FBR Securitization 8-K Other Events

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.

Deal Info

Deal Name	FBRSI 2005-2
Bloomberg Ticker:
Asset Class:	Subprime
Issuer:	FBR Securitization Trust 2005-2
Trustee:	Wells Fargo
Lead Manager(s)	FBR
Month:
To Roll	21
Remaining Term	352
Remaining IO Term	38
% Interest Only	27.36

Cells in red font are calculations and should be left alone.

Please put averages in gray cells at the bottom of each bucket.

*   LTV=Includes Senior Loan Amount

Master Servicer:
Backup Servicer:									FICO by Originator
Primary Servicer (s):	%		Name	Originator (s):		%		Name	#		Name
JPMorgan Chase		100.00			1.00		39.89	Encore		622
2					2.00		24.84	Finance America		613
3					3.00		24.42	Accredited		639
4					4.00		9.71	ResMAE		644
5					5.00		1.14	Quickloan		601
6					6.00
7					7.00
8					8.00
9					9.00
10					10.00

Please fill out complete list of servicers and originators even if it is greater then ten

FICO BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
FICO	# Loans		Balance		%			Balance		WAC		FICO		%LTV		% DTI		Primary		SF/PUD		Refi Cashout		Full Doc		Interest only		MI%
NA						0.00	%
=<500		54		8,988,484		0.39	%		166453.40		9.03		493		67.39		42.35		100.00		93.53		80.45		91.51		0.00		5.60
>500 =<520		500		82,519,208		3.56	%		165038.42		8.08		511		74.34		41.26		98.56		89.84		82.87		79.31		0.00		17.00
>520 =<540		694		124,074,227		5.35	%		178781.31		7.82		531		75.85		40.01		97.45		90.64		78.64		69.92		0.00		30.74
>540 =<560		812		143,814,242		6.20	%		177111.14		7.71		551		78.91		40.59		95.85		86.12		72.49		65.66		0.55		41.31
>560 =<580		958		183,335,634		7.91	%		191373.31		7.41		571		80.32		40.72		94.61		86.08		74.31		62.18		10.16		40.59
>580 =<600		1,380		244,785,782		10.56	%		177381.00		7.25		591		80.07		40.81		93.67		83.84		60.15		69.62		21.58		31.86
>600 =<620		1,574		318,111,135		13.72	%		202103.64		7.06		611		82.08		40.93		94.84		82.80		62.72		59.90		30.85		40.23
>620 =<640		1,551		312,065,124		13.46	%		201202.53		7.04		630		82.64		41.58		92.03		78.31		59.53		50.97		35.92		32.72
>640 =<660		1,266		263,208,094		11.35	%		207905.29		7.04		650		83.14		40.86		90.19		77.46		49.91		44.31		37.41		31.28
>660 =<680		1,022		208,220,308		8.98	%		203738.07		7.05		670		83.97		40.71		87.72		76.29		40.19		33.10		33.76		28.17
>680 =<700		756		156,736,953		6.76	%		207324.01		6.93		690		83.17		40.84		88.55		73.48		36.64		28.88		39.77		24.65
>700 =<750		913		203,321,338		8.77	%		222695.88		6.83		720		82.93		40.77		86.33		72.77		32.14		30.54		46.19		21.24
>750		305		68,966,967		2.98	%		226121.20		6.78		768		82.03		40.16		85.34		67.67		21.34		23.32		38.90		18.83
TOTAL		11,785		2,318,147,494		100.00	%		196703.22		7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36		31.51

