FBR Securitization 8K Other Events | SEC 17 Oct 05

October 13, 2005

FBR Securitization Trust 2005-3
Callable Mortgage-Backed Notes, Series 2005-3

$949,986,000

(Approximate, Subject to +/- 10% Variance)

Series Term Sheet

MHC I Inc.

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

Fremont Investment & Loan

Originator

FBR Securitization, Inc.

Depositor

[TBD]

Servicer

FRIEDMAN BILLINGS RAMSEY

Lead Underwriter

DISCLAIMER

Attached is a Series Term Sheet that describes the structure, collateral and certain aspects of the FBR Securitization Trust 2005-3, Mortgage-Backed Notes, Series 2005-3. Friedman, Billings, Ramsey & Co., Inc. (“FBR”) has prepared this Series Term Sheet for Payment to potential investors. Though the Depositor provided FBR with certain information, the Depositor did not participate in the preparation of this Series Term Sheet. The Series Term Sheet is for informational purposes only and is subject to modification or change. The information and assumptions contained in this Series Term Sheet are preliminary and will be superseded by any subsequent series term sheets and by a prospectus, a prospectus supplement and by any other additional information subsequently filed with the Securities and Exchange Commission or incorporated by reference in the Depositor’s registration statement.

Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication for definitive information and any matter discussed in this communication. Once available, a final prospectus and prospectus supplement may be obtained by contacting the FBR trading desk at (703) 469-1225.

Any investment decision should be based only upon the information in the final prospectus and prospectus supplement as of their publication dates.

Please be advised that the securities described herein may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks. Investors must consider the risks of these securities.

If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail.

COMPUTATIONAL MATERIALS

This Series Term Sheet contains tables and other statistical analyses (the “Computational Materials”). These Computational Materials have been prepared by FBR in reliance upon information furnished by the issuer of the securities and its affiliates. These Computational Materials are furnished to you solely by FBR and not by the issuer of the securities.

Numerous assumptions were used in preparing the Computational Materials which may or may not be stated therein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.

Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. Without limiting the foregoing, the collateral information set forth in these Computational Materials, including without limitation the collateral tables which follow, is based only on the pool of Mortgage Loans expected to be included in the trust along with other certain Mortgage Loans on the Closing Date. Certain Mortgage Loans contained in this pool may be deleted from the final pool of Mortgage Loans delivered to the trust on the Closing Date and other loans may be substituted therefor. The pool described in the Computational Materials may not necessarily represent a statistically relevant population, notwithstanding any contrary references herein. Although FBR believes the information with respect to the pool will be representative of the final pool of Mortgage Loans, the collateral characteristics of the final pool may nonetheless vary from the collateral characteristics of the pool presented in the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither FBR nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities.


		Contact Information
FBR		FBR		FBR
ABS Banking		ABS Trading/Syndicate		ABS Structuring
Mike Ciuffo	(703) 312-1889	Salmaan Siddiqui	(703) 469-1225	Tol Ho	(703) 312-1737
Dane Smith	(703) 312-1896			Anna Zuckerman	(703) 469-1283
Chris DeMulder	(703) 312-1754
Aaron Kemp	(703) 312-1657


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 1		October 13, 2005

FBR Securitization Trust 2005-3
Callable Mortgage-Backed Notes, Series 2005-3

Principal

WAL

Payment Window

Expected Rating

Interest

Principal

Class⁽¹⁾

Balance ($)⁽²⁾

Call/Mat⁽³⁾

(Mths) Call/Mat⁽³⁾

(S&P/Moody’s)

Type⁽⁴⁾

Type

Class AV1

352,580,000

2.13 / 2.70

1 - 44 / 1 - 168

AAA/Aaa

Floating

Senior

Class AV2-1

173,830,000

1.00 / 1.00

1 - 21 / 1 - 21

AAA/Aaa

Floating

Senior Sequential

Class AV2-2

85,480,000

2.00 / 2.00

21 - 28 / 21 - 28

AAA/Aaa

Floating

Senior Sequential

Class AV2-3

107,180,000

3.00 / 3.10

28 - 44 / 28 - 54

AAA/Aaa

Floating

Senior Sequential

Class AV2-4

75,250,000

3.63 / 6.80

44 - 44 / 54 - 167

AAA/Aaa

Floating

Senior Sequential

Class M-1

30,550,000

3.53 / 4.95

40 - 44 / 40 - 136

AA+/Aa1

Floating

Subordinate

Class M-2

30,060,000

3.50 / 4.90

39 - 44 / 39 - 131

AA/Aa2

Floating

Subordinate

Class M-3

19,390,000

3.49 / 4.87

38 - 44 / 38 - 123

AA-/Aa3

Floating

Subordinate

Class M-4

14,540,000

3.47 / 4.82

38 - 44 / 38 - 118

A+/A1

Floating

Subordinate

Class M-5

12,600,000

3.47 / 4.80

38 - 44 / 38 - 113

A/A2

Floating

Subordinate

Class M-6

9,690,000

3.47 / 4.77

38 - 44 / 38 - 108

A-/A3

Floating

Subordinate

Class M-7

9,690,000

3.46 / 4.73

37 - 44 / 37 - 103

BBB+/Baa1

Floating

Subordinate

Class M-8

9,690,000

3.45 / 4.67

37 - 44 / 37 - 98

BBB/Baa2

Floating

Subordinate

Class M-9

9,690,000

3.45 / 4.59

37 - 44 / 37 - 91

BBB-/Baa3

Floating

Subordinate

Class M-10

9,766,000

3.44 / 4.44

37 - 44 / 37 - 83

BBB-/NR

Floating

Subordinate

Total:

949,986,000


(1)		The Offered Notes are priced to the Optional Termination Date. The margin on the Class A Notes will be multiplied by 2 and the margin on the Class M Notes will be multiplied by 1.5 on any Payment Date after the Margin Stepup Date.

(2)		Approximate.

(3)		See “Pricing Prepayment Speed” herein.

(4)		Each class of Notes will be subject to the “Available Funds Rate” as described herein.

A. General Terms


Issuer:		FBR Securitization Trust 2005-3.

Depositor:		FBR Securitization, Inc.

Originator:		Fremont Investment & Loan.

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

Co-Underwriter:		[ ].

Servicer:		[TBD].

Custodian:		[JPMorgan Trust Company, National Association].

Master Servicer and Securities Administrator:		[Wells Fargo Bank, National Association].

Indenture Trustee:		HSBC Bank USA, National Association.

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

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 2		October 13, 2005


Owner Trustee:		Wilmington Trust Company.

Credit Risk Manager:		The Murrayhill Company.

Hedge Counterparty:		TBD.

Class A Notes:		The Class AV1, Class AV2-1, Class AV2-2, Class AV2-3 and Class AV2-4 Notes.

Class AV2 Notes:		The Class AV2-1, Class AV2-2, Class AV2-3 and Class AV2-4 Notes.

Class M Notes:		The Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Notes.

Offered Notes:		The Class A and Class M Notes.

Non-Offered Notes:		The Class N Notes.

Ownership Certificate:		The Issuer will also issue an ownership certificate, which will not be offered and will be held initially by an affiliate of the Depositor.

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

Cut-off Date:		October 1, 2005.

Final Maturity Date:		The Payment Date in October 2035.

Expected Pricing Date:		On or about October [17], 2005.

Expected Closing Date:		On or about November 9, 2005.

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

Interest Accrual Period:		The “*Interest Accrual Period*” for each Payment Date with respect to the Offered Notes will be the period beginning with the previous Payment Date (or, in the case of the first Payment Date, the Closing Date) and ending on the day prior to such Payment Date (on an actual/360 basis).

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

F R I E D M A N B I L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 3		October 13, 2005


Mortgage Loans and Mortgage Loan Groups:		The trust will include Mortgage Loans having an aggregate Scheduled Principal Balance as of the Cut-off Date of approximately $969,874,218.55 million, of which approximately $862,306,840.24 million and $107,567,378.31 million are adjustable-rate first lien and fixed-rate first and second lien residential mortgage loans, respectively. The Mortgage Loans will be divided into two mortgage loan groups. The Group 1 Mortgage Loans will consist only of those mortgage loans with principal balances that conform to certain agency guidelines and the Group 2 Mortgage Loans will consist of mortgage loans that may or may not conform to certain agency guidelines. The Group 1 Mortgage Loans will have an aggregate Scheduled Principal Balance as of the Cut-off Date of approximately $430,503,992.46 million, of which approximately $378,533,171.99 million and $50,970,820.47 million are adjustable-rate first lien and fixed-rate first and second lien residential mortgage loans, respectively. The Group 2 Mortgage Loans will have an aggregate Scheduled Principal Balance as of the Cut-off Date of approximately $539,370,226.09 million, of which approximately $482,773,668.25 million and $56,596,557.84 million are adjustable-rate first lien and fixed-rate first and second lien residential mortgage loans, respectively.

Credit Risk Manager:		The Credit Risk Manager will monitor the performance of the Servicer, and make recommendations to the Servicer and/or Master Servicer regarding certain delinquent and defaulted Mortgage Loans and will report to the Depositor on the performance of such Mortgage Loans, pursuant to a Credit Risk Management Agreement to be entered into by the Credit Risk Manager, the Servicer and the Master Servicer. The Credit Risk Manager will rely upon mortgage loan data that is provided to it by the Servicer and the Master Servicer in performing its advisory and monitoring functions.

Insured Mortgage Loans:		Approximately 21.01% of the Mortgage Loans will be covered by a Mortgage Insurance Policy issued by Mortgage Guaranty Insurance Corp. (“*MGIC”). All of the Insured Mortgage Loans will have an original loan-to-value ratio greater than 80%. Approximately 17.15% of the Mortgage Loans will have an original loan-to-value ratio greater than 80% and will not be insured. Additionally, approximately 61.84% of the Mortgage Loans will have an original loan-to-value ratio less than or equal to 80%, none of which will be insured. The Mortgage Insurance Policy will cover approximately 55.07% of the Mortgage Loans with an original loan-to-value ratio in excess of 80%. The Mortgage Insurance Policy will insure a portion of the loss on the related mortgage loan to a level where the uninsured exposure of the mortgage loan is reduced to an amount equal to 60% of the original loan-to-value ratio of such mortgage loan. The terms and conditions of the Mortgage Insurance Policy are further discussed in “Mortgage Insurance Policy*” herein.


			% of
			Outstanding
	Outstanding		Principal
	Principal Balance		Balance

Aggregate Mortgage Loans:	$	969,874,218.55		100.00	%
Mortgage Loans with Original LTV > 80%:	$	370,092,196.21		38.16	%
Insured Mortgage Loans:	$	203,801,045.54		21.01	%
Mortgage Loans with Original LTV > 80% and not insured:	$	166,291,150.67		17.15	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 4		October 13, 2005


Mortgage Insurance Policy:		The “*Mortgage Insurance Policy” will insure certain losses on Insured Mortgage Loans in an amount generally equal to, at the option of insurer, either: (a) the sum of (i) the principal balance of the mortgage loan, (ii) the unpaid accumulated interest due on the mortgage loan at the mortgage rate and (iii) the amount of certain advances (such as hazard insurance, taxes, maintenance expenses and foreclosure costs) made by the Servicer, reduced by certain mitigating amounts collected with respect thereto (collectively, the “Loss Amount”) in which case the mortgage insurer would take title to the mortgaged property, or (b) an amount equal to the product of (i) the Loss Amount and (ii) the percentage of coverage (the “Coverage Percentage*”) specified in the mortgage insurance policy, in which case the Issuer would retain title to (and the proceeds obtained in a foreclosure and sale of) the mortgaged property.

		The minimum Coverage Percentage for each Insured Mortgage Loan will be different depending upon the original loan-to-value ratio of the related mortgage loan (mortgage loans with higher loan- to-value ratios will generally have a higher Coverage Percentage and mortgage loans with lower loan- to-value ratios will generally have a lower Coverage Percentage). However, for each Insured Mortgage Loan, the related Coverage Percentage will be a percentage sufficient to insure such mortgage loan to an effective loan-to-value ratio of 60%. The mortgage insurance policy will remain in place for the life of the trust.

		Claim payments, if any, under a Mortgage Insurance Policy will be made to the Servicer, deposited in the collection account and treated in the same manner as a prepayment of the related mortgage loan. Premiums payable on the mortgage insurance policies (the “*Mortgage Insurance Premium*”) will be paid monthly by the Servicer with funds withdrawn from the collection account with respect to the Insured Mortgage Loans.

Cap Agreement:		On the Closing Date, the Issuer will enter into a hedge agreement with the Hedge Counterparty with an initial notional balance of approximately $944,610,000. On each such Payment Date, the Hedge Counterparty will be obligated to make a payment to the Issuer equal to the product of (a) the amount, if any, by which one-month LIBOR exceeds the related strike rate for such Payment Date, (b) the related notional balance for such Payment Date and (c) the quotient of (i) the number of days in the related Interest Accrual Period divided by (ii) 360. The expected strike rate and notional balance for each payment are set forth in the Cap Schedule. The Cap Agreement may have a schedule of strike rates and notional balances that varies from the Cap Schedule in this Series Term Sheet. The final scheduled strike rates and notional balances will be included in the prospectus supplement. Proceeds of the Cap Agreement will be available as Interest Proceeds for payment on the Notes.

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 5		October 13, 2005


Credit Enhancement:		Consists of the following:

	1.		Excess Cashflow;

	2.		Overcollateralization;

	3.		Mortgage Insurance Policy

	4.		Cap Agreement and

	5.		Subordination (to the extent applicable for each class of Offered Notes).


Expected Initial Credit		Expected Credit
Enhancement Percentage		Enhancement Percentage
On Closing Date		On or After Stepdown Date
Class	Percent	Class	Percent
A	[18.10%]	A	[36.20%]
M-1	[14.95%]	M-1	[29.90%]
M-2	[11.85%]	M-2	[23.70%]
M-3	[9.85%]	M-3	[19.70%]
M-4	[8.35%]	M-4	[16.70%]
M-5	[7.05%]	M-5	[14.10%]
M-6	[6.05%]	M-6	[12.10%]
M-7	[5.05%]	M-7	[10.10%]
M-8	[4.05%]	M-8	[8.10%]
M-9	[3.05%]	M-9	[6.10%]
M-10	[2.05%]	M-10	[4.10%]


Optional Termination Date:		The holder of the ownership certificate may purchase all of the Mortgage Loans and effect the retirement of the Notes on any Payment Date on which the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period is equal to or less than 30% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date.

