702,498.91		6.751		79.92		5.815		652
Total:		2,197	$	634,329,203.30		100.00	%	$	288,713.48		6.641		81.20		5.860		655

Principal Balances of Mortgage Loans as of Cutoff Date

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Range ($)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0-24,999.01		—		—		—		—		—		—		—		—
25,000.01 - 50,000.00		—		—		—		—		—		—		—		—
50,000.01 - 75,000.00		13	$	852,950.00		0.13	$	65,611.54		7.027		69.77		5.780		631
75,000.01 - 100,000.00		33	$	2,973,299.98		0.47	$	90,100.00		7.024		76.91		5.858		631
100,000.01 - 125,000.00		87	$	9,958,110.47		1.57	$	114,461.04		6.856		78.85		5.634		653
125,000.01 - 150,000.00		157	$	21,709,208.69		3.42	$	138,275.21		6.831		80.30		5.719		652
150,000.01 - 175,000.00		150	$	24,334,521.72		3.84	$	162,230.14		6.801		79.96		5.686		655
175,000.01 - 200,000.00		182	$	34,517,861.84		5.44	$	189,658.58		6.661		79.51		5.780		654
200,000.01 - 225,000.00		173	$	36,817,080.33		5.80	$	212,815.49		6.722		81.13		5.789		655
225,000.01 - 250,000.00		155	$	37,073,657.62		5.84	$	239,184.89		6.708		79.99		5.825		652
250,000.01 - 275,000.00		162	$	42,548,311.62		6.71	$	262,643.90		6.656		81.09		5.910		652
275,000.01 - 300,000.00		185	$	53,336,588.57		8.41	$	288,305.88		6.637		80.27		5.876		647
300,000.01 - 333,700.00		201	$	63,590,344.82		10.03	$	316,369.87		6.660		82.18		5.924		654
333,700.01 - 350,000.00		66	$	22,604,033.75		3.56	$	342,485.36		6.477		80.44		5.818		659
350,000.01 - 600,000.00		604	$	263,615,078.52		41.56	$	436,448.81		6.574		82.10		5.903		657
600,000.01 -1,000,000.00		29	$	20,372,468.38		3.21	$	702,498.91		6.751		79.92		5.815		652
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

Current Mortgage Rates of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Mortgage Rates (%)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
4.500 - 4.999		1	$	105,000.00		0.02	$	105,000.00		4.990		35.00		5.990		803
5.000 - 5.499		45	$	14,349,504.83		2.26	$	318,877.89		5.353		76.09		5.838		674
5.500 - 5.999		366	$	115,620,421.85		18.23	$	315,902.79		5.865		77.91		5.828		665
6.000 - 6.499		486	$	145,292,921.03		22.91	$	298,956.63		6.287		79.99		5.759		662
6.500 - 6.999		758	$	214,230,051.56		33.77	$	282,625.40		6.770		81.80		5.835		652
7.000 - 7.499		305	$	78,932,493.21		12.44	$	258,795.06		7.274		84.15		5.978		643
7.500 - 7.999		185	$	49,662,158.93		7.83	$	268,444.10		7.718		85.20		5.995		639
8.000 - 8.499		32	$	10,431,865.60		1.64	$	325,995.80		8.218		83.55		6.303		625
8.500 - 8.999		18	$	5,250,299.30		0.83	$	291,683.29		8.692		90.70		6.052		636
10.500 - 10.999		1	$	428,800.00		0.07	$	428,800.00		10.599		80.00		9.099		678
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

Original Term to Maturity of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Original Term (mos)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0 - 180		1	$	60,000.00		0.01	$	60,000.00		7.440		9.23		0.000		713
181 - 240		—		—		—		—		—		—		—		—
241 - 360		2,196	$	634,243,516.31		99.99	$	288,817.63		6.641		81.21		5.860		655
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

