FBR Securitization 8-K Other Events

Exhibit 99.5

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 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 performances. 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.

PLEASE DO NOT ALTER THIS PAGE. IT IS CUT DIRECTLY INTO A MODEL.

LTV :	Fixed $		2/28 $		3/27 $		5/25 $		Other
Below 70		72,750,153		198,797,501		6,700,976		3,596,304		5,394,888
70.01 to 75		23,086,087		123,626,090		3,764,531		2,615,654		986,469
75.01 to 80		70,466,741		762,482,740		33,022,155		6,163,930		8,452,839
80.01 to 85		42,709,764		234,662,426		18,009,745		1,087,232		7,061,429
85.01 to 90		42,177,353		359,904,000		17,917,246		3,040,716		13,190,605
90.01 to 95		14,887,870		123,667,518		5,189,549		1,016,886		10,475,329
95.01 to 100		61,301,821		34,242,306		4,592,667		1,105,973		0
100.01 plus		0		0		0		0		0

FICO	Fixed $		2/28 $		3/27 $		5/25 $		Other
below 549		21,344,163		242,571,967		6,690,649		970,145		2,265,617
550 to 574		21,726,118		163,095,591		6,485,963		996,466		7,696,770
575 to 599		37,535,541		239,281,143		8,963,999		2,172,905		7,574,835
600 to 624		60,075,409		317,355,083		16,388,394		4,465,475		10,762,338
625 to 649		54,208,438		290,099,317		15,895,326		4,509,648		5,606,696
650 to 674		44,672,242		218,557,923		11,875,241		2,368,805		6,831,939
675 to 699		35,397,966		158,845,973		8,790,082		1,618,783		1,857,939
700 plus		52,419,911		207,575,584		14,107,216		1,524,468		2,965,428

Property Type:	Fixed $		2/28 $		3/27 $		5/25 $		Other
Single-Family Detached		237,051,522		1,267,741,253		55,218,572		11,887,878		30,857,027
PUD		28,523,927		213,206,643		13,309,839		2,649,338		1,787,320
Condo		13,569,994		135,994,679		8,305,832		871,805		4,169,891
3+ Family Det.		15,112,785		71,359,983		1,855,245		881,566		2,692,341
Manufactured House		0		1,286,405		0		0		0
Other		33,121,558		147,793,619		10,507,383		2,336,109		6,054,981

Purpose:	Fixed $		2/28 $		3/27 $		5/25 $		Other
Purchase		91,007,936		781,860,029		29,525,907		3,396,568		9,087,926
Refinance rate/term		23,094,283		74,212,972		3,667,767		886,282		2,670,930
Cash Out Refi (COF) Below 70 LTV		64,203,539		172,671,528		5,710,190		3,596,304		5,216,736
COF with LTV 70.01 to 75		18,109,254		97,850,925		3,617,543		2,297,199		851,751
COF with LTV 75.01 to 80		39,657,568		168,620,241		11,040,131		3,016,438		4,753,978
COF with LTV 80.01 to 85		31,605,399		168,851,257		14,466,303		580,509		5,627,166
COF with LTV 85.01 to 90		31,301,731		210,564,057		12,989,826		1,759,032		8,475,418
COF with LTV 90.01 to 95		8,367,617		82,505,461		3,396,959		1,096,885		8,645,845
COF with LTV 95.01 to 100		19,742,381		80,246,109		4,782,243		1,997,479		231,809
COF with LTV 100.01 plus		290,080		0		0		0		0
Other		0		0		0		0		0

Occupancy Status:	Fixed $		2/28 $		3/27 $		5/25 $		Other
Owner Occupied		304,496,512		1,690,269,001		82,881,074		16,002,786		40,277,120
2nd Home		1,663,637		9,904,414		338,142		0		0
Investment		21,219,639		137,209,166		5,977,654		2,623,910		5,284,440
Other		0		0		0		0		0