Clean up Call:		The Servicer will have the right to purchase all of the Mortgage Loans on any Payment Date on which the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period is equal to or less than 10% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date.

Pricing Prepayment Speed:		The Notes will be priced based on the following collateral prepayment assumptions:

		FRM Loans: 115% PPC (100% PPC: 4% CPR — 20% CPR over 12 months).

		ARM Loans: 100% PPC (100% PPC: 4% CPR — 35% CPR over 24 months).

Federal Tax Status:		It is anticipated that the Notes will be characterized as debt instruments for federal income tax purposes.

SMMEA Eligibility:		The Offered Notes arenotexpected to constitute “mortgage related securities” for purposes of SMMEA.

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 6		October 13, 2005


ERISA Eligibility:		The Offered Notes are expected to be eligible for purchase by or on behalf of employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended, subject to certain conditions as further described in the prospectus supplement.

Servicing Fee:		On each Payment Date, the Servicer will be entitled to 1/12 of 0.50% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of the related Due Period.

Master Servicing Fee:		On each Payment Date, the Master Servicer will be entitled to 1/12 of [0.005]% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of the related Due Period. The fees of the Indenture Trustee, the Owner Trustee, the Securities Administrator and the Custodian will be paid by the Master Servicer from the Master Servicing Fee.

Credit Risk Manager Fee:		On each Payment Date, the Credit Risk Manager will be entitled to 1/12 of 0.0125% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of the related Due Period.

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 7		October 13, 2005

B. Payments to Securities


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

Interest Proceeds will be distributed in the following order of priority:

From the Interest Proceeds for the Group 1 Mortgage Loans:

	(i)		To pay the Master Servicing Fee, the Credit Risk Manager Fee and any indemnities and expenses due and payable to the Servicer, the Master Servicer, the Securities Administrator, the Owner Trustee, the Indenture Trustee and the Custodian relating to or otherwise allocable to the Group 1 Mortgage Loans;

	(ii)		To pay to the Class AV1 Notes, its Current Interest;

	(iii)		To pay concurrently to each class of the Class AV2 Notes,pro ratabased upon the entitlement of each such class, an amount equal to the excess, if any, of (a) the amount required to be distributed pursuant to clause (b)(ii) below over (b) the actual amount distributed pursuant to that clause from the Interest Proceeds for the Group 2 Mortgage Loans;

From the Interest Proceeds for the Group 2 Mortgage Loans:

	(i)		To pay the Master Servicing Fee, the Credit Risk Manager Fee and any indemnities and expenses due and payable to the Servicer, the Master Servicer, the Securities Administrator, the Owner Trustee, the Indenture Trustee and the Custodian relating to or otherwise allocable to the Group 2 Mortgage Loans;

	(ii)		To pay concurrently to each class of the Class AV2 Notes,pro ratabased upon the entitlement of each such class, its Current Interest;

	(iii)		To pay to the Class AV1 Notes an amount equal to the excess, if any, of (a) the amount required to be distributed pursuant to clause (a)(ii) above over (b) the actual amount distributed pursuant to that clause from the Interest Proceeds for the Group 1 Mortgage Loans;

To pay, from any remaining Interest Proceeds, sequentially to each class of the Class M Notes in numeric order, its Current Interest;

	2)		Principal Payment Amount will be distributed as described under “Principal Paydown.”

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

	(a)		To pay to each of the Class A Notes,pro ratabased upon the entitlement of each such class, any remaining unpaid Current Interest;

	(b)		As principal on the Offered Notes, distributed as described under clause (2) above, the Overcollateralization Deficiency Amount;

	(c)		To pay sequentially to each class of Class M Notes in numeric order, any remaining unpaid Current Interest;

	(d)		If any Class Impairment Amount exists, sequentially to each class of Class M Notes in numeric order, to pay principal with respect to such class of Notes in reduction of its Class Principal Amount an amount equal to the Class Impairment Amount for such class;

	(e)		To pay any Basis Risk Shortfall payable to each class of Offered Notes,pro rata based upon the entitlement of such class;

	(f)		To pay any Deferred Interest sequentially to each class of M Notes in numeric order; and

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 8		October 13, 2005



	(g)		To pay any remaining Excess Cashflow to the Non-Offered Notes and Certificate as described in the Transfer and Servicing Agreement.


Principal Paydown:			1	)		On any Payment Date prior to the Stepdown Date or if a Trigger Event is in effect, the Principal Payment Amount will be distributed first concurrently as provided in clauses (i) and (ii) below and thereafter as provided in clause (iii) below:

	(i)		To pay the Group 1 Principal Payment Amount to the Class AV1 Notes until its Class Principal Amount has been reduced to zero, and thereafter, as provided in clause (ii) below after application of the Group 2 Principal Payment Amount;

	(ii)		To pay the Group 2 Principal Payment Amount sequentially to the Class AV2-1, Class AV2-2, Class AV2-3 and Class AV2-4 Notes, in each case until the Class Principal Amount thereof has been reduced to zero, and thereafter, as provided in clause (i) above after application of the Group 1 Principal Payment Amount ;

			provided, however, that if the aggregate of the Adjusted Class Principal Amounts of the Class M Notes is reduced to zero, principal payments made to the Class AV2 Notes will be paidpro rata;and

	(iii)		To pay sequentially the balance of the Principal Payment Amount to each class of the Class M Notes in numeric order until the Adjusted Class Principal Amount of each such class has been reduced to zero.

On any Payment Date on or after the Stepdown Date and if a Trigger Event is not in effect, the Principal Payment Amount will be distributed first concurrently as provided in clauses (i) and (ii) below and thereafter sequentially as provided in clause (iii):

	(i)		To pay the lesser of the Group 1 Principal Payment Amount and a portion of the Senior Principal Payment Amount determined in accordance with the Allocation Percentage for the Group 1 Mortgage Loans to the Class AV1 Notes, until its Class Principal Amount has been reduced to zero, and thereafter, as provided in clause (ii) below, after application of the Group 2 Principal Payment Amount or the applicable portion of the Senior Principal Payment Amount, as the case may be;

	(ii)		To pay the lesser of the Group 2 Principal Payment Amount and a portion of the Senior Principal Payment Amount determined in accordance with the Allocation Percentage for the Group 2 Mortgage Loans, sequentially to the Class AV2-1, Class AV2-2, Class AV2-3 and Class AV2-4 Notes, in each case until their respective Class Principal Amounts have been reduced to zero, and thereafter, as provided in clause (i) above, after application of the Group 1 Principal Payment Amount or the applicable portion of the Senior Principal Payment Amount, as the case may be;

			provided, however,that if the aggregate of the Adjusted Class Principal Amounts of the Class M Notes is reduced to zero, principal payments made to the Class AV2 Notes will be paidpro rata;and

	(iii)		To pay to each of the Class M Notes in the following order of priority (in each case subject to any overcollateralization floors):

	a.		first,to the Class M-1 Notes such that the Class M-1 Notes will have a Credit Enhancement Percentage of at least [29.90%];

	b.		second,to the Class M-2 Notes such that the Class M-2 Notes will have a Credit Enhancement Percentage of at least [23.70%];

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 9		October 13, 2005

	c.		third,to the Class M-3 Notes such that the Class M-3 Notes will have a Credit Enhancement Percentage of at least [19.70%];

	d.		fourth,to the Class M-4 Notes such that the Class M-4 Notes will have a Credit Enhancement Percentage of at least [16.70%];

	e.		fifth,to the Class M-5 Notes such that the Class M-5 Notes will have will have a Credit Enhancement Percentage of at least [14.10%];

	f.		sixth,to the Class M-6 Notes such that the Class M-6 Notes will have a Credit Enhancement Percentage of at least [12.10%];

	g.		seventh,to the Class M-7 Notes such that the Class M-7 Notes will have a Credit Enhancement Percentage of at least [10.10%];

	h.		eighth,to the Class M-8 Notes such that the Class M-8 Notes will have a Credit Enhancement Percentage of at least [8.10%];

	i.		ninth,to the Class M-9 Notes such that the Class M-9 Notes will have a Credit Enhancement Percentage of at least [6.10%]; and

	j.		tenth, to the Class M-10 Notes such that the Class M-10 Notes will have a Credit Enhancement Percentage of at least [4.10%].

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 10		October 13, 2005

C. Definitions


Adjusted Class Principal Amount:		The “*Adjusted Class Principal Amount*” for any Payment Date and a class of Offered Notes, prior to giving effect to principal payments made with respect to such class of Notes on such Payment Date, is an amount equal to (a) the Class Principal Amount of such Class of Notes minus (b) the Class Impairment Amount of such Class of Notes.

Adjusted Net Mortgage Rate:		The “*Adjusted Net Mortgage Rate*” for each Mortgage Loan is equal to the per annum mortgage rate less the sum of (i) the Servicing fee rate (ii) the Master Servicing Fee rate, (iii) the Credit Risk Manager Fee rate and (iv) with respect to each Insured Mortgage Loan, the Mortgage Insurance Premium rate.

Allocation Percentage:		The “*Allocation Percentage*” for each Payment Date and group of Mortgage Loans is the percentage equivalent of a fraction, the numerator of which is (i) the Principal Proceeds for that group of Mortgage Loans for the related Due Period, and the denominator of which is (ii) the sum of the Principal Proceeds for both groups of Mortgage Loans for the related Due Period.

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

Available Funds Rate:		The “*Available Funds Rate*” for each Payment Date is the per annum rate equal to the sum of (a) the product of (i) the weighted average of the Adjusted Net Mortgage Rates on the Mortgage Loans for the related Due Period, weighted on the basis of their Scheduled Principal Balance as of the beginning of the related Due Period, (ii) 30 divided by the actual number of days in the related Interest Accrual Period, and (iii) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of the related Due Period divided by the aggregate Adjusted Class Principal Amount of the Offered Notes immediately prior to such Payment Date and (b) the product of (i) 360 divided by the actual number of days in the Interest Accrual Period and (ii) any funds received by the trust pursuant to the Cap Agreement for such Payment Date, divided by the aggregate of the Adjusted Class Principal Amounts of the Offered Notes immediately prior to such payment date.

Basis Risk Shortfall:		The “*Basis Risk Shortfall*” for each Payment Date and each class of Offered Notes is the sum of (a) the excess, if any, of (i) the amount that would have been the Current Interest (without regard to the Available Funds Rate) for such Payment Date over (ii) the Current Interest accrued on such class of Offered Notes at an interest rate equal to the available Funds Rate, (b) any amount described in clause (a) above for such class remaining unpaid from prior Payment Dates and (c) interest on the amount in clause (b) above at the Formula Rate.

Class Impairment Amount:		The “*Class Impairment Amount*” for any Payment Date and the Class M Notes, prior to giving effect to any principal payments made with respect to such Notes on the current Payment Date, is the lesser of (a) the Class Principal Amount of such Class of Notes and (b) the amount, if any, by which the sum of the Class Principal Amount of such Class of Notes and all Classes of Offered Notes that are senior to such Class of Notes exceeds the aggregate Scheduled Principal Balance of the Mortgage Loans as of the first day of the related Due Period.

Class Principal Amount:		The “*Class Principal Amount*” for any Class of Offered Notes is the initial principal amount thereof on the Closing Date, less all amounts previously paid with respect to such Note as principal on all prior Payment Dates.

F R I E D M A N B I L L I N G S RA M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 11		October 13, 2005


Cumulative Realized Loss Percentage:		The “*Cumulative Realized Loss Percentage*” for any Payment Date means a fraction, expressed as a percentage, obtained by dividing (a) the aggregate amount of cumulative Realized Losses incurred on the Mortgage Loans in the entire mortgage loan pool from the Cut-off Date through the last day of the related Due Period by (b) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date.

Current Interest:		The “*Current Interest” for any Payment Date and each class of Offered Notes is the sum of (a) the interest accrued during the related Interest Accrual Period at the applicable Note Interest Rate for such class of Notes on its Class Principal Amount immediately prior to such Payment Date, and (b) the sum of (i) any unpaid Current Interest from previous Payment Dates for such class of Notes, and (ii) interest thereon at the applicable Note Interest Rate for such Payment Date;provided, however,* that in the case of the Class M Notes and any Payment Date, Current Interest shall be reduced by the amount of Deferred Interest (based, for the purposes of this calculation, on the Note Interest Rate) for such Class for such Payment Date.

Credit Enhancement Percentage:		The “*Credit Enhancement Percentage*” for each class of Offered Notes is a percentage determined by dividing (a) the sum of (i) the sum of the Adjusted Class Principal Amounts of all Notes subordinate to the subject class of Notes and (ii) the Overcollateralization Amount for such Payment Date in each case before taking into account any principal payments on such Payment Date, by (b) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period.

Deferred Interest:		The “*Deferred Interest*” for the Class M Notes and any Payment Date is equal to the sum of (a) the interest accrued during the related Interest Accrual Period at the applicable Formula Rate on the Class Impairment Amount for that Class, (b) any amount described in clause (a) for prior Payment Dates remaining unpaid, and (c) interest accrued on the amount described in clause (b) above during the Interest Accrual Period related to such Payment Date at the applicable Formula Rate.

Delinquency Rate:		The “*Delinquency Rate*” for any Due Period is the fraction, expressed as a percentage, the numerator of which is the aggregate Scheduled Principal Balance of all Mortgage Loans that are 60 or more days delinquent (including all foreclosures and REO Properties) as of the close of business on the last day of the preceding calendar month, and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans as of the close of business on the last day of such calendar month.

Due Period:		The “*Due Period*” for any Payment Date is the period commencing on the second day of the calendar month immediately preceding the month in which such Payment Date occurs (or the date following the Cut-Off Date in respect of the first Due Period) and ending on the first day of the calendar month in which such Payment Date occurs.

Formula Rate:		The “*Formula Rate*” for each class of Offered Notes will be equal to the lesser of (i) One Month LIBOR plus the applicable margin for such class of Offered Notes and (ii) [14.00]%.