Stated Remaining Term to Maturity of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Remaining Term (mos)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
61 - 120		—		—		—		—		—		—		—		—
121 - 180		1	$	60,000.00		0.01	$	60,000.00		7.440		9.23		0.000		713
181 - 240		—		—		—		—		—		—		—		—
241 - 300		—		—		—		—		—		—		—		—
301 - 360		2,196	$	634,243,516.31		99.99	$	288,817.63		6.641		81.21		5.860		655
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Mortgage Insurance	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
No		1,629	$	459,609,656.18		72.46	%	$	282,142.21		6.565		78.56		5.796		660
Yes		568	$	174,693,860.13		27.54	%	$	307,559.61		6.841		88.15		6.032		640
Total:		2,197	$	634,303,516.31		100.00		$	288,713.48		6.641		81.20		5.860		655

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Lien	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
1		2,197	$	634,303,516.31		100	%	$	288,713.48		6.641		81.20		5.860		655
2		—		—		—			—		—		—		—		—
Total:		2,197	$	634,303,516.31		100.00		$	288,713.48		6.641		81.20		5.860		655

			Aggregate Principal		% of Aggregate Principal			AVG CURRENT
Seasoning(mos)	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date			BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
1		19	$	5,183,800.00		0.82	%	$	272,831.58		6.678		83.48		6.027		666
2		765	$	218,446,423.00		34.44	%	$	285,550.88		6.670		80.78		5.914		658
3		737	$	205,992,698.18		32.48	%	$	279,501.63		6.752		80.37		5.647		665
4		240	$	73,609,216.93		11.60	%	$	306,705.07		6.683		83.10		5.947		649
5		294	$	87,429,267.74		13.78	%	$	297,378.46		6.408		81.64		6.048		640
6		90	$	28,140,019.32		4.44	%	$	312,666.88		6.489		83.58		6.033		624
7		42	$	12,678,160.82		2.00	%	$	301,860.97		6.143		81.82		6.085		624
8		10	$	2,823,930.32		0.45	%	$	282,393.03		6.150		80.84		5.992		619
Total:		2,197	$	634,303,516.31		100.00		$	288,713.48		6.641		81.20		5.860		655

Combined Loan-to-Value Ratios of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Combined LTVs	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
0.00 - 25.00		2	$	162,600.00		0.03	$	81,300.00		6.525		14.76		0.000		666
30.01 - 35.00		6	$	751,500.00		0.12	$	125,250.00		6.286		32.48		5.992		672
35.01 - 40.00		2	$	255,500.00		0.04	$	127,750.00		6.644		39.92		6.221		641
40.01 - 45.00		10	$	1,654,574.98		0.26	$	165,457.50		5.996		43.20		6.369		637
45.01 - 50.00		11	$	2,848,999.75		0.45	$	258,999.98		6.142		47.75		6.004		623
50.01 - 55.00		17	$	4,878,248.00		0.77	$	286,955.76		6.727		53.12		6.325		629
55.01 - 60.00		15	$	4,310,524.00		0.68	$	287,368.27		6.408		58.31		6.109		636
60.01 - 65.00		48	$	16,301,098.48		2.57	$	339,606.22		6.304		63.01		6.003		638
65.01 - 70.00		64	$	18,510,399.24		2.92	$	289,224.99		6.377		68.77		6.018		643
70.01 - 75.00		108	$	31,670,532.79		4.99	$	293,245.67		6.465		73.98		5.973		632
75.01 - 80.00		1,222	$	333,853,762.94		52.63	$	273,202.75		6.524		79.86		5.708		666
80.01 - 85.00		230	$	73,753,997.12		11.63	$	320,669.55		6.638		84.14		6.020		635
85.01 - 90.00		317	$	102,198,077.99		16.11	$	322,391.41		6.943		89.49		6.053		641
90.01 - 95.00		133	$	41,296,481.46		6.51	$	310,499.86		7.277		94.67		6.030		664
95.01 - 100.00		12	$	1,857,219.56		0.29	$	154,768.30		7.630		99.92		6.066		640
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