FICO Mean: 621 Median: 620 Standard Deviation: �� 60.91

LTV BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
FICO	# Loans		Balance		%			Balance		WAC		FICO		%LTV		% DTI		Primary		SF/PUD		Refi Cashout		Full Doc		Interest only		MI%
=<50		253		38,870,887		1.68	%		153639.87		6.89		599		41.68		38.58		94.05		82.41		91.26		54.37		14.59		0.00
>50 =<55		124		23,501,314		1.01	%		189526.72		6.75		600		52.88		39.49		94.98		79.72		94.79		51.90		20.76		0.00
>55 =<60		179		37,743,403		1.63	%		210857.00		6.93		587		58.00		37.89		92.23		82.36		91.91		48.32		11.42		0.00
>60 =<65		385		81,505,241		3.52	%		211701.92		7.00		584		63.23		39.62		94.11		84.23		85.89		58.55		20.00		0.00
>65 =<70		513		105,618,977		4.56	%		205884.95		6.97		595		68.70		40.88		90.77		77.22		85.14		53.33		17.53		0.00
>70 =<75		702		154,078,831		6.65	%		219485.51		6.94		595		74.03		40.02		93.01		80.93		80.85		56.27		20.55		0.00
>75 =<80		4,079		880,588,405		37.99	%		215883.40		6.87		643		79.75		41.73		95.50		80.13		36.41		47.55		37.91		0.00
>80 =<85		1,419		303,530,596		13.09	%		213904.58		7.24		606		84.42		40.45		87.96		81.65		73.80		56.63		24.30		83.58
>85 =<90		2,154		436,229,920		18.82	%		202520.85		7.50		621		89.65		39.94		84.04		78.82		59.48		55.28		23.43		87.75
>90 =<95		712		155,237,152		6.70	%		218029.71		7.51		649		94.72		41.47		95.83		77.27		57.87		42.77		26.60		40.57
>95 <100		1,265		101,242,767		4.37	%		80033.81		9.06		657		99.91		42.15		99.80		87.14		27.53		56.71		1.83		30.52
=>100						0.00	%
TOTAL		11,785		2,318,147,494		100.00	%		196703.22		7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36		31.51

LTV Mean:	82.38	CLTV:	86.78	Standard Deviation:	11.78	LTV=80:	33.02	% Silent Seconds:	28.68
								CLTV W/ Silent Seconds:	99.16

DTI BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
DTI	# Loans		Balance		%			Balance		WAC		FICO		%LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
=<20		408		63,455,488		2.74	%		155528.16		7.49		619		80.08		15.09		59.12		79.22		54.25		56.91		11.19
>20 =<25		487		73,477,483		3.17	%		150877.79		7.32		624		80.56		22.98		82.02		83.40		56.15		59.58		18.50
>25 =<30		765		125,569,117		5.42	%		164142.64		7.27		619		80.27		27.94		85.46		79.42		60.75		59.91		22.08
>30 =<35		1,210		208,667,750		9.00	%		172452.69		7.22		619		80.22		33.00		89.90		82.38		58.52		54.01		24.29
>35 =<40		1,958		382,756,830		16.51	%		195483.57		7.17		625		81.32		37.83		91.39		82.11		57.75		50.63		28.60
>40 =<45		3,340		711,077,588		30.67	%		212897.48		7.21		636		81.41		43.03		94.19		78.54		51.70		36.49		25.65
>45 =<50		3,055		632,144,354		27.27	%		206921.23		7.13		625		82.78		47.83		96.06		80.71		55.24		59.63		35.97
>50 =<55		562		120,998,885		5.22	%		215300.51		7.09		591		78.36		52.70		94.56		79.45		71.72		82.54		13.21
>55 =<60						0.00	%
>60						0.00	%
TOTAL		11,785		2,318,147,494		100.00	%		196703.22		7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36

DTI Mean: 40.06 Median: 42.1 Standard Deviation: 8.77

PURPOSE BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
Purpose	# Loans		Balance		%			Balance		WAC		FICO		%LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
Cashout Refinance		5,922		1,298,736,893		56.02	%		219307.14		7.12		609		79.60		40.83		93.65		82.39		100.00		54.08		25.39
Purchase		5,342		914,878,366		39.47	%		171261.39		7.31		651		83.89		40.89		89.49		77.18		0.00		46.51		30.76
Rate/Term Refinance		521		104,532,235		4.51	%		200637.69		6.99		609		81.41		41.10		94.69		82.38		0.00		67.00		22.13
TOTAL		11,785		2,318,147,494		100.00	%		196703.22		7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36

OCCUPANCY BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
Occ Type	# Loans		Balance		%			Balance		WAC		FICO		%LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
Investment		1,055		172,314,808		7.43	%		163331.57		7.72		652		82.81		34.28		0.00		56.07		45.98		47.81		3.00
Primary		10,679		2,133,926,494		92.05	%		199824.56		7.15		623		81.26		41.40		100.00		82.29		57.00		52.06		29.39
Second Home		51		11,906,193		0.51	%		233454.76		7.37		663		82.66		40.59		0.00		81.13		27.26		38.09		15.79
TOTAL		11,785		2,318,147,494		100.00	%		196703.22		7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36

