FBR Securitization 8K Other Events | SEC 1 Nov 05

First NLC 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.


Deal Info
Deal Name	FNLC 2005-3
Bloomberg Ticker:
Asset Class:	Subprime
Issuer:
Trustee:
Lead Manager(s)	FBR
Month:
To Roll		23
Remaining Term		348
Remaining IO Term		58
% Interest Only		39.58

Cells in red font are calculations and should be left alone.
Please put averages in gray cells at the bottom of each bucket.


Master Servicer:
Backup Servicer:
Primary Servicer (s):		%		Name	Originator (s):		%			Name	FICO by Originator
Wells Fargo	1		100		FNLC	1		100.00	%
	2					2
	3					3
	4					4
	5					5
	6					6
	7					7
	8					8
	9					9
	10					10

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

*Includes any senior lien amount


FICO BUCKET
FICO	Deal Size							WA Loan Balance		Weighted Average Collateral Characteristics
	# Loans		Balance		%					WAC			FICO		%LTV*			% DTI			Primary			SF/PUD			Refi Cachout			Full Doc			Interest only			MI%
NA		—		—		0.00	%		—		0.00	%		0		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
=<500		3		575,344		0.14	%		191,781		8.34	%		500		69.92	%		45.55	%		100.00	%		45.30	%		15.82	%		15.82	%		0.00	%		0.00	%
>500 =<520		59		12,424,606		3.03	%		210,587		8.21	%		510		73.11	%		40.42	%		100.00	%		92.66	%		88.71	%		70.93	%		2.97	%		0.00	%
>520 =<540		81		16,717,014		4.08	%		206,383		7.92	%		530		71.28	%		41.68	%		100.00	%		92.93	%		88.33	%		47.34	%		4.48	%		0.00	%
>540 =<560		95		20,685,022		5.05	%		217,737		7.73	%		550		74.51	%		39.54	%		97.91	%		90.56	%		94.89	%		55.28	%		6.20	%		0.00	%
>560 =<580		126		27,786,012		6.78	%		220,524		7.39	%		570		77.80	%		40.22	%		97.61	%		91.77	%		80.03	%		50.34	%		24.00	%		0.00	%
>580 =<600		214		46,208,588		11.27	%		215,928		7.30	%		590		81.19	%		41.47	%		97.27	%		90.56	%		78.76	%		56.87	%		33.91	%		0.00	%
>600 =<620		265		55,761,829		13.60	%		210,422		7.18	%		611		80.29	%		40.32	%		94.41	%		85.08	%		72.00	%		53.78	%		41.10	%		0.00	%
>620 =<640		315		58,635,584		14.31	%		186,145		7.27	%		630		81.54	%		39.23	%		95.57	%		90.98	%		54.51	%		42.82	%		46.63	%		0.00	%
>640 =<660		298		62,221,972		15.18	%		208,799		7.09	%		650		82.24	%		39.37	%		95.06	%		78.29	%		43.63	%		41.00	%		51.79	%		0.00	%
>660 =<680		225		40,970,762		10.00	%		182,092		7.09	%		669		83.04	%		40.03	%		89.58	%		76.55	%		43.00	%		37.72	%		46.56	%		0.00	%
>680 =<700		108		21,721,238		5.30	%		201,123		6.93	%		690		83.18	%		38.45	%		91.89	%		84.71	%		42.54	%		34.22	%		54.99	%		0.00	%
>700 =<750		167		36,303,870		8.86	%		217,388		6.69	%		723		81.58	%		39.09	%		90.83	%		84.60	%		28.27	%		35.25	%		50.20	%		0.00	%
>750		45		9,852,029		2.40	%		218,934		6.83	%		769		83.54	%		41.57	%		91.87	%		80.35	%		12.42	%		23.61	%		58.45	%		0.00	%
TOTAL		2,001		409,863,870		100.00	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		39.58	%		0.00	%
FICO Mean:		629	Median:			630		Standard Deviation:						57