Owner Occupancy of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Owner Occupancy	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Owner Occupied		2,169	$	627,261,426.02		98.89	$	289,193.83		6.631		81.17		5.859		654
Non-Owner Occupied		19	$	5,162,148.29		0.81	$	271,692.02		7.703		82.82		6.056		661
Second Home		9	$	1,879,942.00		0.30	$	208,882.44		7.030		85.26		5.737		680
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

Property Type of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Property Types	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Single Family		1,533	$	442,270,311.93		69.73	$	288,499.88		6.622		81.27		5.870		651
PUD		284	$	84,643,936.04		13.34	$	298,042.03		6.649		80.80		5.849		657
Condo		231	$	61,505,227.96		9.70	$	266,256.40		6.694		81.70		5.777		665
Duplex		85	$	27,001,983.92		4.26	$	317,670.40		6.649		80.48		5.831		671
Townhouse		45	$	10,562,282.19		1.67	$	234,717.38		6.902		83.78		6.098		649
3-4 Unit		19	$	8,319,774.27		1.31	$	437,882.86		6.852		76.68		5.848		671
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

Loan Purpose of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Loan Purpose	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Cashout Refinance		1,091	$	329,716,661.78		51.98	$	302,215.09		6.645		81.27		5.984		642
Purchase		1,022	$	281,449,193.32		44.37	$	275,390.60		6.645		81.18		5.714		671
Rate/Term Refinance		84	$	23,137,661.21		3.65	$	275,448.35		6.554		80.36		5.965		636
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

Document Type of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Document Type	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Full		1,177	$	324,397,636.66		51.14	$	275,613.96		6.460		80.92		5.861		640
Stated		954	$	288,391,975.19		45.47	$	302,297.67		6.850		81.58		5.863		672
12 mo. Bank Statements		41	$	12,917,272.48		2.04	$	315,055.43		6.501		80.10		5.667		671
Limited		18	$	6,041,631.98		0.95	$	335,646.22		6.626		81.69		6.055		615
24 mo. Bank Statements		5	$	1,835,000.00		0.29	$	367,000.00		6.640		82.19		5.990		620
Alt.		1	$	500,000.00		0.08	$	500,000.00		7.475		58.82		5.750		588
6 mo. Bank Statements		1	$	220,000.00		0.03	$	220,000.00		7.490		80.00		5.990		737
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

Product Type of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Product Type	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
ARM 2/28 - 24 month IO		1,104	$	327,276,272.87		51.60	$	296,445.90		6.653		81.58		6.051		645
ARM 2/28 - 60 month IO		863	$	241,699,780.56		38.10	$	280,069.27		6.676		81.00		5.600		665
Fixed 30 yr - 60 month IO		88	$	25,430,497.41		4.01	$	288,982.93		6.389		77.33		0.000		676
ARM 3/27 - 36 month IO		77	$	22,565,189.86		3.56	$	293,054.41		6.477		82.88		6.014		646
ARM 3/27 - 60 month IO		50	$	14,122,220.53		2.23	$	282,444.41		6.416		80.23		5.700		677
ARM 5/25 - 60 month IO		14	$	3,149,555.08		0.50	$	224,968.22		6.999		81.82		5.600		657
Fixed 15 yr - 60 month IO		1	$	60,000.00		0.01	$	60,000.00		7.440		9.23		0.000		713
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

** For ARM loans please break out 2/28, 3/27, 5/25 by percentage
** For IO loans please include length of ammortization term and fixed rate term ( 2yr, 3yr, 5yr, 10yr)

Geographical Distribution of Mortgages Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
State	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
California		1,244	$	414,440,491.00		65.34	$	333,151.52		6.539		80.73		5.910		656
Other		899	$	201,830,815.17		31.82	$	224,505.91		6.841		82.13		5.768		652
New York		41	$	14,347,226.14		2.26	$	349,932.34		6.763		81.01		5.736		663
Massachusetts		13	$	3,684,984.00		0.58	$	283,460.31		6.758		83.16		5.773		653
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