DOCUMENTATION BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
Doc Type	# Loans		Balance		%			Balance		WAC		FICO		%LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
12 mo. Bank Statements		150		33,259,350		1.43	%		221729.00		7.10		643		82.85		37.69		86.29		88.71		44.87		0.00		38.84
24 mo. Bank Statements		10		2,929,816		0.13	%		292981.56		6.74		615		81.69		33.61		100.00		78.16		85.02		100.00		62.63
6 mo. Bank Statements		5		1,172,018		0.05	%		234403.57		6.99		675		77.54		39.65		100.00		26.96		41.33		0.00		18.77
Alt.		48		10,363,563		0.45	%		215907.55		7.61		594		78.61		28.38		66.10		76.13		66.00		0.00		4.82
Full		6,853		1,194,954,648		51.55	%		174369.57		7.10		608		81.30		41.02		92.73		83.38		58.57		100.00		27.15
Limited		118		32,159,994		1.39	%		272542.32		6.94		590		79.38		39.06		92.64		84.65		83.81		0.00		18.79
Stated		4,601		1,043,308,106		45.01	%		226756.81		7.30		647		81.52		40.99		91.67		76.55		52.45		0.00		27.64
TOTAL		11,785		2,318,147,494		100.00	%		196,703		7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36

PROPERTY BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
Property Type	# Loans		Balance		%			Balance		WAC		FICO		%LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
3-4 Unit		291		91,901,920		3.96	%		315814.16		7.28		652		78.25		39.13		69.78		0.00		49.87		40.33		9.05
Condo		886		162,912,201		7.03	%		183873.82		7.18		643		82.95		41.53		89.08		0.00		39.21		47.95		37.75
Duplex		690		169,418,331		7.31	%		245533.81		7.11		642		81.36		41.45		82.14		0.00		58.35		37.88		15.94
Manufactured		6		1,286,405		0.06	%		214400.83		7.25		595		71.89		44.81		100.00		0.00		63.27		57.42		0.00
Modular		2		216,486		0.01	%		108242.76		7.90		613		82.27		33.56		100.00		0.00		45.45		45.45		0.00
PUD		1,185		259,477,066		11.19	%		218967.99		7.20		626		81.92		40.85		93.62		100.00		46.68		55.10		32.62
Single Family		8,574		1,602,756,251		69.14	%		186932.15		7.19		620		81.26		40.80		94.40		100.00		59.20		53.39		27.59
Townhouse		151		30,178,833		1.30	%		199859.82		7.25		625		84.76		42.68		92.94		0.00		63.89		63.21		35.00
TOTAL		11,785		2,318,147,494		100.00	%		196703.22		7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36

PRINCIPAL BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
UPB	# Loans		Balance		%			Balance		WAC		FICO		%LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
=<50		869		32,061,197		1.38	%		36894.36		9.50		624		89.55		37.58		86.23		89.84		25.82		75.01		0.00
>50 =<75		1,073		67,222,949		2.90	%		62649.53		8.70		615		85.40		37.33		81.39		88.20		32.77		69.48		1.27
>75 =<100		1,131		99,586,249		4.30	%		88051.50		8.12		610		83.26		38.70		88.21		85.66		43.61		67.20		2.99
>100 =<125		1,126		126,526,914		5.46	%		112368.48		7.68		614		82.30		39.00		89.86		84.12		46.46		68.21		7.87
>125 =<150		1,184		162,747,548		7.02	%		137455.70		7.43		614		80.80		39.43		91.63		82.60		51.47		63.94		13.34
>150 =<200		1,777		310,703,130		13.40	%		174847.01		7.25		617		80.33		40.87		92.73		83.39		55.60		57.53		18.94
>200 =<250		1,246		280,336,540		12.09	%		224989.20		7.08		622		80.32		41.29		93.76		83.31		55.80		52.89		26.36
>250 =<300		1,099		301,823,743		13.02	%		274634.89		6.96		628		80.58		41.95		93.77		79.06		60.74		46.43		31.77
>300 =<350		735		237,899,393		10.26	%		323672.64		6.93		632		81.38		41.82		92.93		78.09		63.76		44.72		36.23
>350 =<400		569		213,227,998		9.20	%		374741.65		6.90		635		81.98		42.29		92.59		75.48		60.40		38.62		41.37
>400 =<450		370		157,366,946		6.79	%		425316.07		6.88		630		81.79		41.93		91.80		76.27		60.67		41.84		40.60
>450 =<500		257		122,782,223		5.30	%		477751.84		6.85		645		81.78		41.16		92.19		72.68		59.74		39.87		46.19
>500 =<600		245		133,679,204		5.77	%		545629.40		6.82		639		81.59		41.03		95.22		77.62		57.59		47.77		40.99
>600 =<700		65		42,126,989		1.82	%		648107.53		6.89		631		82.15		39.35		84.76		76.77		58.23		44.48		29.11
=>700		39		30,056,470		1.30	%		770678.73		6.82		613		75.31		36.99		92.38		81.89		63.63		55.01		26.98
TOTAL		11,785		2,318,147,494		100.00	%		196703.22		7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36