LTV BUCKET
LTV	Deal Size							WA Loan Balance		Weighted Average Collateral Characteristics
	# Loans		Balance		%					WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Refi Cachout			Full Doc			Interest only			MI%
=<50		58		8,560,891		2.09	%		147,602		6.94	%		611		41.52	%		38.78	%		95.68	%		86.59	%		94.26	%		55.96	%		23.52	%		0.00	%
>50 =<55		24		4,329,836		1.06	%		180,410		6.92	%		590		52.85	%		40.09	%		90.98	%		95.87	%		89.75	%		43.99	%		8.77	%		0.00	%
>55 =<60		40		7,792,724		1.90	%		194,818		7.02	%		579		57.93	%		42.11	%		97.09	%		87.55	%		90.06	%		53.53	%		18.28	%		0.00	%
>60 =<65		56		12,769,800		3.12	%		228,032		6.77	%		587		63.45	%		40.63	%		95.94	%		92.32	%		80.75	%		59.20	%		20.82	%		0.00	%
>65 =<70		103		25,274,877		6.17	%		245,387		6.85	%		599		68.83	%		40.60	%		94.68	%		88.92	%		82.55	%		47.98	%		24.89	%		0.00	%
>70 =<75		137		34,799,355		8.49	%		254,010		7.08	%		597		74.19	%		39.95	%		94.60	%		87.27	%		90.47	%		51.25	%		26.10	%		0.00	%
>75 =<80		717		177,226,651		43.24	%		247,178		6.76	%		645		79.80	%		40.22	%		96.34	%		84.79	%		41.49	%		38.93	%		56.65	%		0.00	%
>80 =<85		157		41,776,188		10.19	%		266,090		7.26	%		606		84.37	%		40.18	%		93.06	%		82.29	%		87.12	%		53.48	%		35.80	%		0.00	%
>85 =<90		210		51,202,678		12.49	%		243,822		7.42	%		629		89.77	%		38.28	%		86.32	%		84.79	%		66.71	%		49.93	%		38.04	%		0.00	%
>90 =<95		92		14,215,665		3.47	%		154,518		7.95	%		642		94.60	%		40.99	%		100.00	%		94.57	%		58.45	%		69.56	%		36.87	%		0.00	%
>95 <100		17		1,832,698		0.45	%		107,806		9.01	%		619		97.62	%		39.83	%		100.00	%		98.17	%		70.14	%		76.10	%		0.00	%		0.00	%
=>100		390		30,082,507		7.34	%		77,135		9.97	%		659		100.00	%		39.49	%		99.41	%		82.95	%		21.36	%		35.11	%		1.00	%		0.00	%
TOTAL		2,001		409,863,870		100.01	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		39.58	%		0.00	%
LTV Mean:		82.64	CLTV:			80.43		Standard Deviation:						13.43				LTV =80:				38.98					% Silent Seconds:							29.63
																		LTV =100:				7.34					CLTV W/ Silent Seconds:							86.07


DTI BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
DTI	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
=<20		93		13,724,359		3.35	%		147,574		7.52	%		638		83.11	%		13.52	%		81.24	%		81.80	%		66.33	%		69.57	%		20.58	%
>20 =<25		94		16,561,304		4.04	%		176,184		7.12	%		620		81.18	%		22.88	%		90.20	%		87.04	%		66.24	%		57.39	%		35.55	%
>25 =<30		139		28,794,246		7.03	%		207,153		7.12	%		628		81.54	%		27.90	%		91.66	%		88.90	%		51.00	%		51.80	%		37.79	%
>30 =<35		222		45,741,314		11.16	%		206,042		7.01	%		632		79.20	%		32.70	%		94.93	%		90.92	%		57.07	%		49.78	%		41.45	%
>35 =<40		303		60,470,103		14.75	%		199,571		7.14	%		638		79.87	%		37.65	%		94.65	%		84.87	%		51.72	%		46.26	%		48.78	%
>40 =<45		477		99,239,999		24.21	%		208,050		7.26	%		628		79.92	%		42.48	%		94.60	%		83.77	%		60.29	%		36.32	%		39.87	%
>45 =<50		559		119,534,778		29.16	%		213,837		7.31	%		629		81.35	%		47.46	%		97.91	%		84.66	%		58.72	%		39.96	%		41.56	%
>50 =<55		114		25,797,768		6.29	%		226,296		7.30	%		601		78.42	%		52.30	%		94.99	%		88.37	%		75.88	%		72.18	%		19.11	%
>55 =<60		—		—		0.00	%		—		0.00	%		0		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
>60		—		—		0.00	%		—		0.00	%		0		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
TOTAL		2,001		409,863,870		99.99	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		39.58	%