Group 1 Principal Payment Amount:		The “*Group 1 Principal Payment Amount*” for each Payment Date is the portion of the Principal Payment Amount attributable to the Group 1 Mortgage Loans, determined in accordance with the Allocation Percentage for the Group 1 Mortgage Loans.

Group 2 Principal Payment Amount:		The “*Group 2 Principal Payment Amount*” for each Payment Date is the portion of the Principal Payment Amount attributable to the Group 2 Mortgage Loans, determined in accordance with the Allocation Percentage for the Group 2 Mortgage Loans.

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 12		October 13, 2005


Interest Proceeds:		The “*Interest Proceeds*” with respect to any Payment Date and each group of Mortgage Loans, generally, are the sum of (a) the sum of all scheduled and unscheduled payments of interest on the Mortgage Loans in such group, all proceeds in respect of interest from the liquidation of Mortgage Loans in such group, all insurance proceeds (including those from the Mortgage Insurance Policy) on the Mortgage Loans in such group in respect of interest and certain proceeds in respect of interest from the repurchase of a Mortgage Loan in such group upon a breach of representations regarding such Mortgage Loan, each as is received or advanced in a related Due Period or the related Prepayment Period, as applicable and (b) such group’spro ratashare, based on Scheduled Principal Balance of the Mortgage Loans in such loan group, of any payments received by the Trust pursuant to the Cap Agreement, less the Servicing Fee and Mortgage Insurance Premium with respect to such Payment Date.

Margin Stepup Date:		The “*Margin Stepup Date*” is the first Payment Date on which the aggregate Scheduled Principal Balance of the Mortgage Loans as of the beginning of the related Due Period is less than 20% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date.

Note Interest Rate:		The “*Note Interest Rate*” on each class of Offered Notes will be equal to the lesser of (i) the related Formula Rate and (ii) the Available Funds Rate.

Overcollateralization Amount:		The“Overcollateralization Amount”as of any date of determination is equal to the excess of (i) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period over (ii) the Adjusted Class Principal Amount of the Offered Notes after taking into account all distributions of principal on such Payment Date. On the Closing Date, the Overcollateralization Amount will be approximately $[ ] ([ ]% of the sum of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off Date). On each Payment Date, Excess Cashflow, if any, remaining after application for payment of any unpaid interest amount on the Class A Notes will be used to build or maintain the Target Overcollateralization Amount.

Overcollateralization Deficiency Amount:		The “*Overcollateralization Deficiency Amount*” for any Payment Date is the excess, if any, of (a) the Target Overcollateralization Amount for such Payment Date over (b) the Overcollateralization Amount for such Payment Date, after giving effect to distribution of the Principal Payment Amount on such Payment Date.

Overcollateralization Release Amount:		The “*Overcollateralization Release Amount*” for each Payment Date is the lesser of (a) the sum of the Principal Proceeds for both loan groups for such Payment Date and (b) the excess of (i) the Overcollateralization Amount for such Payment Date (assuming, for the purposes of this calculation, that 100% of the Principal Proceeds is applied as payment of principal on the Offered Notes on that Payment Date) over (ii) the Target Overcollateralization Amount for such Payment Date.

Prepayment Period:		The “*Prepayment Period*” with respect to any Payment Date and (i) any Principal Prepayment in full, the period that commences on and includes the 16th day of the month immediately preceding the month in which such Payment Date occurs (or from the Closing Date, in the case of the first Prepayment Period) and ends on and includes the 15th day of the month in which such Payment Date occurs, and (ii) any partial Principal Prepayment, the calendar month preceding the month in which the Payment Date occurs.

Principal Payment Amount:		The “*Principal Payment Amount*” with respect to any Payment Date is an amount equal to the lesser of (a) the Adjusted Class Principal Amount of the Offered Notes and (b) the excess of (i) the Principal Proceeds for both groups of loans over (ii) the Overcollateralization Release Amount for such Payment Date.

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 13		October 13, 2005


Principal Proceeds:		The “*Principal Proceeds*” for any Payment Date and each group of Mortgage Loans, generally, are the sum of all scheduled and unscheduled payments of principal on the Mortgage Loans in such loan group, all proceeds in respect of principal from the liquidation of Mortgage Loans in such loan group, all insurance proceeds (including those from the Mortgage Insurance Policy) on the Mortgage Loans in such loan group in respect of principal, and all principal proceeds from the repurchase of a Mortgage Loan in such loan group upon a breach of representations regarding such Mortgage Loan in such loan group, each as is received or advanced in a related Due Period or the related Prepayment Period, as applicable.

Realized Losses:		If a Mortgage Loan becomes a liquidated loan, the net liquidation proceeds relating thereto may be less than the Scheduled Principal Balance of such Mortgage Loan. The amount of such difference is a “*Realized Loss*.” Realized Losses on the Mortgage Loans will, in effect, be absorbed first by the Excess Cashflow and second by the reduction of the Overcollateralization Amount before it is applied to impair the Class Principal Amount of the Class M Notes.

Rolling Three Month Delinquency Rate:		The “*Rolling Three Month Delinquency Rate*” with respect to any Payment Date is the average of the Delinquency Rates for each of the three (or a shorter period, in the case of the first and second Payment Dates) immediately preceding months.

Scheduled Principal Balance:		The “*Scheduled Principal Balance*” with respect to any mortgage loan as of any date of determination is the principal balance of such mortgage loan as of the Cut-off Date, reduced by all scheduled payments of principal due after the Cut-off Date and all amounts allocable to unscheduled principal payments on such mortgage loan.

Senior Enhancement Percentage:		The “*Senior Enhancement Percentage*” for a Payment Date is a percentage equal to (a) the sum of the aggregate Adjusted Class Principal Amount of the Class M Notes and the Overcollateralization Amount, in each case before taking into account any payments of principal on the Offered Notes on that Payment Date divided by (b) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period.

Senior Principal Payment Amount:		The “*Senior Principal Payment Amount*” is with respect any Payment Date on or after the Stepdown Date and if a trigger event is not in effect, the lesser of (1) the Principal Payment Amount and (2) the excess, if any, of (x) the aggregate Class Principal Amount of the Class A Notes immediately prior to that Payment Date over (y) the lesser of (A) [63.80%] of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (B) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period minus the product of (i) 0.50% and (ii) the Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date.

Stepdown Date:		The “*Stepdown Date*” is the earlier to occur of (a) the Payment Date on which the aggregate Adjusted Class Principal Amount of the Class A Notes is reduced to zero, and (b) the later to occur of (i) the Payment Date in November 2008 and (ii) the first Payment Date on which the Senior Enhancement Percentage is greater than or equal to [36.20%] .

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 14		October 13, 2005


Target Overcollateralization Amount:		The “*Target Overcollateralization Amount*” for any Payment Date prior to the Stepdown Date, is approximately 2.05% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date.

		For any Payment Date on or after the Stepdown Date, approximately the lesser of (a) 2.05% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date, and (b) 4.10% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the last day of the related Due Period, subject to a floor equal to 0.50% of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date;provided, however, if a Trigger Event has occurred and is continuing on the related Payment Date, the Target Overcollateralization Amount will be the same as the Target Overcollateralization Amount on the preceding Payment Date.

Trigger Event:		A “*Triger Event”*is in effect on any Payment Date on or after the Stepdown Date, if either (a) the Rolling Three Month Delinquency Rate as of the last day of the related Due Period equals or exceeds [44.00%] of the Senior Enhancement Percentage on such Payment Date or (b) the Cumulative Realized Loss Percentage on such Payment Date exceeds the percentage specified in the table below for such Payment Date:


Payment Date Occurring In		Percentage
November 2007- October 2008		[ ]% for the first month plus an additional 1/12th of [ ]% for each month thereafter
November 2008- October 2009		[3.75]% for the first month plus an additional 1/12th of [1.00]% for each month thereafter
November 2009- October 2010		[4.75]% for the first month plus an additional 1/12th of [1.00]% for each month thereafter
November 2010-October 2011		[5.75]% for the first month plus an additional 1/12th of [0.25]% for each month thereafter
November 2011 and thereafter		[6.00]%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 15		October 13, 2005

D. Available Funds Rate

Available Funds Rate


				AFR using 20%								AFR using 20%
	AFR using Forward			LIBOR					AFR using Forward			LIBOR
Period	Curve^(2)(3)(4)			Scenario^(1)(2)(3)(4)			Period		Curve^(1)(3)(4)			Scenario^(1)(2)(3)(4)
1		12.386	%		28.199	%		23		8.093	%		22.258	%
2		6.841	%		22.426	%		24		8.466	%		22.670	%
3		6.626	%		22.211	%		25		8.202	%		22.440	%
4		6.728	%		22.207	%		26		8.486	%		22.713	%
5		7.545	%		22.888	%		27		8.222	%		22.439	%
6		6.785	%		22.199	%		28		8.232	%		22.439	%
7		7.086	%		22.406	%		29		10.080	%		24.313	%
8		6.914	%		22.189	%		30		9.509	%		23.729	%
9		7.093	%		22.397	%		31		9.837	%		24.048	%
10		6.949	%		22.179	%		32		9.532	%		23.731	%
11		6.925	%		22.173	%		33		9.862	%		24.052	%
12		7.045	%		22.380	%		34		9.557	%		23.734	%
13		6.843	%		22.045	%		35		9.731	%		24.983	%
14		7.072	%		22.234	%		36		10.089	%		25.407	%
15		6.874	%		22.008	%		37		9.779	%		25.043	%
16		6.889	%		22.004	%		38		9.984	%		25.070	%
17		7.592	%		22.688	%		39		9.659	%		24.662	%
18		6.916	%		21.840	%		40		9.655	%		24.614	%
19		7.147	%		22.071	%		41		10.726	%		26.630	%
20		6.954	%		21.909	%		42		9.692	%		25.383	%
21		7.188	%		22.202	%		43		10.011	%		25.717	%
22		6.996	%		22.109	%		44		9.684	%		25.273	%


(1)		Assumes that 6-month LIBOR and 1-month LIBOR are both equal to 20.00%.

(2)		Includes Cap Payments received by the trust.

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

(4)		The Note Interest Rate on the Offered Notes will be equal to the lesser of (i) the related Formula Rate and (ii) the Available Funds Rate.

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 16		October 13, 2005

E. Cap Agreement

Cap Agreement


	Notional Balance		Cap Strike					Notional Balance		Cap Strike
Period	($)		(%)			Period		($)		(%)
1		944,610,000.00		4.0789	%		31		443,688,287.49		5.6229	%
2		938,340,723.44		4.0789	%		32		427,755,362.05		5.6272	%
3		930,864,983.55		4.0789	%		33		412,370,976.68		5.6308	%
4		922,195,576.05		4.0789	%		34		397,516,069.96		5.6357	%
5		912,346,415.24		4.0789	%		35		383,172,246.91		5.6403	%
6		901,335,877.77		4.0789	%		36		369,323,273.88		5.6645	%
7		889,187,036.09		4.0789	%		37		355,950,396.88		5.6697	%
8		876,075,783.99		4.0789	%		38		343,037,088.44		5.6735	%
9		861,898,641.25		4.0789	%		39		330,567,398.57		5.6779	%
10		846,691,909.25		4.0789	%		40		318,525,934.44		5.6821	%
11		830,496,041.43		4.0789	%		41		306,897,840.91		5.6850	%
12		813,530,211.64		4.0789	%		42		295,669,456.92		5.6897	%
13		789,975,150.31		4.0789	%		43		284,826,226.02		5.6943	%
14		770,838,692.73		4.0789	%		44		274,354,797.72		5.6975	%
15		751,665,686.61		4.0789	%		45		264,242,287.58		5.7004	%
16		732,338,289.39		4.0789	%		46		254,476,260.79		5.7044	%
17		712,479,091.62		4.0789	%		47		245,044,716.46		5.7094	%
18		685,206,117.36		4.0789	%		48		235,936,072.36		5.7697	%
19		665,521,541.07		4.0789	%		49		227,139,150.33		5.7751	%
20		646,890,528.17		4.0789	%		50		218,643,162.03		5.7796	%
21		628,832,764.12		4.0789	%		51		210,437,695.31		5.7855	%
22		611,988,460.86		4.0789	%		52		202,512,701.07		5.7897	%
23		593,750,238.84		5.6800	%		53		194,858,480.49		5.7928	%
24		570,844,954.37		5.5915	%		54		187,465,672.76		5.7979	%
25		552,164,601.37		5.5965	%		55		180,325,243.28		5.8022	%
26		532,444,190.46		5.6013	%		56		173,428,472.21		5.8064	%
27		513,405,574.90		5.6061	%		57		166,766,943.44		5.8099	%
28		495,024,984.59		5.6112	%		58		160,332,533.97		5.8140	%
29		477,279,482.58		5.6145	%		59		154,117,403.64		5.8178	%
30		460,189,505.05		5.6192	%		60		148,096,613.59		5.8034	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 17		October 13, 2005

F. Excess Spread Schedule

Excess Spread⁽¹⁾⁽²⁾


	FWD 1		FWD 6		STATIC						FWD 1		FWD 6		STATIC
	Month		Month		LIBOR		FORWARD				Month		Month		LIBOR		FORWARD
Period	LIBOR %		LIBOR %		(%)		LIBOR (%)		Period		LIBOR %		LIBOR %		(%)		LIBOR (%)
1		4.0968		4.4064		4.1603		4.1603		23		4.6437		4.6422		3.5838		3.0367
2		4.3242		4.4842		2.1442		2.1429		24		4.5775		4.6324		3.8191		3.3544
3		4.3210		4.5327		1.9994		1.9980		25		4.5824		4.6368		3.6720		3.1875
4		4.4233		4.5789		1.9984		1.9963		26		4.5871		4.6407		3.8160		3.3431
5		4.5556		4.6130		2.4291		2.4263		27		4.5917		4.6453		3.6687		3.1762
6		4.4792		4.6263		1.9959		1.9932		28		4.5968		4.6487		3.6671		3.1701
7		4.5669		4.6349		2.1385		2.1351		29		4.5999		4.6526		5.0434		4.6677
8		4.6063		4.6276		1.9929		1.9889		30		4.6044		4.6572		4.8133		4.4050
9		4.5706		4.6167		2.1352		2.1314		31		4.6080		4.6614		4.9559		4.5610
10		4.6390		4.6158		1.9891		1.9844		32		4.6123		4.6674		4.8072		4.3923
11		4.6124		4.6025		1.9870		1.9822		33		4.6158		4.6713		4.9497		4.5486
12		4.5161		4.5925		2.1291		2.1251		34		4.6205		4.6762		4.8009		4.3792
13		4.5287		4.6058		1.9826		1.9751		35		4.6239		4.6817		4.8265		4.5316
14		4.5418		4.6175		2.1249		2.1166		36		4.6317		4.6850		4.9782		4.7021
15		4.5541		4.6300		1.9786		1.9693		37		4.6359		4.6883		4.8291		4.5326
16		4.5652		4.6420		1.9767		1.9669		38		4.6388		4.6917		4.9474		4.6587
17		4.5758		4.6536		2.4083		2.3991		39		4.6424		4.6945		4.8079		4.4980
18		4.5879		4.6666		1.9727		1.9571		40		4.6457		4.6972		4.8089		4.4953
19		4.5990		4.6638		2.1155		2.1004		41		4.6478		4.7003		5.2673		5.0195
20		4.6115		4.6604		1.9690		1.9545		42		4.6517		4.7039		4.8346		4.5311
21		4.6220		4.6557		2.1121		2.1000		43		4.6553		4.7093		4.9765		4.6868
22		4.6325		4.6493		1.9674		1.9585		44		4.6577		4.7161		4.8264		4.5161



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

(2)		Calculated as (a) interest collections on the Mortgage Loans (net of the Servicing Fee, Trustee Fee, Mortgage Insurance Premium and Credit Risk Manager Fee), less the aggregate amount of interest due on the Offered and Non-Offered Notes divided by (b) the aggregate Scheduled Principal Balance of the Mortgage Loans as of the first day of the Due Period, multiplied by 12.

