FBR Securitization 8-K Other Events

FBR Securitization Trust 2005-3

Disclaimer

COMPUTATIONAL MATERIALS

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

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

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

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

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

No MI Loans

	WA SS														% with
WACLTV	CLTV		WAFICO		WAC		% Bal.		Purch %		Invt Prop %		1st Lien %		S.2nds		CA%		Full Doc %		IO%		DTI %		DTI% > 45		% with MI
80-85%		87.27		598		7.307		3.56		24.48		11.08		98.29		27.15		34.1		73.25		11.9		42.36		57.45		0
85-90%		92.58		627		7.342		9.37		51.52		17.78		99.52		40.81		35.21		65.38		11.26		44.11		41.98		0
90-95%		94.74		642		8.251		1.41		36.46		3.34		72.16		0		31.71		65.1		20.67		43.78		46.57		0
95-100%		99.96		654		9.651		7.37		83.53		0		19.02		0		23.01		56.63		4		42		55.4		0

													% with
SSCLTV	WAFICO		WAC		% Bal.		Purch %		Invt Prop %		1st Lien %		S.2nds		CA%		Full Doc %		IO%		DTI %		DTI% > 45		% with MI
80-85%		598		7.306		3.15		15.69		13.42		98.06		17.66		40.36		72.69		19.53		40.76		54.85		0
85-90%		633		7.176		6.75		40.18		12.67		99.33		17.85		40.18		54.74		15.46		44.35		43.19		0
90-95%		632		7.347		7.01		56.67		11.84		94.42		79.95		29.94		68.07		25.82		42.74		50.22		0
95-100%		648		7.164		52.03		86.1		0.91		88.53		85.84		27.51		56.58		35.22		42.44		52.34		0

MI Loans

	WA SS														% with
WACLTV	CLTV		WAFICO		WAC		% Bal.		Purch %		Invt Prop %		1st Lien %		S.2nds		CA%		Full Doc %		IO%		DTI %		DTI% > 45		% with MI
80-85%		86.19		604		7.079		30.09		24.09		5.56		100		13		21.91		79.36		20.59		43.71		42.89		100
85-90%		92.3		617		7.333		60.56		47.1		10.07		100		37.13		16.65		81.31		15.44		42.35		52.97		100
90-95%		94.8		640		7.316		5.23		20.19		0.5		100		0		15.14		100		55.23		43.13		50.74		100
95-100%		99.79		646		7.952		4.11		41.64		0		100		0		6.81		100		35.51		41.95		57.85		100

													% with
SSCLTV	WAFICO		WAC		% Bal.		Purch %		Invt Prop %		1st Lien %		S.2nds		CA%		Full Doc %		IO%		DTI %		DTI% > 45		% with MI
80-85%		603		7.081		26.18		17.7		5.08		100		0		22.44		76.81		16.61		44.04		41.3		100
85-90%		623		7.206		38.71		29.05		7.6		100		1.64		19.52		70.4		17.4		42.91		52.28		100
90-95%		607		7.55		20.36		57.19		16.46		100		74.3		14.43		100		15.34		41.47		53.76		100
95-100%		629		7.458		14.75		74.7		1.17		100		72.11		9.37		100		38.56		42.02		54.4		100

Disclaimer

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

All average are wtg averages.

	Originator/	Originator/	Originator/
	Source 1	Source 2	Source 3	Aggregate
Description (expected bbg ticker)
Originator				Fremont
Dealer Shelf
Dealer
Largest Servicer				Wells Fargo
FICO avg					624
FICO stdev					56
FICO < 500					0
FICO < 560					14.23
10th Percentile FICO					548
90th Percentile FICO					695
CLTV avg					82.51
CLTV >80%					38.16
SS CLTV (incl. silent second LTVs)					90.45
% With Silent 2nds					46.64
10th Percentile CLTV					75
90th Percentile CLTV					100
Full Doc %					59.47
Loan Bal avg (000s)					214479.04
DTI %					42.61
DTI >45%					48.45
Purch %					53.7
Cash Out %					45.32
Fxd %					11.09
3 yr ARM >=					1.94
WAC					7.3
WAC stdev					1.55
1st Lien %					94.89
MI %					21.01
MI Insurer				MGIC
CA %					27.2
Sng Fam %					81.95
Invt Prop %					6.86
MH %					0
IO%					23.99
2yr IO%					0
IO non-full doc %					4.24
2-4 Family %					12.66
Prim Occ					92.35
<$100K Bal %					6.34
2-yr Prepay Penalty %					54.82
% of 40-year loans					0
Initial Target OC %					2.05	%
Total C/E% Aaa					18.10	%
Total C/E% Aa2					11.85	%
Total C/E% A2					7.05	%
Mth 37 Loss Trig					2.40	%
Moody’s Base Case Loss					3.75	%
S&P single-B FF/LS					2.32	%
Fitch single-B FF/LS				NA