DTI Mean:		39.35	Median:			41.92		Standard Deviation:						9.53


PURPOSE BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
Purpose	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
Cashout		1,069		241,737,678		58.98	%		226,134		7.14	%		609		78.22	%		40.18	%		95.33	%		87.47	%		100.00	%		54.14	%		31.50	%
Purchase		847		151,091,914		36.86	%		178,385		7.38	%		661		83.94	%		39.59	%		93.91	%		83.29	%		0.00	%		31.76	%		52.63	%
Rate/Term Refinance		85		17,034,278		4.16	%		200,403		7.12	%		620		80.55	%		40.12	%		95.16	%		82.15	%		0.00	%		48.66	%		38.51	%
TOTAL		2,001		409,863,870		100.00	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		39.58	%


OCCUPANCY BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
Occ Type	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
Owner Occupied		1,895		388,557,865		94.80	%		205,044		7.21	%		627		80.40	%		40.25	%		100.00	%		86.98	%		59.31	%		45.85	%		40.83	%
Non-Owner Occupied		106		21,306,005		5.20	%		201,000		7.58	%		657		80.88	%		34.65	%		0.00	%		62.55	%		52.94	%		42.20	%		16.74	%
Second Home		—		—		0.01	%		226,228		0.00	%		620		0.01	%		0.00	%		0.00	%		0.01	%		0.00	%		0.01	%		0.00	%
TOTAL		2,001		409,863,870		100.00	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		39.58	%
	Investment LTV = 80:					1.3


DOCUMENTATION BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
Doc Type	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
Stated		1,039		220,895,756		53.89	%		212,604		7.45	%		638		80.80	%		40.56	%		94.43	%		83.17	%		49.48	%		0.00	%		40.14	%
Full		948		187,137,597		45.66	%		197,403		6.95	%		619		80.09	%		39.25	%		95.19	%		88.56	%		69.93	%		100.00	%		39.23	%
No Doc		14		1,830,516		0.45	%		130,751		7.80	%		594		69.51	%		40.66	%		100.00	%		100.00	%		85.62	%		0.00	%		7.37	%
TOTAL		2,001		409,863,870		100.00	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		39.58	%


PROPERTY BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
Property Type	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
Single Family		1,558		314,230,587		76.67	%		201,688		7.23	%		626		80.01	%		39.89	%		96.11	%		100.00	%		61.32	%		46.40	%		37.90	%
PUD		173		37,053,053		9.04	%		214,180		7.12	%		628		82.44	%		39.88	%		97.04	%		100.00	%		50.65	%		53.77	%		56.80	%
Duplex		119		30,762,039		7.51	%		258,505		7.20	%		638		81.42	%		40.06	%		85.83	%		0.00	%		61.64	%		32.90	%		28.54	%
Condo		122		21,199,877		5.17	%		173,769		7.17	%		653		82.19	%		40.71	%		91.79	%		0.00	%		35.87	%		36.24	%		49.20	%
3-4 Unit		22		5,627,937		1.37	%		255,815		7.83	%		635		79.36	%		41.70	%		69.46	%		0.00	%		61.90	%		51.55	%		41.05	%
Townhouse		7		990,376		0.24	%		141,482		7.21	%		623		75.50	%		35.37	%		83.84	%		0.00	%		24.19	%		70.55	%		56.56	%
Total:		2,001		409,863,870		100.00	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		39.58	%