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 18		October 13, 2005

G. Breakeven Losses


			30% Severity
			Static LIBOR		Forward LIBOR
				Cumulative		Cumulative
Class	Moody’s	S&P	Break CDR⁽¹⁾	Losses⁽²⁾	Break CDR⁽¹⁾	Losses⁽²⁾
M-1	Aa1	AA+	34.49	18.62%	33.89	18.44%
M-2	Aa2	AA	27.11	16.15%	26.49	15.92%
M-3	Aa3	AA-	23.02	14.54%	22.40	14.28%
M-4	A1	A+	20.22	13.32%	19.61	13.04%
M-5	A2	A	17.98	12.26%	17.36	11.96%
M-6	A3	A-	16.32	11.43%	15.70	11.11%
M-7	Baa1	BBB+	14.69	10.56%	14.07	10.23%
M-8	Baa2	BBB	13.13	9.69%	12.52	9.34%
M-9	Baa2	BBB-	11.58	8.78%	10.99	8.42%
M-10	NR	BBB-	10.31	7.99%	9.76	7.64%


			40% Severity
			Static LIBOR		Forward LIBOR
				Cumulative		Cumulative
Class	Moody’s	S&P	Break CDR⁽¹⁾	Losses⁽²⁾	Break CDR⁽¹⁾	Losses⁽²⁾
M-1	Aa1	AA+	23.47	19.64%	22.98	19.37%
M-2	Aa2	AA	19.02	17.02%	18.53	16.71%
M-3	Aa3	AA-	16.42	15.31%	15.94	14.98%
M-4	A1	A+	14.60	14.02%	14.12	13.67%
M-5	A2	A	13.10	12.90%	12.62	12.53%
M-6	A3	A-	11.96	12.01%	11.49	11.64%
M-7	Baa1	BBB+	10.84	11.10%	10.36	10.70%
M-8	Baa2	BBB	9.74	10.18%	9.27	9.77%
M-9	Baa2	BBB-	8.65	9.21%	8.18	8.79%
M-10	NR	BBB-	7.75	8.39%	7.33	8.00%



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

(2)		As a percentage of the aggregate Scheduled Principal Balance of the Mortgage Loans as of the Cut-off Date.

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

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 19		October 13, 2005

H. Computational Items


		Bond Summary — To Call					Bond Summary — To Maturity

% of Fixed PPC	85	100	115	125	145	85	100	115	125	145
% of ARM PPC	70	80	100	120	140	70	80	100	120	140

Class AV1
WAL (yrs)	2.91	2.47	2.13	1.83	1.62	3.72	3.14	2.70	2.28	1.91
Modified Duration (yrs)	2.66	2.29	1.99	1.73	1.54	3.23	2.78	2.44	2.09	1.78
Principal Window (mths)	1 - 62	1 - 52	1 - 44	1 - 38	1 - 33	1 - 235	1 - 197	1 - 168	1 - 144	1 - 121

Class AV2-1
WAL (yrs)	1.25	1.11	1.00	0.89	0.80	1.25	1.11	1.00	0.89	0.80
Modified Duration (yrs)	1.21	1.07	0.97	0.87	0.78	1.21	1.07	0.97	0.87	0.78
Principal Window (mths)	1 - 26	1 - 23	1 - 21	1 - 19	1 - 17	1 - 26	1 - 23	1 - 21	1 - 19	1 - 17

Class AV2-2
WAL (yrs)	2.60	2.25	2.00	1.78	1.60	2.60	2.25	2.00	1.78	1.60
Modified Duration (yrs)	2.44	2.12	1.90	1.70	1.53	2.44	2.12	1.90	1.70	1.53
Principal Window (mths)	26 - 38	23 - 32	21 - 28	19 - 25	17 - 22	26 - 38	23 - 32	21 - 28	19 - 25	17 - 22

Class AV2-3
WAL (yrs)	4.27	3.58	3.00	2.48	2.18	4.41	3.69	3.10	2.48	2.18
Modified Duration (yrs)	3.86	3.29	2.79	2.33	2.07	3.96	3.37	2.87	2.33	2.07
Principal Window (mths)	38 - 62	32 - 52	28 - 44	25 - 36	22 - 32	38 - 75	32 - 63	28 - 54	25 - 36	22 - 32

Class AV2-4
WAL (yrs)	5.13	4.29	3.63	3.12	2.70	9.69	8.01	6.80	5.67	4.32
Modified Duration (yrs)	4.55	3.88	3.32	2.89	2.53	7.66	6.58	5.73	4.91	3.84
Principal Window (mths)	62 - 62	52 - 52	44 - 44	36 - 38	32 - 33	75 - 235	63 - 197	54 - 167	36 - 142	32 - 119

Class M-1
WAL (yrs)	4.71	3.98	3.53	3.13	2.71	6.75	5.63	4.95	4.53	4.51
Modified Duration (yrs)	4.20	3.61	3.23	2.89	2.53	5.61	4.82	4.33	4.02	4.03
Principal Window (mths)	39 - 62	38 - 52	40 - 44	38 - 38	33 - 33	39 - 194	38 - 161	40 - 136	43 - 115	47 - 97

Class M-2
WAL (yrs)	4.71	3.98	3.50	3.13	2.71	6.72	5.61	4.90	4.41	4.22
Modified Duration (yrs)	4.20	3.61	3.21	2.89	2.53	5.59	4.80	4.29	3.93	3.79
Principal Window (mths)	39 - 62	37 - 52	39 - 44	38 - 38	33 - 33	39 - 186	37 - 154	39 - 131	41 - 110	44 - 92

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 20		October 13, 2005


		Bond Summary — To Call					Bond Summary — To Maturity
% of Fixed PPC	85	100	115	125	145	85	100	115	125	145
% of ARM PPC	70	80	100	120	140	70	80	100	120	140

Class M-3
WAL (yrs)	4.71	3.97	3.49	3.13	2.71	6.69	5.58	4.87	4.33	4.06
Modified Duration (yrs)	4.20	3.60	3.20	2.89	2.53	5.56	4.77	4.26	3.86	3.65
Principal Window (mths)	39 - 62	37 - 52	38 - 44	38 - 38	33 - 33	39 - 176	37 - 146	38 - 123	40 - 104	42 - 87

Class M-4
WAL (yrs)	4.71	3.97	3.47	3.13	2.71	6.66	5.55	4.82	4.29	3.97
Modified Duration (yrs)	4.18	3.59	3.17	2.88	2.52	5.52	4.74	4.21	3.81	3.57
Principal Window (mths)	39 - 62	37 - 52	38 - 44	38 - 38	33 - 33	39 - 168	37 - 139	38 - 118	39 - 99	41 - 83

Class M-5
WAL (yrs)	4.71	3.97	3.47	3.13	2.71	6.62	5.52	4.80	4.23	3.90
Modified Duration (yrs)	4.18	3.58	3.17	2.88	2.52	5.50	4.72	4.19	3.77	3.51
Principal Window (mths)	39 - 62	37 - 52	38 - 44	38 - 38	33 - 33	39 - 161	37 - 133	38 - 113	39 - 95	40 - 79

Class M-6
WAL (yrs)	4.71	3.97	3.47	3.13	2.71	6.59	5.49	4.77	4.20	3.85
Modified Duration (yrs)	4.17	3.58	3.16	2.88	2.52	5.46	4.69	4.16	3.74	3.47
Principal Window (mths)	39 - 62	37 - 52	38 - 44	38 - 38	33 - 33	39 - 154	37 - 127	38 - 108	38 - 90	39 - 76

Class M-7
WAL (yrs)	4.71	3.97	3.46	3.13	2.71	6.54	5.45	4.73	4.15	3.79
Modified Duration (yrs)	4.12	3.54	3.12	2.85	2.50	5.33	4.59	4.07	3.65	3.38
Principal Window (mths)	39 - 62	37 - 52	37 - 44	38 - 38	33 - 33	39 - 147	37 - 122	37 - 103	38 - 86	39 - 73

Class M-8
WAL (yrs)	4.71	3.97	3.45	3.13	2.71	6.46	5.39	4.67	4.10	3.74
Modified Duration (yrs)	4.10	3.53	3.11	2.85	2.49	5.27	4.54	4.02	3.61	3.33
Principal Window (mths)	39 - 62	37 - 52	37 - 44	38 - 38	33 - 33	39 - 139	37 - 115	37 - 98	38 - 82	38 - 69

Class M-9
WAL (yrs)	4.71	3.97	3.45	3.12	2.71	6.35	5.29	4.59	4.03	3.65
Modified Duration (yrs)	4.04	3.48	3.07	2.81	2.47	5.11	4.40	3.91	3.50	3.22
Principal Window (mths)	39 - 62	37 - 52	37 - 44	37 - 38	33 - 33	39 - 130	37 - 107	37 - 91	37 - 76	38 - 64

Class M-10
WAL (yrs)	4.70	3.96	3.44	3.09	2.71	6.12	5.11	4.44	3.88	3.54
Modified Duration (yrs)	3.99	3.44	3.04	2.77	2.45	4.90	4.23	3.77	3.37	3.11
Principal Window (mths)	39 - 62	37 - 52	37 - 44	37 - 38	33 - 33	39 - 118	37 - 97	37 - 83	37 - 69	37 - 58

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 21		October 13, 2005

I. The Mortgage Loans — [To be set forth for each loan group and in the aggregate.]

Information with respect to the Mortgage Loans expected to be included in the mortgage pool is set forth below. Prior to the Closing Date, Mortgage Loans may be removed from the mortgage pool and other loans may be substituted therefore. FBR believes that the information set forth herein with respect to the mortgage pool is representative of the final mortgage pool as of the Cut-off Date, although some characteristics of the Mortgage Loans in the mortgage pool may vary.

Aggregate Mortgage Loan Statistics

As of the Cut-off Date


				Minimum			Maximum
Scheduled Principal Balance	$	969,874,218.55		$	4,928.22		$	1,000,000.00
Average Scheduled Principal Balance	$	214,479.04
Number of Mortgage Loans		4,522

Weighted Average Gross Coupon		7.302	%		5.150	%		13.750	%
Weighted Average FICO Score		624			500			810
Weighted Average LTV		82.51	%		24.28	%		100.00	%

Weighted Average Original Term	359 months			60 months			360 months
Weighted Average Stated Remaining Term	357 months			58 months			359 months
Weighted Average Seasoning	2 months			1 months			7 months

ARM Characteristics
Weighted Average Gross Margin		6.111	%		3.000	%		6.990	%
Weighted Average Minimum Interest Rate		7.161	%		5.150	%		13.750	%
Weighted Average Maximum Interest Rate		13.165	%		11.150	%		19.750	%
Weighted Average Initial Rate Cap		2.004	%		2.000	%		3.000	%
Weighted Average Subsequent Rate Cap		1.500	%		1.500	%		1.500	%
Weighted Average Months to Roll	23 months			17 months			59 months

Maturity Date				August 1, 2010			September 1, 2035
Maximum Zip Code Concentration		94531 0.49	%

Note: Original LTV is calculated using LTV with respect to first lien mortgages and CLTV with respect to second lien mortgages.