Prepay Penalty for Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Prepay Penalty	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
Has Prepay Penalty		1,876	$	547,530,323.83		86.32	$	291,860.51		6.588		81.02		5.875		654
None		321	$	86,773,192.48		13.68	$	270,321.47		6.975		82.31		5.767		655
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

Prepay Term for Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Prepay Term	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
6		14	$	2,848,486.08		0.45	$	203,463.29		6.993		81.16		5.507		677
12		186	$	61,529,497.80		9.70	$	330,803.75		6.813		81.40		5.789		660
18		4	$	836,320.00		0.13	$	209,080.00		6.233		77.44		4.609		730
24		1,422	$	411,821,634.35		64.93	$	289,607.34		6.584		81.10		5.907		652
30		4	$	901,636.71		0.14	$	225,409.18		6.696		80.00		5.567		726
36		211	$	61,450,595.98		9.69	$	291,235.05		6.358		80.12		5.827		659
60		35	$	8,142,152.91		1.28	$	232,632.94		6.717		81.54		5.254		660
No Prepay Penalty		321	$	86,773,192.48		13.68	$	270,321.47		6.975		82.31		5.767		655
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

Fico Scores of Mortgage Loans

			Aggregate Principal		% of Aggregate Principal		AVG CURRENT
Fico Scores	Number of Loans		Balance as of Cut-off Date		Balance as of Cut-off Date		BALANCE		WA GROSS CPN		WA COMBLTV		Margin		WA FICO
540 - 559		2	$	786,249.99		0.12	$	393,125.00		7.055		80.76		5.990		555
560 - 579		51	$	15,541,364.20		2.45	$	304,732.63		6.892		74.99		6.232		573
580 - 599		182	$	50,502,843.20		7.96	$	277,488.15		6.877		79.92		5.998		589
600 - 619		345	$	97,361,566.29		15.35	$	282,207.44		6.720		80.82		6.024		610
620 - 639		396	$	112,674,562.07		17.76	$	284,531.72		6.727		82.10		5.945		629
640 - 659		347	$	99,553,855.01		15.69	$	286,898.72		6.647		81.58		5.842		649
660 - 679		252	$	72,041,549.16		11.36	$	285,879.16		6.620		82.41		5.860		669
680 - 699		213	$	61,742,583.34		9.73	$	289,871.28		6.534		81.48		5.697		688
700 - 719		185	$	57,227,139.61		9.02	$	309,335.89		6.456		81.59		5.717		709
720 - 739		97	$	28,812,913.63		4.54	$	297,040.35		6.440		80.60		5.583		729
740 - 759		69	$	20,013,536.26		3.16	$	290,051.25		6.366		79.86		5.619		749
760 - 779		44	$	14,552,498.22		2.29	$	330,738.60		6.419		79.89		5.433		769
780 - 799		12	$	3,067,855.33		0.48	$	255,654.61		6.482		81.10		5.527		785
800 - 819		2	$	425,000.00		0.07	$	212,500.00		6.052		68.88		5.546		801
Total:		2,197	$	634,303,516.31		100.00	$	288,713.48		6.641		81.20		5.860		655

This Series Term Sheet, including the computational materials herein, was prepared solely by FBR, is intended for use by the addressee only, and may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating such information. This information is furnished to you solely by FBR and not by the Depositor, the Issuer of the securities or any of their affiliates. FBR is acting as underwriter and not acting as agent for the Depositor, the Issuer or their affiliates in connection with the proposed transaction. This material is provided for information purposes only, and does not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. It does not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All information contained herein is preliminary and it is anticipated that such information will change. The information contained herein supersedes information contained in any prior series termsheet for this transaction. In addition, the information contained herein will be superseded by information contained in the prospectus and prospectus supplement for this transaction and in any other material subsequently filed with the Securities and Exchange Commission. An offering may be made only through the delivery of the prospectus and prospectus supplement. Any investment decision with respect to the referenced securities should be made by you solely upon all of the information contained in the prospectus and prospectus supplements.