PRINCIPAL BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
UPB	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
=<50		144		5,117,609		1.25	%		35,539		10.74	%		646		98.31	%		38.06	%		98.31	%		81.31	%		20.88	%		40.75	%		0.00	%
>50 =<75		210		13,297,429		3.24	%		63,321		9.71	%		642		91.66	%		39.22	%		95.59	%		92.93	%		36.80	%		41.10	%		2.95	%
>75 =<100		193		17,046,010		4.16	%		88,321		9.16	%		636		88.33	%		38.48	%		94.45	%		83.87	%		41.28	%		44.94	%		6.85	%
>100 =<125		154		17,403,235		4.25	%		113,008		8.02	%		616		80.56	%		37.87	%		91.66	%		84.65	%		58.62	%		63.34	%		10.48	%
>125 =<150		152		20,923,959		5.11	%		137,658		7.54	%		621		78.77	%		38.21	%		89.79	%		87.93	%		56.11	%		57.82	%		24.86	%
>150 =<200		239		42,023,112		10.25	%		175,829		7.22	%		615		75.80	%		38.09	%		93.75	%		85.34	%		63.23	%		52.28	%		33.43	%
>200 =<250		231		51,729,150		12.62	%		223,936		6.82	%		622		77.20	%		39.94	%		95.75	%		90.01	%		59.36	%		54.17	%		35.24	%
>250 =<300		216		59,332,695		14.48	%		274,688		6.91	%		630		79.12	%		40.57	%		96.87	%		90.69	%		63.12	%		41.39	%		41.38	%
>300 =<350		147		47,884,919		11.68	%		325,748		6.84	%		633		79.95	%		40.40	%		94.56	%		87.11	%		63.21	%		40.66	%		52.34	%
>350 =<400		144		53,968,355		13.17	%		374,780		6.77	%		634		81.26	%		41.13	%		95.09	%		80.44	%		56.12	%		42.27	%		55.22	%
>400 =<450		80		34,046,092		8.31	%		425,576		6.93	%		639		82.34	%		41.57	%		97.36	%		83.40	%		59.00	%		42.13	%		63.56	%
>450 =<500		46		21,889,168		5.34	%		475,851		6.92	%		623		79.88	%		39.25	%		100.00	%		82.77	%		78.79	%		37.26	%		47.46	%
>500 =<600		37		20,034,326		4.89	%		541,468		7.04	%		639		82.51	%		42.31	%		83.71	%		77.78	%		51.29	%		37.25	%		42.76	%
>600 =<700		7		4,445,311		1.08	%		635,044		7.11	%		607		74.98	%		37.14	%		100.00	%		71.06	%		71.64	%		28.90	%		14.17	%
=>700		1		722,499		0.18	%		722,499		6.55	%		584		84.01	%		45.30	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%
TOTAL		2,001		409,863,870		100.00	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		39.58	%
* *In $1,000*
	Min			14,585	Max				722,499


State Concentration Bucket *
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
State*	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
California		601		146,054,231		35.63	%		243,019		6.87	%		637		79.26	%		40.52	%		96.75	%		90.67	%		52.14	%		42.42	%		60.61	%
New York		380		99,350,822		24.24	%		261,450		7.26	%		629		80.22	%		40.57	%		95.12	%		75.67	%		68.31	%		36.83	%		24.63	%
New Jersey		186		36,132,385		8.82	%		194,260		7.54	%		614		78.35	%		40.18	%		95.26	%		75.50	%		70.25	%		47.29	%		17.99	%
Florida		149		22,609,766		5.52	%		151,743		7.91	%		621		83.69	%		38.63	%		87.42	%		88.41	%		43.47	%		43.77	%		21.53	%
Maryland		59		12,286,192		3.00	%		208,241		7.27	%		644		81.95	%		38.66	%		93.33	%		90.08	%		54.75	%		55.72	%		35.69	%
Nevada		61		12,276,918		3.00	%		201,261		6.98	%		622		81.93	%		39.79	%		95.85	%		95.30	%		60.37	%		58.51	%		64.45	%
Virginia		52		9,983,601		2.44	%		191,992		7.31	%		601		78.01	%		43.00	%		98.39	%		90.69	%		74.15	%		46.21	%		35.75	%
Arizona		53		8,954,896		2.18	%		168,960		7.13	%		634		82.32	%		36.92	%		92.92	%		95.95	%		58.37	%		57.92	%		62.10	%
Washington		47		8,235,476		2.01	%		175,223		7.05	%		633		80.93	%		36.53	%		92.05	%		97.91	%		46.59	%		57.41	%		64.52	%
Pennsylvania		51		7,604,832		1.86	%		149,114		7.21	%		624		84.03	%		38.96	%		88.65	%		89.04	%		86.55	%		65.60	%		8.89	%
North Carolina		56		6,280,911		1.53	%		112,159		8.03	%		620		81.19	%		38.74	%		86.45	%		97.23	%		75.95	%		60.78	%		8.69	%
Connecticut		22		5,058,637		1.23	%		229,938		7.56	%		585		80.04	%		42.30	%		97.68	%		86.36	%		95.06	%		81.78	%		15.71	%
Wisconsin		41		4,296,096		1.05	%		104,783		8.00	%		627		82.26	%		38.46	%		97.51	%		80.26	%		53.13	%		80.09	%		5.19	%
Massachusetts		22		3,729,531		0.91	%		169,524		8.02	%		608		77.98	%		41.30	%		84.95	%		61.64	%		72.78	%		45.77	%		15.95	%
Oregon		24		3,174,581		0.77	%		132,274		7.26	%		628		84.20	%		32.53	%		100.00	%		100.00	%		46.24	%		70.87	%		45.67	%


*		Fill in top 15 states only, combine the remaining in the “Other” Bucket.