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 22		October 13, 2005

Aggregate Mortgage Loans


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

5.001 - 5.500		49	$	16,193,701.99		1.67	%		5.385	%		657		79.65	%
5.501 - 6.000		305		98,824,103.99		10.19			5.873			661		79.72
6.001 - 6.500		503		143,761,945.71		14.82			6.335			644		80.66
6.501 - 7.000		778		226,483,259.88		23.35			6.821			639		81.40
7.001 - 7.500		676		164,821,519.55		16.99			7.306			622		82.95
7.501 - 8.000		588		128,491,886.69		13.25			7.807			597		84.18
8.001 - 8.500		323		65,565,201.89		6.76			8.281			587		84.31
8.501 - 9.000		353		50,240,801.56		5.18			8.823			580		83.65
9.001 - 9.500		195		20,159,752.88		2.08			9.299			589		84.39
9.501 - 10.000		232		22,641,645.13		2.33			9.809			614		88.11
10.001 - 10.500		149		11,023,804.18		1.14			10.352			589		90.25
10.501 - 11.000		193		11,707,173.77		1.21			10.835			595		92.10
11.001 - 11.500		92		5,824,332.07		0.60			11.203			598		90.87
11.501 - 12.000		44		2,934,103.92		0.30			11.820			552		71.78
12.001 - 12.500		34		649,492.10		0.07			12.290			587		84.64
12.501 - 13.000		4		427,436.96		0.04			12.994			552		67.21
13.001 - 13.500		2		24,095.53		0.00			13.250			649		92.82
13.501 - 14.000		2		99,960.75		0.01			13.700			510		69.44

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%


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

0.01 - 50,000.00		421	$	12,351,720.14		1.27	%		10.265	%		636		98.28	%
50,000.01 - 100,000.00		651		49,332,875.11		5.09			9.082			623		89.22
100,000.01 - 150,000.00		795		97,935,312.56		10.10			7.940			613		83.44
150,000.01 - 200,000.00		679		118,701,614.53		12.24			7.454			613		81.87
200,000.01 - 250,000.00		517		115,856,523.32		11.95			7.181			619		81.59
250,000.01 - 300,000.00		375		103,121,969.30		10.63			7.129			621		81.78
300,000.01 - 350,000.00		305		98,655,912.12		10.17			6.944			627		81.95
350,000.01 - 400,000.00		238		88,767,177.39		9.15			7.053			629		82.62
400,000.01 - 450,000.00		176		74,741,995.12		7.71			6.929			635		82.22
450,000.01 - 500,000.00		105		50,024,160.48		5.16			6.870			636		81.00
500,000.01 - 550,000.00		69		36,129,978.38		3.73			6.866			638		82.71
550,000.01 - 600,000.00		67		38,424,028.91		3.96			6.921			634		81.71
600,000.01 - 650,000.00		37		23,123,280.66		2.38			6.930			617		80.04
650,000.01 - 700,000.00		37		24,998,249.57		2.58			6.901			642		81.97
700,000.01 - 750,000.00		45		33,189,116.76		3.42			6.979			612		79.46
750,000.01 - 800,000.00		1		761,600.00		0.08			5.390			641		80.00
850,000.01 - 900,000.00		2		1,776,833.62		0.18			6.603			715		76.85
950,000.01 - 1,000,000.00		2		1,981,870.58		0.20			5.599			704		76.41

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Mortgage Insurance

Loans

Balance

Coupon

Score

LTV

Not Covered

3,587

766,073,173.01

78.99

7.308

626

80.81

Covered

935

203,801,045.54

21.01

7.281

616

88.89

Total

4,522

969,874,218.55

100.00

7.302

624

82.51

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 23		October 13, 2005

Aggregate Mortgage Loans


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

ARM 2/28		2,581	$	611,496,168.45		63.05	%		7.393	%		614		81.79	%
ARM 2/28 - IO		744		226,264,521.29		23.33			6.576			638		81.57
Fixed 30 yr		938		102,376,551.74		10.56			8.406			644		88.85
ARM 3/27		53		12,330,994.77		1.27			7.001			641		80.97
ARM 3/27 - IO		24		6,439,690.00		0.66			6.311			655		83.65
ARM 5/25		18		5,775,465.73		0.60			6.801			649		78.95
Fixed 20 yr		24		2,215,598.40		0.23			7.435			645		83.95
Fixed 15 yr		69		2,021,061.64		0.21			9.641			632		90.77
Fixed 10 yr		61		852,319.42		0.09			11.238			634		94.64
Fixed 5 yr		10		101,847.11		0.01			11.921			655		93.75

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Amortization Type

Loans

Balance

Coupon

Score

LTV

Adjustable

3,420

862,306,840.24

88.91

7.161

622

81.72

Fixed

1,102

107,567,378.31

11.09

8.435

644

88.83

Total

4,522

969,874,218.55

100.00

7.302

624

82.51


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Interest Only Terms (Months)	Loans		Balance		Balance			Coupon			Score		LTV

N/A		3,754	$	737,170,007.26		76.01	%		7.534	%		619		82.78	%
60		768		232,704,211.29		23.99			6.569			639		81.63

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%


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

49 - 60		10	$	101,847.11		0.01	%		11.921	%		655		93.75	%
109 - 120		61		852,319.42		0.09			11.238			634		94.64
169 - 180		69		2,021,061.64		0.21			9.641			632		90.77
229 - 240		24		2,215,598.40		0.23			7.435			645		83.95
349 - 360		4,358		964,683,391.98		99.46			7.293			624		82.47

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%


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

1		1,856	$	395,183,675.85		40.75	%		7.388	%		623		82.86	%
2		2,370		503,546,719.00		51.92			7.257			624		82.28
3		265		64,556,722.81		6.66			7.089			630		82.28
4		20		4,233,258.10		0.44			7.792			601		78.70
5		8		2,118,461.56		0.22			7.158			644		84.39
6		2		176,774.42		0.02			10.135			585		72.57
7		1		58,606.81		0.01			10.490			530		80.00

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 24		October 13, 2005

Aggregate Mortgage Loans


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

1		3,681	$	920,358,279.50		94.89	%		7.155	%		623		81.60	%
2		841		49,515,939.05		5.11			10.042			651		99.40

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%


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

20.01 - 25.00		1	$	62,800.86		0.01	%		8.650	%		635		24.28	%
25.01 - 30.00		1		75,889.08		0.01			7.600			612		27.64
30.01 - 35.00		3		339,293.16		0.03			7.608			584		31.51
35.01 - 40.00		5		1,463,105.31		0.15			7.190			606		37.36
40.01 - 45.00		3		870,229.91		0.09			6.621			647		43.11
45.01 - 50.00		7		1,638,914.81		0.17			7.437			591		46.79
50.01 - 55.00		11		2,935,998.98		0.30			7.356			582		53.73
55.01 - 60.00		37		6,917,736.96		0.71			7.396			605		58.38
60.01 - 65.00		106		23,323,037.17		2.40			8.372			579		63.64
65.01 - 70.00		133		28,522,020.26		2.94			7.920			576		68.85
70.01 - 75.00		222		55,791,243.54		5.75			7.590			584		73.84
75.01 - 80.00		1,836		477,841,752.30		49.27			6.883			635		79.88
80.01 - 85.00		359		88,598,793.10		9.14			7.149			602		84.53
85.01 - 90.00		816		195,232,782.21		20.13			7.336			621		89.84
90.01 - 95.00		171		21,431,660.65		2.21			7.786			641		94.77
95.01 - 100.00		811		64,828,960.25		6.68			9.431			653		99.94

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%


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

500 - 519		175	$	38,116,139.86		3.93	%		8.907	%		509		75.13	%
520 - 539		203		45,910,958.53		4.73			8.332			529		76.19
540 - 559		261		54,024,541.93		5.57			7.972			551		81.89
560 - 579		302		66,291,224.26		6.84			7.638			570		83.06
580 - 599		570		117,097,999.23		12.07			7.320			589		82.37
600 - 619		675		133,435,531.07		13.76			7.286			609		83.29
620 - 639		696		141,240,391.90		14.56			7.157			629		83.51
640 - 659		606		128,268,660.77		13.23			6.971			648		83.02
660 - 679		358		83,876,211.26		8.65			6.865			670		83.51
680 - 699		292		66,667,597.87		6.87			6.981			689		83.56
700 - 719		165		42,380,877.50		4.37			6.851			708		84.25
720 - 739		91		19,468,226.24		2.01			6.864			729		83.72
740 - 759		63		13,911,765.26		1.43			6.938			748		83.92
760 - 779		42		13,667,685.18		1.41			6.639			772		82.71
780 - 799		20		4,299,739.99		0.44			6.682			787		85.07
800 - 819		3		1,216,667.70		0.13			6.383			807		71.02

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 25		October 13, 2005

Aggregate Mortgage Loans


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

Purchase		2,643	$	520,778,456.68		53.70	%		7.281	%		641		83.74	%
Cashout Refinance		1,834		439,576,589.63		45.32			7.322			604		81.02
Rate/Term Refinance		45		9,519,172.24		0.98			7.581			616		83.42

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%


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

Single Family		3,776	$	794,777,739.30		81.95	%		7.300	%		620		82.54	%
Duplex		405		107,589,790.05		11.09			7.270			643		82.52
Condo		286		52,334,266.02		5.40			7.409			636		82.97
3-4 Unit		55		15,172,423.18		1.56			7.275			636		79.34

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%


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

Full		2,945	$	576,776,348.53		59.47	%		7.132	%		619		83.76	%
Stated		1,520		377,421,098.43		38.91			7.550			633		80.50
Limited		57		15,676,771.59		1.62			7.622			588		84.66

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%


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

Owner Occupied		4,105	$	895,678,181.22		92.35	%		7.264	%		623		82.51	%
Non-Owner Occupied		383		66,520,977.40		6.86			7.811			643		82.38
Second Home		34		7,675,059.93		0.79			7.355			620		83.23

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%


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

A		4,250	$	915,847,007.77		94.43	%		7.203	%		628		83.13	%
B		124		28,274,095.38		2.92			8.229			557		75.55
C		145		25,415,566.78		2.62			9.804			540		68.09
D		3		337,548.62		0.03			11.019			542		61.85

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 26		October 13, 2005

Aggregate Mortgage Loans


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

Alaska		2	$	481,501.44		0.05	%		7.952	%		559		72.31	%
Arizona		102		16,714,484.99		1.72			7.586			602		83.76
Arkansas		4		346,666.87		0.04			9.027			594		81.19
California		823		263,762,299.43		27.20			6.956			630		81.61
Colorado		87		13,460,065.04		1.39			7.112			620		83.65
Connecticut		82		16,477,621.66		1.70			7.605			627		81.24
Delaware		15		2,310,837.35		0.24			7.465			620		85.06
District of Columbia		28		6,896,248.60		0.71			7.551			622		81.67
Florida		604		106,726,654.46		11.00			7.635			618		82.45
Georgia		231		28,691,410.83		2.96			7.595			615		84.77
Hawaii		55		15,562,405.72		1.60			7.048			658		81.74
Idaho		21		1,657,596.76		0.17			7.966			597		84.85
Illinois		308		48,900,100.05		5.04			7.359			629		84.11
Indiana		32		2,817,644.33		0.29			8.276			610		83.24
Iowa		4		296,697.14		0.03			7.963			629		84.37
Kansas		3		323,216.89		0.03			8.870			578		80.76
Kentucky		9		1,694,748.76		0.17			7.281			598		86.84
Maine		12		1,927,999.25		0.20			7.814			585		79.81
Maryland		251		54,805,961.43		5.65			7.350			612		82.25
Massachusetts		125		30,991,645.12		3.20			7.211			635		82.47
Michigan		107		11,592,302.94		1.20			7.956			604		83.76
Minnesota		58		10,449,185.82		1.08			7.285			620		82.96
Missouri		38		4,198,352.40		0.43			8.460			592		85.58
Montana		1		341,128.58		0.04			7.400			557		90.00
Nebraska		3		300,204.00		0.03			7.344			580		85.73
Nevada		95		20,951,282.29		2.16			7.285			618		81.76
New Hampshire		27		5,287,848.01		0.55			7.728			598		83.60
New Jersey		301		73,390,086.73		7.57			7.483			621		82.26
New Mexico		8		1,968,211.64		0.20			7.430			636		85.97
New York		405		115,561,758.17		11.92			7.179			637		82.31
North Carolina		50		6,572,514.95		0.68			7.381			602		83.18
Ohio		59		6,682,769.24		0.69			7.730			603		85.94
Oklahoma		7		572,718.75		0.06			8.339			606		87.51
Oregon		27		3,617,505.63		0.37			7.097			630		83.72
Pennsylvania		70		8,597,815.44		0.89			8.145			593		81.86
Rhode Island		23		5,012,995.90		0.52			7.183			622		82.71
South Carolina		20		2,131,034.17		0.22			7.924			597		85.35
Tennessee		27		4,606,705.28		0.47			7.287			628		83.29
Texas		72		9,493,215.87		0.98			7.659			609		83.59
Utah		15		1,863,613.55		0.19			7.118			613		84.64
Virginia		163		38,698,274.44		3.99			7.385			617		82.74
Washington		87		15,433,716.04		1.59			7.309			620		84.71
West Virginia		4		902,517.62		0.09			7.025			616		86.08
Wisconsin		55		6,679,539.70		0.69			7.659			623		84.61
Wyoming		2		123,115.27		0.01			7.670			608		82.36

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%


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

0		1,047	$	207,633,982.01		21.41	%		7.554	%		627		83.12	%
12		659		160,177,705.30		16.52			7.298			633		82.85
24		2,462		531,699,071.01		54.82			7.250			621		82.44
36		354		70,363,460.23		7.25			6.964			620		80.43

Total		4,522	$	969,874,218.55		100.00	%		7.302	%		624		82.51	%

F R I E D M AN B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 27		October 13, 2005

Aggregate Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Margin (%) — ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

2.501 - 3.000		1	$	529,683.99		0.06	%		6.990	%		613		90.00	%
4.001 - 4.500		28		8,537,346.16		0.99			5.333			656		79.10
4.501 - 5.000		147		49,981,515.45		5.80			5.712			659		79.36
5.001 - 5.500		421		123,698,352.93		14.35			6.143			650		80.54
5.501 - 6.000		614		186,653,517.11		21.65			6.656			639		80.86
6.001 - 6.500		713		187,207,813.94		21.71			7.125			631		82.93
6.501 - 7.000		1,496		305,698,610.66		35.45			8.192			586		82.42

Total		3,420	$	862,306,840.24		100.00	%		7.161	%		622		81.72	%


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

11.001 - 11.500		48	$	15,913,845.76		1.85	%		5.385	%		657		79.65	%
11.501 - 12.000		273		88,792,245.36		10.30			5.860			660		79.77
12.001 - 12.500		460		132,292,464.79		15.34			6.330			642		80.82
12.501 - 13.000		715		212,123,021.89		24.60			6.820			639		81.54
13.001 - 13.500		640		157,334,124.72		18.25			7.306			622		83.07
13.501 - 14.000		555		121,577,492.18		14.10			7.809			597		84.29
14.001 - 14.500		299		62,591,837.68		7.26			8.268			585		84.48
14.501 - 15.000		214		39,757,151.86		4.61			8.770			560		80.71
15.001 - 15.500		70		11,198,462.11		1.30			9.294			537		75.07
15.501 - 16.000		69		9,635,215.62		1.12			9.726			544		74.13
16.001 - 16.500		21		3,477,276.35		0.40			10.319			522		70.33
16.501 - 17.000		23		3,187,616.81		0.37			10.655			525		70.02
17.001 - 17.500		12		1,458,527.56		0.17			11.211			532		66.40
17.501 - 18.000		15		2,146,873.15		0.25			11.809			538		64.70
18.001 - 18.500		1		149,833.24		0.02			12.200			504		58.82
18.501 - 19.000		3		570,890.41		0.07			12.587			533		66.64
19.501 - 20.000		2		99,960.75		0.01			13.700			510		69.44