*  In $1,000

Min 12,491 Max 1,000,000

State Concentration Bucket *
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
State*	# Loans		Balance		%			Balance		WAC		FICO		%LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
California		3,112		869,639,660		37.51	%		279447.19		6.82		632		79.52		41.94		94.79		83.29		62.70		45.65		47.66
Illinois		1,241		225,571,084		9.73	%		181765.58		7.39		627		83.67		40.84		91.89		67.45		56.91		49.04		13.41
Florida		1,161		193,213,071		8.33	%		166419.53		7.35		625		81.63		40.46		89.64		82.72		50.93		47.52		17.06
New York		472		141,407,410		6.10	%		299591.97		7.08		637		80.00		41.47		92.19		52.40		58.07		40.25		10.15
Arizona		464		80,062,331		3.45	%		172548.13		7.34		618		82.57		38.05		92.45		92.59		50.68		61.30		24.05
Maryland		285		66,633,451		2.87	%		233801.58		7.33		612		81.18		39.95		94.11		82.22		66.98		61.53		20.18
Virginia		307		63,237,318		2.73	%		205984.75		7.23		621		82.20		40.81		94.04		84.82		55.54		56.46		24.03
New Jersey		202		50,176,480		2.16	%		248398.42		7.41		637		81.10		40.85		86.26		53.16		46.98		32.83		10.26
Texas		485		48,818,769		2.11	%		100657.26		7.83		606		82.16		39.02		91.07		97.09		16.44		69.33		3.79
Nevada		221		47,886,394		2.07	%		216680.52		7.03		631		81.31		40.91		89.29		93.55		52.80		46.81		42.37
Georgia		294		40,504,782		1.75	%		137771.37		7.79		618		84.16		39.90		88.63		96.36		56.54		66.16		15.54
Colorado		226		38,247,153		1.65	%		169235.19		7.16		619		83.18		40.29		90.21		89.06		32.76		71.18		24.14
Michigan		289		34,246,473		1.48	%		118499.91		7.80		607		85.19		38.60		89.50		91.27		54.59		65.29		10.91
Massachusetts		127		34,113,536		1.47	%		268610.52		7.32		628		80.98		42.64		97.10		53.11		44.15		33.25		10.80
Ohio		289		32,876,016		1.42	%		113757.84		7.62		619		87.11		39.77		86.45		86.01		60.01		71.82		11.07
Connecticut		139		28,977,562		1.25	%		208471.67		7.28		624		80.43		42.14		89.01		55.48		60.35		51.70		5.92
TOTAL		9,314		2,318,147,494		86.09	%

*	Fill in top 15 states only, combine the remaining in the “Other” Bucket.
*	Separate California into North and South if possible.

Deal Size

WA Loan

Weighted Average Collateral Characteristics

California Breakdown

# Loans

Balance

%

Balance

WAC

FICO

%LTV

% DTI

Primary

SF/PUD

Refi Cachout

Full Doc

Interest only

CA North

#DIV/0!

CA South

#DIV/0!

—

—

#DIV/0!