*		Separate California into North and South if possible.


										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
California Breakdown	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
CA North		421		103,393,786		70.79	%		245,827		6.87	%		639		79.40	%		40.64	%		95.85	%		87.61	%		51.55	%		39.01	%		58.60	%
CA South		180		42,660,445		29.21	%		237,204		6.88	%		632		78.93	%		40.23	%		98.94	%		98.09	%		53.58	%		50.66	%		65.49	%
		601		146,054,231		100.00	%		243,245		6.87	%		637		79.26	%		40.52	%		96.75	%		90.67	%		52.14	%		42.42	%		60.61	%


FIXED / FLOATING (ii)
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
Type	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
ARM 2/28		709		157,339,573		38.39	%		221,918		7.38	%		604		79.23	%		39.97	%		91.21	%		84.80	%		67.54	%		42.02	%		0.00	%
ARM 2/28 - 60mo IO		456		131,714,446		32.14	%		288,847		6.64	%		647		80.43	%		40.44	%		98.46	%		86.71	%		45.11	%		42.98	%		100.00	%
Fixed 30 yr		281		51,416,061		12.54	%		182,975		7.23	%		633		78.25	%		39.75	%		96.26	%		87.54	%		82.06	%		66.93	%		0.00	%
ARM 3/27 - 60mo IO		84		22,557,321		5.50	%		268,540		6.53	%		648		80.18	%		38.49	%		95.76	%		88.43	%		50.03	%		51.44	%		100.00	%
Fixed 30yr — Balloon 30/15		232		13,630,144		3.33	%		58,751		10.54	%		658		99.04	%		40.29	%		98.78	%		82.71	%		18.41	%		30.33	%		0.00	%
ARM 3/27		57		11,059,785		2.70	%		194,031		7.43	%		616		78.04	%		40.65	%		91.85	%		83.38	%		64.93	%		33.89	%		0.00	%
Fixed 20 yr		126		9,236,299		2.25	%		73,304		10.15	%		659		93.55	%		36.51	%		99.48	%		84.98	%		32.93	%		28.02	%		0.00	%
ARM 5/25 - 60mo IO		10		2,887,147		0.70	%		288,715		6.68	%		670		81.43	%		40.05	%		84.40	%		48.98	%		30.72	%		50.01	%		100.00	%
Fixed 30 yr - 60mo IO		9		2,306,851		0.56	%		256,317		6.85	%		661		76.96	%		39.03	%		100.00	%		100.00	%		96.38	%		71.54	%		100.00	%
ARM 5/25 - 120mo IO		7		2,010,206		0.49	%		287,172		5.94	%		674		78.40	%		40.75	%		93.38	%		75.49	%		93.38	%		82.10	%		100.00	%
ARM 5/25		7		1,650,484		0.40	%		235,783		6.60	%		655		69.83	%		37.17	%		55.55	%		94.67	%		75.26	%		83.36	%		0.00	%
ARM 2/28 - Balloon 40/30		5		1,476,678		0.36	%		295,336		6.68	%		584		76.52	%		46.82	%		100.00	%		65.69	%		100.00	%		41.60	%		0.00	%
Fixed 15 yr		12		1,048,190		0.26	%		87,349		8.64	%		593		75.70	%		40.71	%		87.72	%		100.00	%		85.61	%		49.78	%		0.00	%
ARM 5/25 - Balloon 40/30		2		500,567		0.12	%		250,283		6.60	%		617		79.77	%		38.56	%		100.00	%		100.00	%		100.00	%		41.91	%		0.00	%
ARM 5/25 - 84mo IO		2		460,999		0.11	%		230,500		5.82	%		614		76.46	%		36.17	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%
ARM 2/28 - 24mo IO		1		289,930		0.07	%		289,930		5.80	%		745		80.00	%		25.35	%		100.00	%		100.00	%		0.00	%		0.00	%		100.00	%
Fixed 25 yr		1		279,189		0.07	%		279,189		5.99	%		632		70.00	%		43.39	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%
TOTAL		2,001		409,863,870		100.00	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		39.58	%
List all loan types and separate the IO loans i.e. 2/28 and 2/28 IO should have separate rows.
% of 30/40 Year Loans				0.48	% of 40 Year am Loans						0