															Invt Prop				% with
Originator/ Source	WA LTV		WA CLTV		WA SS CLTV		FICO		WAC		% Bal.		Purch %		%		1st Lien %		S.2nds		CA%		Full Doc %		IO%		DTI%		DTI% > 45		% with MI
Fremont		78.41		82.51		90.45		624		7.3		100		53.7		6.86		94.89		46.64		27.2		59.47		23.99		42.61		48.45		21.01
Name 2		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Name 3		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Name 4		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Total:		78.41		82.51		90.45		624		7.3		100		53.7		6.86		94.89		46.64		27.2		59.47		23.99		42.61		48.45		21.01

															Invt Prop				% with
Documentation	WALTV		WACLTV		WA SS CLTV		WAFICO		WAC		% Bal.		Purch %		%		1st Lien %		S.2nds		CA%		Full Doc %		IO%		DTI %		DTI% > 45		% with MI
Full		79.66		83.76		91.64		619		7.13		59.47		52.39		7.03		94.9		49.67		27.15		100		33.22		42.06		48.75		29.14
Non-Full		76.57		80.67		88.71		631		7.55		40.53		55.61		6.6		94.88		42.2		27.26		0		10.46		43.4		48		9.09
Total		78.41		82.51		90.45		624		7.3		100		53.7		6.86		94.89		46.64		27.2		59.47		23.99		42.61		48.45		21.01

															Invt Prop				% with
Interest Only	WALTV		WACLTV		WA SS CLTV		WAFICO		WAC		% Bal.		Purch %		%		1st Lien %		S.2nds		CA%		Full Doc %		IO%		DTI %		DTI% > 45		% with MI
24		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
36		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
60		81.63		81.63		94.77		639		6.57		23.99		62.22		0		100		70.45		47.93		82.33		100		42.07		45.64		17.42
Other IO		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Non-IO		77.39		82.78		89.09		619		7.53		76.01		51.01		9.02		93.28		39.13		20.65		52.25		0		42.78		49.34		22.15
Total		78.41		82.51		90.45		624		7.3		100		53.7		6.86		94.89		46.64		27.2		59.47		23.99		42.61		48.45		21.01

															Invt Prop				% with
FICO	WALTV		WACLTV		WA SS CLTV		WAFICO		WAC		% Bal.		Purch %		%		1st Lien %		S.2nds		CA%		Full Doc %		IO%		DTI %		DTI% > 45		% with MI
0-499		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
500-559		78.04		78.13		79.08		532		8.35		14.23		21.34		4.92		99.9		11.39		25.45		54.64		0.43		43.7		50.9		20.19
560-599		80.92		82.62		89.67		582		7.43		18.91		45.33		4.95		97.9		48.35		24.3		76.77		26.89		42.34		49.17		29.74
600-639		78.13		83.4		92.14		620		7.22		28.32		57.48		6.46		93.44		48.97		25.33		63.19		29.92		42.57		49.34		23.26
640-679		77.54		83.21		93.41		657		6.93		21.87		61.22		6.71		92.9		56.35		28.4		52.9		26.35		42.45		47.71		16.65
680>=		77.48		83.67		94.29		714		6.89		16.66		74.52		11.56		92.31		58.12		33.57		46.25		27.66		42.25		44.98		13.73
Total		78.41		82.51		90.45		624		7.3		100		53.7		6.86		94.89		46.64		27.2		59.47		23.99		42.61		48.45		21.01