FIXED / FLOATING (ii)
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
Type	# Loans		Balance		%			Balance		WAC		FICO		%LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
6 Month ARM		32		9,083,661		0.39	%		283864.41		7.12		636		86.28		42.98		84.63		81.39		70.46		21.74		0.00
ARM 1/29		135		36,477,899		1.57	%		270206.66		6.96		613		84.38		43.78		89.34		69.22		75.12		28.96		0.00
ARM 2/28		6,587		1,268,406,528		54.72	%		192562.10		7.35		609		81.32		40.37		88.93		79.64		55.12		50.18		0.00
ARM 2/28 - 24 month IO		1,104		327,276,273		14.12	%		296445.90		6.65		645		81.58		42.57		98.49		83.10		58.97		49.63		100.00
ARM 2/28 - 60 month IO		863		241,699,781		10.43	%		280069.27		6.68		665		81.00		41.02		99.27		82.27		36.90		48.00		100.00
ARM 3/27		296		52,509,460		2.27	%		177396.82		7.51		622		84.00		41.58		87.97		71.15		58.81		56.31		0.00
ARM 3/27 - 36 month IO		77		22,565,190		0.97	%		293054.41		6.48		646		82.88		41.64		100.00		81.85		74.23		69.70		100.00
ARM 3/27 - 60 month IO		50		14,122,221		0.61	%		282444.41		6.42		677		80.23		41.84		100.00		89.91		59.28		67.45		100.00
ARM 5/25		73		15,477,141		0.67	%		212015.62		6.95		624		78.96		39.43		83.05		76.02		75.60		63.45		0.00
ARM 5/25 - 60 month IO		14		3,149,555		0.14	%		224968.22		7.00		657		81.82		42.10		100.00		88.01		83.93		93.59		100.00
Balloon 30/15		854		47,597,644		2.05	%		55734.95		10.14		661		99.79		42.64		100.00		87.08		11.13		48.09		0.00
Fixed 10 yr		5		420,605		0.02	%		84121.07		6.93		604		65.97		32.91		100.00		100.00		100.00		80.61		0.00
Fixed 15 yr		123		9,633,532		0.42	%		78321.40		7.86		616		72.49		37.48		87.90		90.50		68.92		60.50		0.00
Fixed 15 yr - 60 month IO		1		60,000		0.00	%		60000.00		7.44		713		9.23		44.96		100.00		100.00		100.00		100.00		100.00
Fixed 20 yr		129		9,631,747		0.42	%		74664.70		8.70		638		87.78		41.67		98.51		89.28		58.69		65.23		0.00
Fixed 25 yr		3		337,761		0.01	%		112586.99		6.72		627		71.25		45.45		100.00		100.00		49.05		100.00		0.00
Fixed 30 yr		1,351		234,268,001		10.11	%		173403.41		7.07		632		77.50		40.02		90.93		78.49		74.84		62.99		0.00
Fixed 30 yr - 60 month IO		88		25,430,497		1.10	%		288982.93		6.39		676		77.33		40.58		98.70		86.97		77.54		76.72		100.00
TOTAL		11,785		2,318,147,494		100.00	%		196703.22		7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36

List all loan types and separate the IO loans i.e. 2/28 and 2/28 IO should have separate rows.

LIEN BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
Type	# Loans		Balance		%			Balance		WAC		FICO		%LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
First		10,811		2,264,550,161		97.69	%		209467.22		7.12		625		80.94		40.82		91.87		80.18		57.04		51.71		28.01
Second		974		53,597,333		2.31	%		55028.06		10.17		660		99.76		42.67		100.00		86.99		13.18		50.12		0.00
Third						0.00	%
Other						0.00	%
TOTAL		11,785		2,318,147,494		100.00	%		196703.22		7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36

PREPAYMENT BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
Type (months)	# Loans		Balance		%			Balance		WAC		FICO		% LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
None		2,852		530,748,765		22.90	%		186097.04		7.51		625		83.13		40.50		90.05		72.72		57.00		49.13		16.35
6		70		11,699,397		0.50	%		167134.24		7.75		637		82.86		40.89		87.69		78.55		44.31		44.52		24.35
12		865		237,279,104		10.24	%		274311.10		7.05		640		80.09		41.30		92.19		64.94		52.24		43.09		25.93
18		24		4,384,457		0.19	%		182685.72		7.02		653		80.17		41.46		96.16		64.44		32.97		35.71		19.07
24		6,129		1,198,316,228		51.69	%		195515.78		7.13		621		81.35		40.93		92.82		85.19		52.29		51.70		34.37
30		31		5,846,730		0.25	%		188604.20		7.39		616		78.67		36.65		90.51		88.32		62.92		41.27		15.42
36		1,429		273,149,399		11.78	%		191147.24		6.86		633		79.06		41.01		92.22		85.76		70.20		63.74		22.50
48		2		325,690		0.01	%		162845.01		8.85		512		76.46		40.54		100.00		32.17		100.00		100.00		0.00
60		383		56,397,723		2.43	%		147252.54		7.47		622		82.16		40.74		93.86		88.32		76.84		56.34		14.44
TOTAL		11,785		2,318,147,494		100.00	%		196703.22		7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36