LIEN BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
Type	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
First		1,596		384,245,630		93.75	%		240,755		7.00	%		627		79.19	%		39.98	%		94.51	%		85.83	%		61.30	%		46.69	%		42.22	%
Second		405		25,618,239		6.25	%		63,255		10.62	%		657		98.98	%		39.67	%		99.16	%		83.89	%		24.22	%		30.11	%		0.00	%
TOTAL		2,001		409,863,870		100.00	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		39.58	%


PREPAYMENT BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
Type	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
None		671		102,818,891		25.09	%		153,232		7.77	%		624		81.28	%		39.45	%		93.13	%		82.11	%		62.00	%		49.11	%		21.91	%
1 Year		301		97,943,704		23.90	%		325,394		7.06	%		630		80.18	%		40.95	%		95.51	%		78.43	%		66.86	%		37.59	%		30.79	%
2 Years		759		156,600,755		38.21	%		206,325		7.10	%		629		80.64	%		39.76	%		95.30	%		89.61	%		49.98	%		44.71	%		51.79	%
3 Years		270		52,500,520		12.81	%		194,446		6.82	%		634		78.59	%		39.73	%		95.27	%		94.70	%		65.20	%		56.77	%		54.17	%
TOTAL		2,001		409,863,870		100.00	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		39.58	%


INDEX BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
Type	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
Libor - 6 Month		1,340		331,947,136		100.00	%		247,722		7.01	%		626		79.68	%		40.08	%		94.26	%		85.41	%		57.42	%		43.33	%		48.18	%
TOTAL		1,340		331,947,136		100.00	%		247,722		7.01	%		626		79.68	%		40.08	%		94.26	%		85.41	%		57.42	%		43.33	%		48.18	%

List all reset rates


MORTGAGE RATE (WAC) BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
Type	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
4.501 - 5.000		1		574,702		0.14	%		574,702		4.99	%		650		70.00	%		34.69	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%
5.001 - 5.500		37		10,958,669		2.67	%		296,180		5.39	%		658		74.51	%		39.74	%		97.93	%		84.54	%		64.34	%		85.06	%		63.09	%
5.501 - 6.000		179		50,519,353		12.33	%		282,231		5.88	%		662		77.14	%		38.56	%		98.55	%		88.88	%		60.33	%		68.38	%		58.32	%
6.001 - 6.500		301		79,447,037		19.38	%		263,944		6.33	%		645		77.48	%		39.95	%		98.02	%		84.25	%		59.96	%		55.70	%		53.41	%
6.501 - 7.000		404		100,607,152		24.55	%		249,028		6.83	%		629		78.91	%		40.42	%		95.10	%		84.16	%		56.94	%		38.48	%		48.38	%
7.001 - 7.500		198		45,747,673		11.16	%		231,049		7.32	%		614		81.14	%		39.35	%		91.09	%		87.94	%		63.92	%		36.64	%		40.26	%
7.501 - 8.000		197		44,454,048		10.85	%		225,655		7.82	%		606		81.48	%		41.10	%		92.04	%		87.45	%		66.58	%		33.59	%		26.74	%
8.001 - 8.500		114		24,572,317		6.00	%		215,547		8.35	%		586		81.54	%		39.82	%		84.70	%		86.31	%		61.32	%		32.04	%		13.74	%
8.501 - 9.000		100		16,540,718		4.04	%		165,407		8.85	%		583		83.38	%		40.24	%		94.89	%		80.36	%		74.77	%		44.14	%		5.87	%
9.001 - 9.500		46		6,318,049		1.54	%		137,349		9.31	%		608		84.12	%		40.33	%		79.88	%		84.51	%		42.20	%		31.13	%		1.48	%
9.501 - 10.000		109		8,430,775		2.06	%		77,347		9.86	%		626		92.63	%		41.03	%		98.70	%		85.11	%		40.72	%		52.33	%		0.00	%
10.001 - 10.500		87		7,238,102		1.77	%		83,197		10.34	%		626		92.36	%		41.16	%		97.38	%		91.78	%		43.03	%		46.33	%		0.00	%
10.501 - 11.000		144		9,856,604		2.40	%		68,449		10.92	%		651		98.37	%		37.81	%		100.00	%		83.18	%		24.68	%		21.42	%		0.00	%
11.001 - 11.500		29		1,823,534		0.44	%		62,880		11.28	%		630		96.37	%		41.76	%		97.34	%		80.42	%		28.89	%		13.91	%		0.00	%
11.501 - 12.000		43		2,143,989		0.52	%		49,860		11.81	%		618		98.44	%		41.46	%		100.00	%		93.17	%		24.31	%		35.62	%		0.00	%
12.001 - 12.500		4		192,545		0.05	%		48,136		12.12	%		661		100.00	%		49.34	%		100.00	%		38.43	%		59.18	%		0.00	%		0.00	%
12.501 - 13.000		6		269,768		0.07	%		44,961		12.63	%		638		100.00	%		45.23	%		100.00	%		100.00	%		34.47	%		0.00	%		0.00	%
13.001 - 13.500		1		55,302		0.01	%		55,302		13.33	%		622		100.00	%		47.38	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%
13.501 - 14.000		1		113,531		0.03	%		113,531		13.59	%		621		90.00	%		24.64	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%
TOTAL		2,001		409,863,870		100.00	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		39.58	%