															Invt Prop				% with
Low Balance	WALTV		WACLTV		WA SS CLTV		WAFICO		WAC		% Bal.		Purch %		%		1st Lien %		S.2nds		CA%		Full Doc %		IO%		DTI %		DTI% > 45		% with MI
<80,000		38.65		93.68		95.47		629		9.71		3.82		73.95		13.14		31.89		12.22		10.47		70.66		0.21		41.16		43.65		5.72
80,000-100,000		58.5		87.05		91.21		619		8.73		2.54		67.04		10.85		64.28		27.3		13.96		64.19		4.54		40.9		43.71		10.05
100,000>=		80.57		81.93		90.23		624		7.17		93.64		52.51		6.49		98.29		48.57		28.24		58.88		25.49		42.71		48.77		21.93
Total		78.41		82.51		90.45		624		7.3		100		53.7		6.86		94.89		46.64		27.2		59.47		23.99		42.61		48.45		21.01

															Invt Prop				% with
Lien Position	WALTV		WACLTV		WA SS CLTV		WAFICO		WAC		% Bal.		Purch %		%		1st Lien %		S.2nds		CA%		Full Doc %		IO%		DTI %		DTI% > 45		% with MI
1st Lien		81.6		81.6		89.97		623		7.15		94.89		52.06		7.18		100		49.15		27.16		59.47		25.28		42.62		48.48		22.14
2nd Lien		19.13		99.4		99.4		651		10.04		5.11		84.19		0.92		0		0		27.95		59.36		0		42.3		47.88		0
Total		78.41		82.51		90.45		624		7.3		100		53.7		6.86		94.89		46.64		27.2		59.47		23.99		42.61		48.45		21.01

											Invt		1st Lien		% with				Full Doc
WACLTV	WA SS CLTV		WAFICO		WAC		% Bal.		Purch %		Prop %		%		S.2nds		CA%		%		IO%		DTI %		DTI% > 45		% with MI
80-85%		86.52		602		7.149		9.14		24.21		7.26		99.47		17.36		25.66		77.48		17.92		43.3		47.37		69.22
85-90%		92.4		621		7.336		20.13		48.72		12.9		99.82		38.48		23.48		75.45		13.9		43		48.92		63.22
90-95%		94.77		641		7.786		2.21		28.36		1.93		86.02		0		23.46		82.47		37.87		43.46		48.65		49.77
95-100%		99.94		653		9.431		6.68		78.11		0		29.5		0		20.91		62.24		8.07		41.99		55.71		12.93

											1st Lien		% with
SSCLTV	WAFICO		WAC		% Bal.		Purch %		Invt Prop %		%		S.2nds		CA%		Full Doc %		IO%		DTI %		DTI% > 45		% with MI
80-85%		602		7.151		7.99		17.07		7.68		99.4		5.5		28.02		75.53		17.52		43.02		45.52		68.87
85-90%		627		7.194		13.47		33.46		9.61		99.74		8.06		27.7		64.2		16.63		43.48		48.68		60.39
90-95%		621		7.436		9.81		56.9		13.86		96.85		77.48		23.18		81.99		21.25		42.18		51.76		43.59
95-100%		646		7.185		44.2		85.3		0.93		89.34		84.88		26.24		59.63		35.46		42.41		52.48		7.01

															Invt Prop				% with
Coupon-ARM	WALTV		WACLTV		WA SS CLTV		WAFICO		WAC		% Bal.		Purch %		%		1st Lien %		S.2nds		CA%		Full Doc %		IO%		DTI %		DTI% > 45		% with MI
<8%		81.95		81.95		91.73		632		6.85		84.61		57.3		5.87		100		56.17		30.1		60.39		31.3		42.77		49.2		21.73
8-9%		82.93		82.93		86.01		575		8.48		11.74		42.2		14.85		100		26.5		15.63		48.41		4.26		41.48		43.25		26.8
9-10%		74.7		74.7		76.02		539		9.51		2.41		26.24		12.24		100		9.56		10.37		38.18		0		44.15		54.14		6.98
10-11%		69.92		69.92		70.24		523		10.52		0.74		13.54		13.56		100		2.14		11.28		62.46		0		46.53		67.01		0
11-12%		65.39		65.39		66.16		535		11.59		0.43		13.99		12.4		100		3.08		0		34.11		0		45.52		48.12		0
12-13%		63.28		63.28		63.28		534		12.78		0.06		0		72.23		100		0		27.77		0		0		49.33		100		0
13-14%		69.44		69.44		69.44		510		13.7		0.01		0		100		100		0		0		100		0		39.46		0		0
>14%		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—