INDEX BUCKET
	Deal Size								WA Loan		Weighted Average Collateral Characteristics
Type	# Loans		Balance			%			Balance		WAC		FICO		% LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
Libor - 6 Month		9,231		1,990,767,706			100.00	%		215661.11		7.13		623		81.47		40.94		91.90		80.20		54.52		49.98		30.58
Libor - 1 Year							0.00	%
Treasury - 1 Year							0.00	%
CMT - 1 Year					��		0.00	%
							0.00	%
							0.00	%
							0.00	%
Other							0.00	%
TOTAL		9,231		1,990,767,706			100.00	%		215661.11		7.13		623.00		81.47		40.94		91.90		80.20		54.52		49.98		30.58

List all reset rates

MORTGAGE RATE (WAC) BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
Type	# Loans		Balance		%			Balance			WAC		FICO		% LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
=> 5.00		8		1,995,679		0.09	%		249459.91			4.99		648		75.78		38.69		100.00		79.37		64.20		64.54		27.71
5.001 - 5.500		148		42,344,851		1.83	%		286113.86			5.38		650		75.90		42.50		97.83		86.93		64.80		83.75		44.38
5.501 - 6.000		865		236,379,681		10.20	%		273271.31			5.89		648		76.43		42.13		98.27		83.57		61.04		71.18		49.29
6.001 - 6.500		1,461		380,648,569		16.42	%		260539.75			6.34		646		78.59		40.93		95.85		80.97		56.30		58.94		44.19
6.501 - 7.000		2,432		581,573,672		25.09	%		239133.91			6.84		633		80.42		41.18		95.06		78.14		56.63		46.28		32.48
7.001 - 7.500		1,741		365,718,342		15.78	%		210062.23			7.32		624		82.59		40.95		91.12		79.81		55.25		42.44		23.35
7.501 - 8.000		1,829		339,518,150		14.65	%		185630.48			7.81		609		83.71		40.10		86.32		77.10		58.74		41.63		11.86
8.001 - 8.500		916		142,823,900		6.16	%		155921.29			8.31		592		84.12		39.87		82.47		80.76		54.24		51.71		7.80
8.501 - 9.000		865		110,970,570		4.79	%		128289.68			8.82		582		85.51		39.35		84.33		85.79		53.31		56.16		3.74
9.001 - 9.500		397		40,706,898		1.76	%		102536.27			9.30		581		85.90		39.84		83.62		84.55		47.64		59.67		0.00
9.501 - 10.000		534		40,910,042		1.76	%		76610.57			9.82		606		89.34		40.20		87.76		85.16		37.65		55.42		0.00
10.001 - 10.500		187		12,888,657		0.56	%		68923.30			10.32		613		92.42		42.10		91.24		85.04		29.69		52.47		0.00
10.501 - 11.000		248		14,115,603		0.61	%		56917.75			10.86		617		95.44		41.20		96.73		89.37		22.27		58.97		3.04
11.001 - 11.500		120		5,484,256		0.24	%		45702.14			11.33		612		97.07		41.93		98.51		86.65		20.54		54.66		0.00
11.501 - 12.000		30		1,812,334		0.08	%		60411.13			11.89		591		88.00		45.55		100.00		89.45		49.89		74.25		0.00
12.001 - 12.500		3		209,520		0.01	%		69839.97			12.23		524		67.99		36.45		100.00		100.00		83.17		100.00		0.00
13.501 - 14.000		1		46,768		0.00	%		46768.47			14.00		535		90.00		44.72		100.00		100.00		0.00		100.00		0.00
TOTAL		11,785		2,318,147,494		100.00	%		196703.22			7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36