Total		3,420	$	862,306,840.24		100.00	%		7.161	%		622		81.72	%


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

5.001 - 5.500		49	$	16,193,701.99		1.88	%		5.385	%		657		79.65	%
5.501 - 6.000		275		89,371,116.14		10.36			5.861			660		79.77
6.001 - 6.500		459		132,012,608.56		15.31			6.332			642		80.82
6.501 - 7.000		715		211,787,969.13		24.56			6.823			638		81.54
7.001 - 7.500		642		157,857,113.89		18.31			7.305			623		83.12
7.501 - 8.000		557		122,363,772.44		14.19			7.809			596		84.27
8.001 - 8.500		297		62,010,418.34		7.19			8.280			585		84.39
8.501 - 9.000		214		39,189,045.11		4.54			8.797			559		80.61
9.001 - 9.500		69		11,135,578.59		1.29			9.298			537		74.98
9.501 - 10.000		68		9,606,955.16		1.11			9.756			542		74.37
10.001 - 10.500		22		3,535,883.16		0.41			10.322			522		70.49
10.501 - 11.000		21		2,875,199.43		0.33			10.761			526		69.22
11.001 - 11.500		11		1,399,920.75		0.16			11.241			532		65.83
11.501 - 12.000		17		2,328,034.01		0.27			11.801			536		65.12
12.001 - 12.500		1		149,833.24		0.02			12.200			504		58.82
12.501 - 13.000		1		389,729.55		0.05			13.000			545		65.00
13.501 - 14.000		2		99,960.75		0.01			13.700			510		69.44

Total		3,420	$	862,306,840.24		100.00	%		7.161	%		622		81.72	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 28		October 13, 2005

Aggregate Mortgage Loans


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

2.000		3,401	$	858,816,775.04		99.60	%		7.159	%		622		81.72	%
3.000		19		3,490,065.20		0.40			7.651			615		81.26

Total		3,420	$	862,306,840.24		100.00	%		7.161	%		622		81.72	%

Percent of

Weighted

Number of

Outstanding

Average

Subsequent Rate Cap (%)

Mortgage

Principal

Gross

Credit

Original

ARM Only

Loans

Balance

Coupon

Score

LTV

1.500

3,420

862,306,840.24

100.00

7.161

622

81.72

Total

3,420

862,306,840.24

100.00

7.161

622

81.72


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

17 - 22		1980	$	496,326,320.92		57.56	%		7.116	%		622		81.45	%
23 - 28		1345		341,434,368.82		39.60			7.254			620		82.14
29 - 34		46		11,515,276.48		1.34			6.681			649		82.44
35 - 40		31		7,255,408.29		0.84			6.896			641		81.02
53 - 58		9		2,959,045.81		0.34			6.794			634		78.26
59 - 64		9		2,816,419.92		0.33			6.807			664		79.67

Total		3,420	$	862,306,840.24		100.00	%		7.161	%		622		81.72	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 29		September 7, 2005

Group I Mortgage Loan Statistics

As of the Cut-off Date


				Minimum			Maximum
Scheduled Principal Balance	$	430,503,992.46		$	4,928.22		$	493,976.47
Average Scheduled Principal Balance	$	164,377.24
Number of Mortgage Loans		2,619

Weighted Average Gross Coupon		7.449	%		5.150	%		13.750	%
Weighted Average FICO Score		611			500			802
Weighted Average LTV		81.90	%		24.28	%		100.00	%

Weighted Average Original Term	359 months			60 months			360 months
Weighted Average Stated Remaining Term	357 months			58 months			359 months
Weighted Average Seasoning	2 months			1 months			7 months

ARM Characteristics
Weighted Average Gross Margin		6.253	%		4.070	%		6.990	%
Weighted Average Minimum Interest Rate		7.398	%		2.000	%		3.000	%
Weighted Average Maximum Interest Rate		13.404	%		11.150	%		19.750	%
Weighted Average Initial Rate Cap		2.006	%		2.000	%		3.000	%
Weighted Average Subsequent Rate Cap		1.500	%		1.500	%		1.500	%
Weighted Average Months to Roll	23 months			17 months			59 months

Maturity Date				August 1, 2010			September 1, 2035
Maximum Zip Code Concentration		11236 0.51	%

Note: Original LTV is calculated using LTV with respect to first lien mortgages and CLTV with respect to second lien mortgages.

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 30		September 7, 2005

Group 1 Mortgage Loans


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

5.001 - 5.500		32	$	8,078,677.96		1.88	%		5.376	%		658		79.90	%
5.501 - 6.000		144		33,258,092.11		7.73			5.876			655		79.91
6.001 - 6.500		282		61,220,330.02		14.22			6.317			637		80.23
6.501 - 7.000		380		77,787,070.34		18.07			6.830			630		81.94
7.001 - 7.500		405		75,304,775.05		17.49			7.312			615		83.39
7.501 - 8.000		403		69,812,358.00		16.22			7.810			597		83.64
8.001 - 8.500		234		37,510,483.34		8.71			8.290			587		83.93
8.501 - 9.000		240		29,933,038.80		6.95			8.813			569		81.06
9.001 - 9.500		115		11,754,893.35		2.73			9.287			560		79.79
9.501 - 10.000		102		10,331,092.90		2.40			9.775			560		77.27
10.001 - 10.500		70		5,251,354.67		1.22			10.334			551		79.64
10.501 - 11.000		96		5,305,362.21		1.23			10.808			565		83.14
11.001 - 11.500		48		2,425,277.59		0.56			11.232			566		80.13
11.501 - 12.000		30		1,780,101.67		0.41			11.751			546		69.59
12.001 - 12.500		31		589,320.76		0.14			12.280			585		83.76
12.501 - 13.000		3		37,707.41		0.01			12.929			625		90.03
13.001 - 13.500		2		24,095.53		0.01			13.250			649		92.82
13.501 - 14.000		2		99,960.75		0.02			13.700			510		69.44

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%


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

0.01 - 50,000.00		297	$	8,156,121.19		1.89	%		10.274	%		633		97.72	%
50,000.01 - 100,000.00		374		28,390,622.22		6.59			8.510			607		83.16
100,000.01 - 150,000.00		585		72,510,532.53		16.84			7.694			606		81.17
150,000.01 - 200,000.00		520		90,924,545.00		21.12			7.424			605		81.08
200,000.01 - 250,000.00		360		80,745,430.69		18.76			7.264			611		81.69
250,000.01 - 300,000.00		235		64,386,542.95		14.96			7.191			613		81.04
300,000.01 - 350,000.00		173		55,845,610.42		12.97			6.940			621		81.88
350,000.01 - 400,000.00		44		15,990,230.66		3.71			7.279			610		83.24
400,000.01 - 450,000.00		24		10,269,922.99		2.39			6.988			621		84.14
450,000.01 - 500,000.00		7		3,284,433.81		0.76			7.100			648		79.35

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%


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

ARM 2/28		1,665	$	296,311,125.11		68.83	%		7.618	%		602		81.38	%
ARM 2/28 — IO		327		67,956,557.96		15.79			6.569			629		82.78
Fixed 30 yr		430		47,743,617.41		11.09			7.751			634		83.67
ARM 3/27		40		7,719,426.27		1.79			7.059			633		82.58
ARM 5/25		14		3,900,872.65		0.91			6.629			647		78.84
ARM 3/27 — IO		17		3,645,190.00		0.85			6.567			635		82.44
Fixed 15 yr		51		1,441,388.15		0.33			9.167			632		87.93
Fixed 20 yr		16		1,187,252.80		0.28			7.271			650		81.10
Fixed 10 yr		51		532,085.56		0.12			11.746			632		95.19
Fixed 5 yr		8		66,476.55		0.02			12.028			633		93.09

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 31		September 7, 2005

Group 1 Mortgage Loans

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Mortgage Insurance

Loans

Balance

Coupon

Score

LTV

Not Covered

1,899

287,900,183.18

66.88

7.529

608

78.44

Covered

720

142,603,809.28

33.12

7.287

618

88.88

Total

2,619

430,503,992.46

100.00

7.449

611

81.90

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Amortization Type

Loans

Balance

Coupon

Score

LTV

Adjustable

2,063

379,533,171.99

88.16

7.398

608

81.64

Fixed

556

50,970,820.47

11.84

7.827

634

83.87

Total

2,619

430,503,992.46

100.00

7.449

611

81.90


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Interest Only Terms (Months)	Loans		Balance		Balance			Coupon			Score		LTV

N/A		2,275	$	358,902,244.50		83.37	%		7.625	%		608		81.73	%
60		344		71,601,747.96		16.63			6.569			629		82.76

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%


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

49 - 60		8	$	66,476.55		0.02	%		12.028	%		633		93.09	%
109 - 120		51		532,085.56		0.12			11.746			632		95.19
169 - 180		51		1,441,388.15		0.33			9.167			632		87.93
229 - 240		16		1,187,252.80		0.28			7.271			650		81.10
349 - 360		2,493		427,276,789.40		99.25			7.438			611		81.86

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%


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

1		1,099	$	177,803,233.96		41.30	%		7.502	%		609		82.46	%
2		1,344		221,346,805.05		51.42			7.389			613		81.45
3		151		27,248,985.20		6.33			7.491			611		82.18
4		17		3,006,280.21		0.70			8.176			582		78.16
5		5		863,306.81		0.20			7.390			644		87.98
6		2		176,774.42		0.04			10.135			585		72.57
7		1		58,606.81		0.01			10.490			530		80.00

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%


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

1		2,275	$	419,431,749.99		97.43	%		7.378	%		611		81.44	%
2		344		11,072,242.47		2.57			10.139			641		99.38

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 32		September 7, 2005

Group 1 Mortgage Loans


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

20.01 - 25.00		1	$	62,800.86		0.01	%		8.650	%		635		24.28	%
25.01 - 30.00		1		75,889.08		0.02			7.600			612		27.64
30.01 - 35.00		3		339,293.16		0.08			7.608			584		31.51
35.01 - 40.00		3		614,487.19		0.14			7.047			613		37.23
40.01 - 45.00		2		401,041.53		0.09			6.469			665		41.18
45.01 - 50.00		5		1,169,649.91		0.27			7.619			586		47.01
50.01 - 55.00		9		1,894,195.91		0.44			7.854			561		54.29
55.01 - 60.00		28		4,141,911.38		0.96			7.511			613		58.70
60.01 - 65.00		91		16,860,723.24		3.92			8.482			570		63.65
65.01 - 70.00		115		20,838,486.41		4.84			8.337			565		68.99
70.01 - 75.00		170		29,794,662.69		6.92			7.821			575		74.02
75.01 - 80.00		927		170,089,601.32		39.51			7.060			620		79.77
80.01 - 85.00		265		51,546,238.86		11.97			7.243			602		84.47
85.01 - 90.00		561		101,934,651.67		23.68			7.410			620		89.80
90.01 - 95.00		112		11,876,066.61		2.76			7.597			637		94.88
95.01 - 100.00		326		18,864,292.64		4.38			9.109			645		99.86

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%


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

500 - 519		146	$	25,937,192.70		6.02	%		9.117	%		509		73.63	%
520 - 539		158		27,803,330.62		6.46			8.483			529		75.22
540 - 559		192		31,349,026.29		7.28			8.012			551		80.16
560 - 579		216		39,093,639.44		9.08			7.775			569		82.14
580 - 599		362		57,118,770.02		13.27			7.431			589		83.16
600 - 619		400		62,569,496.82		14.53			7.292			609		83.21
620 - 639		369		57,592,250.80		13.38			7.120			629		83.55
640 - 659		305		46,403,197.00		10.78			6.959			649		83.08
660 - 679		179		33,037,844.35		7.67			6.862			669		83.84
680 - 699		127		20,754,601.94		4.82			6.920			689		83.52
700 - 719		64		11,080,974.84		2.57			6.754			710		82.97
720 - 739		47		7,085,549.55		1.65			6.792			728		83.51
740 - 759		26		4,575,212.56		1.06			6.919			747		82.60
760 - 779		14		3,778,226.52		0.88			6.681			770		82.56
780 - 799		13		2,192,041.70		0.51			6.678			787		87.85
800 - 819		1		132,637.31		0.03			6.500			802		93.01

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%


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

Cashout		1,484	$	282,729,306.41		65.67	%		7.435	%		602		80.65	%
Purchase		1,094		140,065,599.01		32.54			7.486			629		84.28
Rate/Term Refinance		41		7,709,087.04		1.79			7.307			629		84.53

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 33		September 7, 2005

Group 1 Mortgage Loans


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

Single Family		2,201	$	348,644,025.83		80.99	%		7.457	%		607		81.94	%
Duplex		219		47,209,718.62		10.97			7.410			625		82.01
Condo		156		23,876,751.88		5.55			7.421			634		83.05
3-4 Unit		43		10,773,496.13		2.50			7.427			624		77.73

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%


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

Full		1,875	$	289,312,919.93		67.20	%		7.279	%		613		83.68	%
Stated		713		134,712,887.04		31.29			7.800			609		78.04
Limited		31		6,478,185.49		1.50			7.737			584		82.48

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%


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

Owner Occupied		2,242	$	373,576,476.66		86.78	%		7.391	%		607		81.85	%
Non-Owner Occupied		349		52,038,944.56		12.09			7.871			641		82.33
Second Home		28		4,888,571.24		1.14			7.375			629		81.31