															Invt Prop				% with
Coupon-fixed rate	WALTV		WACLTV		WA SS CLTV		WAFICO		WAC		% Bal.		Purch %		%		1st Lien %		S.2nds		CA%		Full Doc %		IO%		DTI %		DTI% > 45		% with MI
<8%		79.36		79.56		83.37		646		6.73		45.54		17.14		5.29		99.74		22.12		22.26		79.25		0		41.55		44.33		27.46
8-9%		46.52		91.61		93.48		645		8.77		13.58		54.98		6.16		43.76		12.79		23.95		83.68		0		41.39		45.97		18.24
9-10%		26.96		97.32		97.69		661		9.62		20.51		83.83		1.59		11.97		3.48		26.41		33.63		0		42.97		49.25		2.66
10-11%		19.64		99.56		99.56		619		10.63		15.17		86.04		0		0.58		0		27.94		80.2		0		42.15		46.75		0
11-12%		17.91		98.62		98.62		619		11.28		4.68		76.61		3.12		0		0		9.68		36.59		0		41.6		42.4		0
12-13%		15.07		92.22		94.45		613		12.36		0.5		64		61.01		11.16		11.16		12.37		82.78		0		43.21		50.67		0
13-14%		5		92.82		92.82		649		13.25		0.02		56.37		56.37		0		0		0		100		0		11.86		0		0
>14%		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—

Top 20 Cities	% of Total Bal		# of Loans		Loan Bal		Avg Loan Bal		WA LTV		% with 2nd		WAFICO
BROOKLYN		2.21		58		21450014.81		369827.84		83.34		43.12		642
CHICAGO		2.09		118		20284365.8		171901.41		82.91		50.34		636
MIAMI		1.34		71		13015097.59		183311.23		81.92		54.93		639
LAS VEGAS		1.11		48		10780172.08		224586.92		82.31		48.09		617
SAN JOSE		0.91		19		8790829.75		462675.25		80.17		48.71		649
LOS ANGELES		0.86		25		8343458.06		333738.32		76.79		16.96		601
ANTIOCH		0.72		19		6944235.54		365486.08		82.1		54.93		629
WASHINGTON		0.7		30		6827187.29		227572.91		81.83		17.33		617
SACRAMENTO		0.7		27		6815654.86		252431.66		83.48		52.87		612
ORLANDO		0.7		42		6810613.84		162157.47		84.04		34.44		611
HENDERSON		0.59		24		5679190.07		236632.92		81.97		61		615
OAKLAND		0.58		13		5622197.16		432476.7		80.65		26.31		598
STATEN ISLAND		0.54		18		5219862.69		289992.37		83.76		53.41		620
WOODBRIDGE		0.51		23		4974914.66		216300.64		82.98		48		625
BAKERSFIELD		0.51		22		4959413.5		225427.89		82.52		37.03		612
MORENO VALLEY		0.51		21		4937676.51		235127.45		85.15		54.06		629
RICHMOND		0.51		28		4913299.76		175474.99		81.69		52.7		617
UPPER MARLBORO		0.5		18		4860493.68		270027.43		80.79		60.08		619
JAMAICA		0.48		17		4697165.87		276303.87		82.41		64.37		636
TAMPA		0.48		36		4696537.57		130459.38		84.02		47.18		628

Top 10 States	% of Total Bal		# of Loans		Loan Bal		Avg Loan Bal		WA LTV		% with 2nd		WAFICO
CA		27.2		823		263762299.4		320488.82		81.61		46.32		630
NY		11.92		405		115561758.2		285337.67		82.31		46		637
FL		11		604		106726654.5		176699.76		82.45		43.93		618
NJ		7.57		301		73390086.73		243820.89		82.26		28.42		621
MD		5.65		251		54805961.43		218350.44		82.25		44		612
IL		5.04		308		48900100.05		158766.56		84.11		54.22		629
VA		3.99		163		38698274.44		237412.73		82.74		39.78		617
MA		3.2		125		30991645.12		247933.16		82.47		47.79		635
GA		2.96		231		28691410.83		124205.24		84.77		64.76		615
NV		2.16		95		20951282.29		220539.81		81.76		48.94		618

Disclaimer

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