MARGIN (WAM) BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
Type	# Loans		Balance		%			Balance			WAC		FICO		% LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		Interest only
<= 2.00		2,555		327,488,588		14.13	%		128175.57			7.54		639		80.85		40.41		93.01		81.13		65.13		61.96		7.82
3.01 - 3.50		2		295,345		0.01	%		147672.39			7.27		717		80.00		39.91		100.00		45.93		45.93		0.00		0.00
3.51 - 4.00		30		5,241,041		0.23	%		174701.37			6.96		664		82.00		42.89		97.52		84.47		21.22		40.89		31.62
4.01 - 4.50		322		62,636,098		2.70	%		194522.04			6.94		652		80.81		41.70		94.43		68.55		43.07		36.22		24.82
4.51 - 5.00		646		142,604,686		6.15	%		220750.29			6.97		642		82.17		41.10		93.73		70.71		48.37		48.38		29.96
5.01 - 5.50		625		140,631,412		6.07	%		225010.26			6.74		664		78.81		41.79		97.35		72.85		28.61		43.20		42.58
5.51 - 6.00		4,135		978,764,259		42.22	%		236702.36			6.81		632		81.13		41.20		93.50		81.27		55.01		49.94		40.69
6.01 - 6.50		1,908		343,697,683		14.83	%		180135.05			7.70		605		84.06		39.11		84.60		82.83		51.22		49.16		11.07
6.51 - 7.00		1,158		256,774,274		11.08	%		221739.44			7.54		587		79.72		41.61		91.30		82.64		77.12		56.61		20.25
7.01 - 7.50		250		39,279,589		1.69	%		157118.36			8.66		576		84.85		41.50		88.39		87.39		58.76		57.65		0.34
7.51 - 8.00		85		11,059,956		0.48	%		130117.13			9.04		572		85.28		40.31		91.68		90.47		61.86		65.04		0.00
8.01 - 8.50		45		6,926,394		0.30	%		153919.86			9.62		552		82.97		41.03		93.07		92.13		57.31		76.99		0.00
8.51 - 9.00		20		2,131,467		0.09	%		106573.35			9.94		558		86.58		34.68		93.31		100.00		68.84		70.72		0.00
9.01 - 9.50		2		533,980		0.02	%		266990.00			10.63		646		81.97		46.85		100.00		100.00		19.70		100.00		80.30
9.51 - 10.00		1		35,954		0.00	%		35953.80			11.00		593		75.00		35.60		0.00		100.00		100.00		100.00		0.00
12.01 - 12.50		1		46,768		0.00	%		46768.47			14.00		535		90.00		44.72		100.00		100.00		0.00		100.00		0.00
TOTAL		11,785		2,318,147,494		100.00	%		196703.22			7.19		625		81.38		40.86		92.05		80.33		56.02		51.67		27.36

Deal coverage
Percentage of the deal based on		Loan-to-Value (LTV)
FICO and LTV buckets.*		=<55			>55 =<60			>60 =<65			>65 =<70			>70 =<75			>75 =<80			>80 =<85				>85 =<90			>90 =<95			>95 <100			=>100
FICO
	NA
	=<500		0.05	%		0.01	%		0.10	%		0.11	%		0.03	%		0.06	%		0.02	%			0.01	%		0.00	%		0.00	%		0.00	%
	>500 =<550		0.63	%		0.54	%		1.12	%		1.19	%		1.61	%		2.59	%		2.46	%			1.71	%		0.00	%		0.00	%		0.00	%
	>550 =<600		0.79	%		0.52	%		0.99	%		1.23	%		2.09	%		6.27	%		3.63	%	��		4.85	%		0.78	%		0.58	%		0.00	%
	>600 =<625		0.43	%		0.16	%		0.62	%		0.77	%		1.03	%		5.83	%		2.60	%			4.01	%		1.56	%		0.68	%		0.00	%
	>625 =<650		0.30	%		0.16	%		0.31	%		0.55	%		0.87	%		6.58	%		1.45	%			3.24	%		1.41	%		0.80	%		0.00	%
	>650 =<675		0.18	%		0.10	%		0.11	%		0.22	%		0.41	%		5.66	%		1.42	%			2.10	%		1.11	%		0.82	%		0.00	%
	>675 =<700		0.10	%		0.06	%		0.07	%		0.13	%		0.34	%		4.57	%		0.75	%			1.33	%		0.80	%		0.64	%		0.00	%
	>700 =<725		0.08	%		0.06	%		0.13	%		0.15	%		0.14	%		3.14	%		0.32	%			0.90	%		0.59	%		0.45	%		0.00	%
	>725 =<750		0.07	%		0.02	%		0.04	%		0.12	%		0.06	%		1.49	%		0.21	%			0.36	%		0.23	%		0.23	%		0.00	%
	>750 <800		0.04	%		0.01	%		0.04	%		0.08	%		0.07	%		1.78	%		0.21	%			0.29	%		0.20	%		0.17	%		0.00	%
	=>800		0.02	%		0.00	%		0.00	%		0.00	%		0.00	%		0.02	%		0.03	%			0.02	%		0.00	%		0.01	%		0.00	%

* This table should be filled out with the percentage of the deal corresponding to each cross LTV and FICO buckets