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%


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

A		2,385	$	391,043,251.64		90.83	%		7.279	%		618		82.95	%
B		100		17,396,621.91		4.04			8.280			553		75.76
C		131		21,726,570.29		5.05			9.790			537		68.17
D		3		337,548.62		0.08			11.019			542		61.85

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 34		September 7, 2005

Group 1 Mortgage Loans


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

Alaska		2	$	481,501.44		0.11	%		7.952	%		559		72.31	%
Arizona		65		10,257,623.43		2.38			7.724			598		84.42
Arkansas		1		76,944.83		0.02			11.000			502		70.00
California		242		57,720,886.82		13.41			7.006			610		78.67
Colorado		68		8,995,628.62		2.09			7.055			618		84.09
Connecticut		57		9,515,231.76		2.21			7.675			628		83.59
Delaware		8		803,731.64		0.19			7.606			605		82.04
District of Columbia		21		3,808,594.84		0.88			7.253			634		80.68
Florida		352		50,380,563.16		11.70			7.745			601		81.62
Georgia		154		17,791,717.02		4.13			7.588			617		84.74
Hawaii		27		7,304,746.83		1.70			6.808			641		79.89
Idaho		14		1,095,023.42		0.25			7.988			603		85.17
Illinois		239		34,525,178.10		8.02			7.374			619		84.00
Indiana		24		2,050,320.77		0.48			8.395			600		83.00
Iowa		4		296,697.14		0.07			7.963			629		84.37
Kansas		3		323,216.89		0.08			8.870			578		80.76
Kentucky		6		435,586.40		0.10			7.706			643		88.33
Maine		7		988,322.50		0.23			7.875			584		72.73
Maryland		165		29,495,293.64		6.85			7.370			605		81.79
Massachusetts		76		16,240,631.59		3.77			7.246			630		82.13
Michigan		100		10,034,676.07		2.33			8.090			604		83.98
Minnesota		52		8,651,446.97		2.01			7.313			617		82.57
Missouri		35		3,474,609.15		0.81			8.541			591		84.19
Nebraska		3		300,204.00		0.07			7.344			580		85.73
Nevada		57		11,241,588.73		2.61			7.304			614		80.29
New Hampshire		25		4,371,307.90		1.02			7.605			600		82.72
New Jersey		189		39,028,394.90		9.07			7.591			611		81.50
New Mexico		3		468,959.62		0.11			7.621			615		88.30
New York		143		36,191,654.33		8.41			7.241			611		80.08
North Carolina		36		4,143,316.86		0.96			7.580			604		83.72
Ohio		48		5,355,536.11		1.24			7.868			597		86.80
Oklahoma		7		572,718.75		0.13			8.339			606		87.51
Oregon		19		2,199,112.12		0.51			7.094			649		83.39
Pennsylvania		54		6,422,935.01		1.49			8.344			588		82.21
Rhode Island		18		4,029,407.31		0.94			7.119			614		81.90
South Carolina		10		977,000.11		0.23			8.258			600		85.22
Tennessee		15		1,405,127.19		0.33			7.647			589		81.67
Texas		42		4,365,700.47		1.01			7.571			617		83.53
Utah		13		1,456,007.43		0.34			7.142			613		85.94
Virginia		103		17,693,577.20		4.11			7.556			610		81.44
Washington		64		9,878,777.60		2.29			7.296			624		84.22
West Virginia		4		902,517.62		0.21			7.025			616		86.08
Wisconsin		42		4,628,860.90		1.08			7.853			612		86.37
Wyoming		2		123,115.27		0.03			7.670			608		82.36

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%


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

N/A		611	$	98,353,692.62		22.85	%		7.609	%		618		82.66	%
12		336		61,898,507.83		14.38			7.448			614		81.88
24		1,393		223,022,752.33		51.81			7.456			607		81.87
36		279		47,229,039.68		10.97			7.086			616		80.48

Total		2,619	$	430,503,992.46		100.00	%		7.449	%		611		81.90	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 35		September 7, 2005

Group 1 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Margin (%) — ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

4.001 - 4.500		18	$	4,337,862.80		1.14	%		5.325	%		647		78.57	%
4.501 - 5.000		71		17,458,318.62		4.60			5.689			661		80.17
5.001 - 5.500		216		45,746,536.52		12.05			6.140			639		81.00
5.501 - 6.000		283		61,162,653.98		16.12			6.632			631		81.15
6.001 - 6.500		393		75,839,339.38		19.98			7.137			619		83.68
6.501 - 7.000		1,082		174,988,460.69		46.11			8.331			581		81.31

Total		2,063	$	379,533,171.99		100.00	%		7.398	%		608		81.64	%


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

11.001 - 11.500		31	$	7,798,821.73		2.05	%		5.375	%		658		79.89	%
11.501 - 12.000		121		27,535,094.19		7.25			5.854			655		80.41
12.001 - 12.500		251		54,511,483.13		14.36			6.307			634		80.47
12.501 - 13.000		328		67,399,285.60		17.76			6.829			628		82.47
13.001 - 13.500		376		69,974,586.12		18.44			7.312			614		83.55
13.501 - 14.000		377		65,314,250.42		17.21			7.811			596		83.73
14.001 - 14.500		215		35,320,279.72		9.31			8.271			586		84.19
14.501 - 15.000		169		24,413,230.06		6.43			8.788			558		79.30
15.001 - 15.500		62		9,101,994.84		2.40			9.284			540		75.65
15.501 - 16.000		61		8,233,336.67		2.17			9.722			545		73.51
16.001 - 16.500		21		3,477,276.35		0.92			10.319			522		70.33
16.501 - 17.000		23		3,187,616.81		0.84			10.655			525		70.02
17.001 - 17.500		12		1,458,527.56		0.38			11.211			532		66.40
17.501 - 18.000		11		1,376,433.94		0.36			11.742			537		65.19
18.001 - 18.500		1		149,833.24		0.04			12.200			504		58.82
18.501 - 19.000		2		181,160.86		0.05			11.698			507		70.17
19.501 - 20.000		2		99,960.75		0.03			13.700			510		69.44

Total		2,063	$	379,533,171.99		100.00	%		7.398	%		608		81.64	%


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

5.001 - 5.500		32	$	8,078,677.96		2.13	%		5.376	%		658		79.90	%
5.501 - 6.000		122		27,700,485.81		7.30			5.855			654		80.41
6.001 - 6.500		250		54,231,626.90		14.29			6.312			634		80.47
6.501 - 7.000		329		67,477,712.00		17.78			6.832			628		82.47
7.001 - 7.500		377		70,305,975.29		18.52			7.311			615		83.66
7.501 - 8.000		378		65,450,455.09		17.24			7.813			595		83.70
8.001 - 8.500		214		34,930,460.38		9.20			8.286			585		84.01
8.501 - 9.000		170		24,495,198.90		6.45			8.798			558		79.23
9.001 - 9.500		61		9,039,111.32		2.38			9.290			539		75.55
9.501 - 10.000		60		8,205,076.21		2.16			9.758			544		73.78
10.001 - 10.500		22		3,535,883.16		0.93			10.322			522		70.49
10.501 - 11.000		21		2,875,199.43		0.76			10.761			526		69.22
11.001 - 11.500		11		1,399,920.75		0.37			11.241			532		65.83
11.501 - 12.000		13		1,557,594.80		0.41			11.737			534		65.77
12.001 - 12.500		1		149,833.24		0.04			12.200			504		58.82
13.501 - 14.000		2		99,960.75		0.03			13.700			510		69.44

Total		2,063	$	379,533,171.99		100.00	%		7.398	%		608		81.64	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3 Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 36		September 7, 2005

Group 1 Mortgage Loans


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

2.000		2,047	$	377,298,261.54		99.41	%		7.395	%		608		81.64	%
3.000		16		2,234,910.45		0.59			8.017			598		80.88

Total		2,063	$	379,533,171.99		100.00	%		7.398	%		608		81.64	%

Percent of

Weighted

Number of

Outstanding

Average

Subsequent Rate Cap (%)

Mortgage

Principal

Gross

Credit

Original

ARM Only

Loans

Balance

Coupon

Score

LTV

1.500

2,063

379,533,171.99

100.00

7.398

608

81.64

Total

2,063

379,533,171.99

100.00

7.398

608

81.64


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

17		1	$	58,606.81		0.02	%		10.490	%		530		80.00	%
18		1		87,558.67		0.02			11.750			509		65.00
19		5		863,306.81		0.23			7.390			644		87.98
20		17		3,006,280.21		0.79			8.176			582		78.16
21		128		23,984,562.48		6.32			7.507			610		81.91
22		1,021		187,601,721.47		49.43			7.362			609		81.10
23		819		148,665,646.62		39.17			7.466			605		82.32
30		1		89,215.75		0.02			8.550			659		80.00
33		3		700,397.96		0.18			7.330			622		85.22
34		28		5,575,490.17		1.47			6.797			628		81.14
35		25		4,999,512.39		1.32			6.928			641		83.77
58		8		2,385,246.80		0.63			6.540			654		80.12
59		6		1,515,625.85		0.40			6.768			637		76.83

Total		2,063	$	379,533,171.99		100.00	%		7.398	%		608		81.64	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3, Callable Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 37		September 7, 2005

Group II Mortgage Loan Statistics

As of the Cut-off Date


				Minimum			Maximum
Scheduled Principal Balance	$	539,370,226.09		$	8,718.45		$	1,000,000.00
Average Scheduled Principal Balance	$	283,431.54
Number of Mortgage Loans		1,903

Weighted Average Gross Coupon		7.185	%		5.150	%		13.000	%
Weighted Average FICO Score		634			500			810
Weighted Average LTV		82.99	%		37.04	%		100.00	%

Weighted Average Original Term	359 months			60 months			360 months
Weighted Average Stated Remaining Term	358 months			58 months			359 months
Weighted Average Seasoning	2 months			1 months			5 months

ARM Characteristics
Weighted Average Gross Margin		6.000	%		3.000	%		6.990	%
Weighted Average Minimum Interest Rate		6.974	%		5.150	%		13.000	%
Weighted Average Maximum Interest Rate		12.977	%		11.150	%		19.000	%
Weighted Average Initial Rate Cap		2.003	%		2.000	%		3.000	%
Weighted Average Subsequent Rate Cap		1.500	%		1.500	%		1.500	%
Weighted Average Months to Roll	23 months			19 months			59 months

Maturity Date				August 1, 2010			September 1, 2035
Maximum Zip Code Concentration		94531 0.87	%

Note: Original LTV is calculated using LTV with respect to first lien mortgages and CLTV with respect to second lien mortgages.

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3, Callable Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 38		September 7, 2005

Group 2 Mortgage Loans


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

5.001 - 5.500		17	$	8,115,024.03		1.50	%		5.395	%		656		79.41	%
5.501 - 6.000		161		65,566,011.88		12.16			5.872			664		79.63
6.001 - 6.500		221		82,541,615.69		15.30			6.348			649		80.97
6.501 - 7.000		398		148,696,189.54		27.57			6.815			644		81.12
7.001 - 7.500		271		89,516,744.50		16.60			7.301			628		82.58
7.501 - 8.000		185		58,679,528.69		10.88			7.803			598		84.82
8.001 - 8.500		89		28,054,718.55		5.20			8.270			587		84.81
8.501 - 9.000		113		20,307,762.76		3.77			8.837			596		87.47
9.001 - 9.500		80		8,404,859.53		1.56			9.317			629		90.82
9.501 - 10.000		130		12,310,552.23		2.28			9.837			659		97.21
10.001 - 10.500		79		5,772,449.51		1.07			10.369			623		99.90
10.501 - 11.000		97		6,401,811.56		1.19			10.857			620		99.53
11.001 - 11.500		44		3,399,054.48		0.63			11.183			622		98.53
11.501 - 12.000		14		1,154,002.25		0.21			11.925			563		75.16
12.001 - 12.500		3		60,171.34		0.01			12.386			603		93.25
12.501 - 13.000		1		389,729.55		0.07			13.000			545		65.00

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%


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

0.01 - 50,000.00		124	$	4,195,598.95		0.78	%		10.247	%		643		99.38	%
50,000.01 - 100,000.00		277		20,942,252.89		3.88			9.857			644		97.43
100,000.01 - 150,000.00		210		25,424,780.03		4.71			8.641			632		89.89
150,000.01 - 200,000.00		159		27,777,069.53		5.15			7.553			637		84.45
200,000.01 - 250,000.00		157		35,111,092.63		6.51			6.989			637		81.37
250,000.01 - 300,000.00		140		38,735,426.35		7.18			7.025			635		83.00
300,000.01 - 350,000.00		132		42,810,301.70		7.94			6.950			635		82.05
350,000.01 - 400,000.00		194		72,776,946.73		13.49			7.003			633		82.48
400,000.01 - 450,000.00		152		64,472,072.13		11.95			6.920			637		81.92
450,000.01 - 500,000.00		98		46,739,726.67		8.67			6.854			635		81.12
500,000.01 - 550,000.00		69		36,129,978.38		6.70			6.866			638		82.71
550,000.01 - 600,000.00		67		38,424,028.91		7.12			6.921			634		81.71
600,000.01 - 650,000.00		37		23,123,280.66		4.29			6.930			617		80.04
650,000.01 - 700,000.00		37		24,998,249.57		4.63			6.901			642		81.97
700,000.01 - 750,000.00		45		33,189,116.76		6.15			6.979			612		79.46
750,000.01 - 800,000.00		1		761,600.00		0.14			5.390			641		80.00
850,000.01 - 900,000.00		2		1,776,833.62		0.33			6.603			715		76.85
950,000.01 - 1,000,000.00		2		1,981,870.58		0.37			5.599			704		76.41

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3, Callable Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 39		September 7, 2005

Group 2 Mortgage Loans


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

ARM 2/28		916	$	315,185,043.34		58.44	%		7.182	%		626		82.19	%
ARM 2/28 - IO		417		158,307,963.33		29.35			6.579			642		81.05
Fixed 30 yr		508		54,632,934.33		10.13			8.978			652		93.37
ARM 3/27		13		4,611,568.50		0.85			6.902			654		78.27
ARM 3/27 - IO		7		2,794,500.00		0.52			5.978			682		85.23
ARM 5/25		4		1,874,593.08		0.35			7.158			652		79.17
Fixed 20 yr		8		1,028,345.60		0.19			7.625			640		87.23
Fixed 15 yr		18		579,673.49		0.11			10.820			631		97.85
Fixed 10 yr		10		320,233.86		0.06			10.396			637		93.72
Fixed 5 yr		2		35,370.56		0.01			11.721			697		95.00