Loan Balance	Fixed $		2/28 $		3/27 $		5/25 $		Other
Below 50,000		20,830,093		10,750,741		391,777		88,586		0
50,000.01 to 100,000		58,981,624		100,201,673		6,354,109		1,109,748		162,044
100,000.01 to 150,000		54,310,140		221,389,706		9,117,613		1,485,688		2,971,314
150,000.01 to 200,000		39,985,162		249,075,074		12,965,432		3,207,708		5,469,755
200,000.01 to 400,000		111,605,777		846,833,522		41,642,860		10,218,791		22,986,724
400,000.01 to 500,000		22,512,283		233,761,523		12,493,195		1,958,908		9,423,260
500,000.01 to 600,000		13,194,422		111,138,090		5,586,883		557,266		3,202,542
600,000.01 to 1,000,000		5,960,287		64,232,251		645,000		0		1,345,921
1,000,000.01 and above		0		0		0		0		0

Loan Term	Fixed $		2/28 $		3/27 $		5/25 $		Other
>30 Years		0		0		0		0		0
30 Years		259,698,498		1,837,382,581		89,196,870		18,626,696		45,561,560
20 Years		9,631,747		0		0		0		0
15 Years		57,291,176		0		0		0		0
Other		758,366		0		0		0		0

Documentation Type	Fixed $		2/28 $		3/27 $		5/25 $		Other
Full Documentation		202,574,045		912,858,845		54,213,654		12,768,358		12,539,746
Limited Documentation		4,255,270		24,814,987		724,540		0		2,365,197
Stated Docs with LTV below 70		25,881,541		85,365,391		1,676,775		1,650,412		3,249,013
Stated Docs with LTV 70.01 to 75		8,966,486		47,573,299		1,888,979		718,164		688,914
Stated Docs with LTV 75.01 to 80		16,880,486		108,456,850		3,575,358		306,852		4,725,668
Stated Docs with LTV 80.01 to 85		11,509,109		94,684,789		7,098,211		325,805		4,486,159
Stated Docs with LTV 85.01 to 90		11,738,439		153,126,511		8,995,230		1,715,820		7,558,040
Stated Docs with LTV 90.01 to 95		6,073,231		97,780,649		1,480,049		437,755		7,826,156
Stated Docs with LTV 95.01 to 100		33,019,494		273,989,496		7,188,313		189,164		1,873,969
Stated Docs with LTV above 100.01		0		607,528		0		0		0
Other		6,481,687		38,124,235		2,355,762		514,365		248,698

Lien Status	Fixed $		2/28 $		3/27 $		5/25 $		Other
1st Lien		273,782,455		1,837,382,581		89,196,870		18,626,696		45,561,560
Second Liens with LTV below 85		0		0		0		0		0
Second Liens with LTV 85.01 to 90		275,932		0		0		0		0
Second Liens with LTV 90.01 to 95		1,645,573		0		0		0		0
Second Liens with LTV 95.01 to 100		51,675,828		0		0		0		0
Second Liens with LTV above 100.01		0		0		0		0		0

Interest Only	Fixed $		2/28 $		3/27 $		5/25 $		Other
Dollar of Mortgage Type		25,490,497		568,976,053		36,687,410		3,149,555		0
Ave. FICO		676		653		658		657		0
Ave. LTV		77.17		81.33		81.86		81.82		0
% Stated Docs		21.13		47.89		28.74		0		0
% Full Docs		76.78		48.72		67.18		93.59		0

MH Stratification:
Total Balance	730,343,329
% Pool Balance	31.51	%
Ave. FICO	619
Ave. LTV	88.69	%
% Full Docs	59.00	%

Silent Seconds Stratification:
Total Balance	664,894,411
% Pool Balance	28.68	%
Ave. FICO	655
Ave. LTV	80.32	%
% Full Docs	49.66	%

Second Lien Stratification:
Total Balance	53,597,333
% Pool Balance	2.31	%
Ave. FICO	660
Ave. LTV	99.76	%
% Full Docs	49.97	%

LTV Above 90 Stratification:
Total Balance	256,479,919
% Pool Balance	11.06	%
Ave. FICO	652
Ave. LTV	96.77	%
% Full Docs	48.12	%

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.