MI Coverage
Percentage of MI coverage based		Loan-to-Value (LTV)
on FICO and LTV buckets.*		=<55			>55 =<60			>60 =<65			>65 =<70			>70 =<75			>75 =<80			>80 =<85			>85 =<90			>90 =<95			>95 <100			=>100
FICO
	NA
	=<500		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.03	%		0.03	%		0.00	%		0.00	%		0.00	%
	>500 =<550		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		6.06	%		4.70	%		0.01	%		0.00	%		0.00	%
	>550 =<600		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		9.35	%		12.86	%		2.08	%		1.08	%		0.00	%
	>600 =<625		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		7.07	%		11.55	%		2.47	%		0.91	%		0.00	%
	>625 =<650		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		3.94	%		9.11	%		1.58	%		0.93	%		0.00	%
	>650 =<675		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		3.98	%		6.16	%		0.89	%		0.62	%		0.00	%
	>675 =<700		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		2.24	%		3.68	%		0.60	%		0.37	%		0.00	%
	>700 =<725		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.93	%		2.34	%		0.63	%		0.08	%		0.00	%
	>725 =<750		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.49	%		1.02	%		0.23	%		0.20	%		0.00	%
	>750 <800		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.54	%		0.88	%		0.14	%		0.05	%		0.00	%
	=>800		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.10	%		0.07	%		0.00	%		0.00	%		0.00	%

* This table should be filled out with the percentage of MI corresponding to each cross LTV and FICO buckets

IO ONLY FICO BUCKET
	Deal Size							WA Loan		Weighted Average Collateral Characteristics
Type	# Loans		Balance		%			Balance		WAC		FICO		% LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		LTV =>80
NA						0.00	%
=<500						0.00	%
>500 =<520						0.00	%
>520 =<540						0.00	%
>540 =<560		2		786,250		0.12	%		393,125		7.055		555		80.76		41.80		100.00		64.86		100.00		100.00		35.14
>560 =<580		62		18,621,753		2.94	%		300,354		6.874		574		76.10		43.36		98.40		89.20		85.16		73.84		51.88
>580 =<600		191		52,825,205		8.33	%		276,589		6.864		591		80.05		41.67		99.73		86.63		57.33		84.04		75.16
>600 =<620		347		98,142,671		15.47	%		282,857		6.729		611		81.08		41.52		99.79		91.47		67.63		63.93		78.25
>620 =<640		394		112,099,327		17.67	%		284,524		6.723		630		81.93		41.79		98.72		82.15		61.93		61.33		80.31
>640 =<660		340		98,454,135		15.52	%		289,581		6.629		650		81.55		42.31		98.08		83.60		54.39		50.55		83.91
>660 =<680		250		70,290,249		11.08	%		281,172		6.637		670		82.37		41.52		99.28		82.89		43.37		38.66		90.96
>680 =<700		212		62,337,777		9.83	%		294,052		6.523		689		81.71		41.99		98.65		75.38		40.52		34.74		89.57
>700 =<750		399		120,746,150		19.04	%		302,630		6.433		730		80.67		41.75		98.57		78.36		31.23		30.82		87.59
>750						0.00	%
TOTAL		2,197		634,303,516		100.00	%		288,725		6.641		655		81.20		41.85		98.89		83.07		51.98		51.43		82.71

IO as percent of deal: 27.36

IO ONLY PRINCIPAL BUCKET
UPB	Deal Size							WA Loan		Weighted Average Collateral Characteristics
	# Loans		Balance		%			Balance		WAC		FICO		% LTV		% DTI		Primary		SF/PUD		Refi Cachout		Full Doc		LTV =>80
=<50						0.00	%
>50 =<75		13		852,950		0.13	%		65,612		7.027		631		69.77		39.61		100.00		75.77		23.68		85.02		14.98
>75 =<100		33		2,973,300		0.47	%		90,100		7.024		631		76.91		39.08		93.62		81.93		44.34		79.49		55.02
>100 =<500		2,022		555,305,153		87.55	%		274,644		6.642		654		81.14		41.99		98.91		82.60		51.37		50.41		82.81
>500 =<600		100		54,799,645		8.64	%		547,999		6.566		658		82.71		41.17		100.00		88.25		53.15		53.29		86.80
>600 =<700		19		12,262,782		1.93	%		645,410		6.663		655		84.89		39.91		100.00		78.68		67.44		68.42		95.07
=>700		10		8,109,686		1.28	%		810,979		6.884		648		72.41		40.79		90.13		87.92		68.63		69.57		46.41
TOTAL		2,197		634,303,516		100.00	%		288,725		6.641		655		81.20		41.85		98.89		83.07		51.98		51.43		82.71

* In $1,000

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.