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Mortgage Insurance

Loans

Balance

Coupon

Score

LTV

Not Covered

1,688

478,172,989.83

88.65

7.175

637

82.23

Covered

215

61,197,236.26

11.35

7.266

610

88.91

Total

1,903

539,370,226.09

100.00

7.185

634

82.99

Percent of

Weighted

Number of

Outstanding

Average

Mortgage

Principal

Gross

Credit

Original

Amortization Type

Loans

Balance

Coupon

Score

LTV

Adjustable

1,357

482,773,668.25

89.51

6.974

632

81.78

Fixed

546

56,596,557.84

10.49

8.982

652

93.30

Total

1,903

539,370,226.09

100.00

7.185

634

82.99


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Interest Only Terms (Months)	Loans		Balance		Balance			Coupon			Score		LTV

N/A		1,479	$	378,267,762.76		70.13	%		7.448	%		631		83.79	%
60		424		161,102,463.33		29.87			6.569			643		81.12

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%


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

49 - 60		2	$	35,370.56		0.01	%		11.721	%		697		95.00	%
109 - 120		10		320,233.86		0.06			10.396			637		93.72
169 - 180		18		579,673.49		0.11			10.820			631		97.85
229 - 240		8		1,028,345.60		0.19			7.625			640		87.23
349 - 360		1,865		537,406,602.58		99.64			7.178			634		82.96

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3, Callable Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 40		September 7, 2005

Group 2 Mortgage Loans


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

1		757	$	217,380,441.89		40.30	%		7.296	%		634		83.19	%
2		1,026		282,199,913.95		52.32			7.154			633		82.94
3		114		37,307,737.61		6.92			6.795			644		82.36
4		3		1,226,977.89		0.23			6.852			649		80.00
5		3		1,255,154.75		0.23			6.998			644		81.93

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%


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

1		1,406	$	500,926,529.51		92.87	%		6.968	%		633		81.73	%
2		497		38,443,696.58		7.13			10.014			654		99.40

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%


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

35.01 - 40.00		2	$	848,618.12		0.16	%		7.294	%		601		37.45	%
40.01 - 45.00		1		469,188.38		0.09			6.750			631		44.76
45.01 - 50.00		2		469,264.90		0.09			6.985			606		46.25
50.01 - 55.00		2		1,041,803.07		0.19			6.450			621		52.70
55.01 - 60.00		9		2,775,825.58		0.51			7.226			595		57.90
60.01 - 65.00		15		6,462,313.93		1.20			8.086			604		63.62
65.01 - 70.00		18		7,683,533.85		1.42			6.789			606		68.47
70.01 - 75.00		52		25,996,580.85		4.82			7.326			594		73.64
75.01 - 80.00		909		307,752,150.98		57.06			6.785			644		79.93
80.01 - 85.00		94		37,052,554.24		6.87			7.018			602		84.60
85.01 - 90.00		255		93,298,130.54		17.30			7.255			621		89.89
90.01 - 95.00		59		9,555,594.04		1.77			8.019			645		94.63
95.01 - 100.00		485		45,964,667.61		8.52			9.564			656		99.98

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%


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

500 - 519		29	$	12,178,947.16		2.26	%		8.458	%		510		78.31	%
520 - 539		45		18,107,627.91		3.36			8.101			529		77.69
540 - 559		69		22,675,515.64		4.20			7.916			550		84.27
560 - 579		86		27,197,584.82		5.04			7.442			571		84.40
580 - 599		208		59,979,229.21		11.12			7.213			590		81.61
600 - 619		275		70,866,034.25		13.14			7.280			609		83.36
620 - 639		327		83,648,141.10		15.51			7.183			629		83.48
640 - 659		301		81,865,463.77		15.18			6.977			648		82.98
660 - 679		179		50,838,366.91		9.43			6.866			670		83.30
680 - 699		165		45,912,995.93		8.51			7.008			689		83.58
700 - 719		101		31,299,902.66		5.80			6.885			708		84.71
720 - 739		44		12,382,676.69		2.30			6.905			730		83.84
740 - 759		37		9,336,552.70		1.73			6.947			748		84.57
760 - 779		28		9,889,458.66		1.83			6.623			772		82.76
780 - 799		7		2,107,698.29		0.39			6.686			786		82.19
800 - 819		2		1,084,030.39		0.20			6.368			808		68.33

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3, Callable Mortgage-Backed Notes, Series 2005-3
Series Term Sheet
Page 41		September 7, 2005

Group 2 Mortgage Loans


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

Purchase		1,549	$	380,712,857.67		70.58	%		7.205	%		645		83.54	%
Cashout		350		156,847,283.22		29.08			7.119			608		81.70
Rate/Term Refinance		4		1,810,085.20		0.34			8.749			562		78.70

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%


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

Single Family		1,575	$	446,133,713.47		82.71	%		7.178	%		630		83.00	%
Duplex		186		60,380,071.43		11.19			7.161			658		82.92
Condo		130		28,457,514.14		5.28			7.400			637		82.90
3-4 Unit		12		4,398,927.05		0.82			6.903			663		83.28

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%


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

Full		1,070	$	287,463,428.60		53.30	%		6.984	%		625		83.83	%
Stated		807		242,708,211.39		45.00			7.410			647		81.87
Limited		26		9,198,586.10		1.71			7.540			591		86.19

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%


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

Owner Occupied		1,863	$	522,101,704.56		96.80	%		7.173	%		634		82.98	%
Non-Owner Occupied		34		14,482,032.84		2.68			7.596			648		82.53
Second Home		6		2,786,488.69		0.52			7.321			605		86.59

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%


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

A		1,865	$	524,803,756.13		97.30	%		7.146	%		636		83.26	%
B		24		10,877,473.47		2.02			8.147			562		75.21
C		14		3,688,996.49		0.68			9.884			554		67.61

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3, Callable Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 42		September 7, 2005

Group 2 Mortgage Loans


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

Arizona		37	$	6,456,861.56		1.20	%		7.368	%		609		82.71	%
Arkansas		3		269,722.04		0.05			8.464			621		84.39
California		581		206,041,412.61		38.20			6.942			635		82.44
Colorado		19		4,464,436.42		0.83			7.228			624		82.77
Connecticut		25		6,962,389.90		1.29			7.510			624		78.03
Delaware		7		1,507,105.71		0.28			7.390			628		86.67
District of Columbia		7		3,087,653.76		0.57			7.919			608		82.89
Florida		252		56,346,091.30		10.45			7.537			634		83.20
Georgia		77		10,899,693.81		2.02			7.606			610		84.81
Hawaii		28		8,257,658.89		1.53			7.260			674		83.38
Idaho		7		562,573.34		0.10			7.923			586		84.21
Illinois		69		14,374,921.95		2.67			7.324			654		84.37
Indiana		8		767,323.56		0.14			7.957			637		83.88
Kentucky		3		1,259,162.36		0.23			7.134			583		86.32
Maine		5		939,676.75		0.17			7.749			587		87.24
Maryland		86		25,310,667.79		4.69			7.328			620		82.80
Massachusetts		49		14,751,013.53		2.73			7.172			640		82.85
Michigan		7		1,557,626.87		0.29			7.096			602		82.37
Minnesota		6		1,797,738.85		0.33			7.152			635		84.84
Missouri		3		723,743.25		0.13			8.070			598		92.26
Montana		1		341,128.58		0.06			7.400			557		90.00
Nevada		38		9,709,693.56		1.80			7.263			624		83.45
New Hampshire		2		916,540.11		0.17			8.314			587		87.80
New Jersey		112		34,361,691.83		6.37			7.360			634		83.13
New Mexico		5		1,499,252.02		0.28			7.370			643		85.25
New York		262		79,370,103.84		14.72			7.151			649		83.33
North Carolina		14		2,429,198.09		0.45			7.041			598		82.26
Ohio		11		1,327,233.13		0.25			7.173			627		82.44
Oregon		8		1,418,393.51		0.26			7.101			602		84.24
Pennsylvania		16		2,174,880.43		0.40			7.555			606		80.82
Rhode Island		5		983,588.59		0.18			7.446			651		86.03
South Carolina		10		1,154,034.06		0.21			7.642			594		85.46
Tennessee		12		3,201,578.09		0.59			7.129			645		84.00
Texas		30		5,127,515.40		0.95			7.735			601		83.63
Utah		2		407,606.12		0.08			7.033			610		80.00
Virginia		60		21,004,697.24		3.89			7.241			623		83.83
Washington		23		5,554,938.44		1.03			7.332			612		85.59
Wisconsin		13		2,050,678.80		0.38			7.220			649		80.63

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%


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

N/A		436	$	109,280,289.39		20.26	%		7.505	%		635		83.53	%
12		323		98,279,197.47		18.22			7.204			645		83.47
24		1,069		308,676,318.68		57.23			7.101			631		82.85
36		75		23,134,420.55		4.29			6.716			628		80.32

Total		1,903	$	539,370,226.09		100.00	%		7.185	%		634		82.99	%



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

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3, Callable Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 43		September 7, 2005

Group 2 Mortgage Loans


					Percent of			Weighted			Weighted		Weighted
	Number of		Outstanding		Outstanding			Average			Average		Average
	Mortgage		Principal		Principal			Gross			Credit		Original
Margin (%) — ARM Only	Loans		Balance		Balance			Coupon			Score		LTV

2.501 - 3.000		1	$	529,683.99		0.11	%		6.990	%		613		90.00	%
4.001 - 4.500		10		4,199,483.36		0.87			5.342			666		79.66
4.501 - 5.000		76		32,523,196.83		6.74			5.725			658		78.93
5.001 - 5.500		205		77,951,816.41		16.15			6.145			657		80.27
5.501 - 6.000		331		125,490,863.13		25.99			6.667			643		80.71
6.001 - 6.500		320		111,368,474.56		23.07			7.117			640		82.42
6.501 - 7.000		414		130,710,149.97		27.07			8.007			593		83.92

Total		1,357	$	482,773,668.25		100.00	%		6.974	%		632		81.78	%


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

11.001 - 11.500		17	$	8,115,024.03		1.68	%		5.395	%		656		79.41	%
11.501 - 12.000		152		61,257,151.17		12.69			5.863			662		79.48
12.001 - 12.500		209		77,780,981.66		16.11			6.346			649		81.07
12.501 - 13.000		387		144,723,736.29		29.98			6.816			644		81.10
13.001 - 13.500		264		87,359,538.60		18.10			7.301			629		82.69
13.501 - 14.000		178		56,263,241.76		11.65			7.807			597		84.94
14.001 - 14.500		84		27,271,557.96		5.65			8.265			585		84.86
14.501 - 15.000		45		15,343,921.80		3.18			8.742			564		82.94
15.001 - 15.500		8		2,096,467.27		0.43			9.336			526		72.54
15.501 - 16.000		8		1,401,878.95		0.29			9.748			534		77.78
17.501 - 18.000		4		770,439.21		0.16			11.930			541		63.82
18.501 - 19.000		1		389,729.55		0.08			13.000			545		65.00

Total		1,357	$	482,773,668.25		100.00	%		6.974	%		632		81.78	%


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

5.001 - 5.500		17	$	8,115,024.03		1.68	%		5.395	%		656		79.41	%
5.501 - 6.000		153		61,670,630.33		12.77			5.864			663		79.49
6.001 - 6.500		209		77,780,981.66		16.11			6.346			649		81.07
6.501 - 7.000		386		144,310,257.13		29.89			6.819			643		81.10
7.001 - 7.500		265		87,551,138.60		18.14			7.301			629		82.69
7.501 - 8.000		179		56,913,317.35		11.79			7.804			598		84.93
8.001 - 8.500		83		27,079,957.96		5.61			8.271			585		84.90
8.501 - - 9.000		44		14,693,846.21		3.04			8.794			562		82.91
9.001 - 9.500		8		2,096,467.27		0.43			9.336			526		72.54
9.501 - 10.000		8		1,401,878.95		0.29			9.748			534		77.78
11.501 - 12.000		4		770,439.21		0.16			11.930			541		63.82
12.501 - 13.000		1		389,729.55		0.08			13.000			545		65.00

Total		1,357	$	482,773,668.25		100.00	%		6.974	%		632		81.78	%


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

2.000		1,354	$	481,518,513.50		99.74	%		6.974	%		632		81.78	%
3.000		3		1,255,154.75		0.26			6.998			644		81.93

Total		1,357	$	482,773,668.25		100.00	%		6.974	%		632		81.78	%



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

F R I E D M A N B I L L I N G S R A M S E Y


FBR Securitization Trust 2005-3, Callable Mortgage-Backed Notes, Series 2005-3 Series Term Sheet Page 44		September 7, 2005

Group 2 Mortgage Loans

Percent of

Weighted

Number of

Outstanding

Average

Subsequent Rate Cap (%)

Mortgage

Principal

Gross

Credit

Original

ARM Only

Loans

Balance

Coupon

Score

LTV

1.500

1,357

482,773,668.25

100.00

6.974

632

81.78

Total

1,357

482,773,668.25

100.00

6.974

632

81.78


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

19		3	$	1,255,154.75		0.26	%		6.998	%		644		81.93	%
20		3		1,226,977.89		0.25			6.852			649		80.00
21		103		36,171,590.42		7.49			6.729			642		82.06
22		698		242,070,561.41		50.14			6.930			630		81.62
23		526		192,768,722.20		39.93			7.091			631		82.01
33		1		456,449.36		0.09			7.150			761		80.00
34		13		4,693,723.24		0.97			6.365			667		83.85
35		6		2,255,895.90		0.47			6.825			641		74.93
58		1		573,799.01		0.12			7.850			552		70.55
59		3		1,300,794.07		0.27			6.853			696		82.97

Total		1,357	$	482,773,668.25		100.00	%		6.974	%		632		81.78	%



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

F R I E D M A N B I L L I N G S R A M S E Y

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