MARGIN (WAM) BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			Interest
Type	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			only
3.001 - 3.500		11		2,388,530		0.72	%		217,139		6.93	%		636		78.95	%		34.44	%		100.00	%		100.00	%		66.90	%		23.69	%		60.35	%
3.501 - 4.000		3		497,524		0.15	%		165,841		5.92	%		645		78.76	%		44.77	%		56.77	%		100.00	%		43.23	%		85.75	%		0.00	%
4.001 - 4.500		15		3,704,465		1.12	%		246,964		5.72	%		646		76.71	%		39.09	%		100.00	%		90.16	%		36.85	%		49.94	%		45.97	%
4.501 - 5.000		56		15,903,809		4.79	%		283,997		5.92	%		656		78.79	%		40.62	%		97.21	%		88.32	%		57.43	%		62.63	%		69.49	%
5.001 - 5.500		141		37,616,826		11.33	%		266,786		6.25	%		652		78.44	%		41.41	%		96.81	%		90.38	%		51.57	%		55.70	%		67.00	%
5.501 - 6.000		439		121,302,653		36.54	%		276,316		6.54	%		638		78.94	%		39.90	%		96.10	%		82.07	%		55.74	%		44.59	%		51.50	%
6.001 - 6.500		249		56,084,847		16.90	%		225,240		7.08	%		626		80.85	%		39.83	%		92.19	%		84.41	%		54.42	%		40.45	%		54.35	%
6.501 - 7.000		189		43,860,028		13.21	%		232,064		7.61	%		606		79.98	%		40.80	%		92.94	%		87.40	%		57.59	%		28.77	%		41.75	%
7.001 - 7.500		106		26,171,927		7.88	%		246,905		8.15	%		592		81.83	%		38.87	%		88.37	%		89.85	%		66.83	%		36.60	%		22.08	%
7.501 - 8.000		85		16,591,344		5.00	%		195,192		8.72	%		571		80.48	%		39.82	%		93.49	%		82.03	%		77.40	%		42.82	%		20.38	%
8.001 - 8.500		29		5,628,208		1.70	%		194,076		9.29	%		570		81.07	%		40.99	%		86.17	%		83.42	%		67.96	%		37.24	%		0.00	%
8.501 - 9.000		14		1,859,793		0.56	%		132,842		9.96	%		547		83.57	%		35.10	%		100.00	%		100.00	%		67.71	%		84.39	%		5.03	%
9.001 - 9.500		2		159,582		0.05	%		79,791		9.50	%		560		87.74	%		43.51	%		54.79	%		100.00	%		45.21	%		100.00	%		0.00	%
9.501 - 10.000		1		177,600		0.05	%		177,600		10.20	%		539		82.60	%		36.31	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%
TOTAL		1,340		331,947,136		100.00	%		247,722		7.01	%		626		79.68			40.08			94.26			85.41			57.42			43.33			48.18

Percentage of the deal based on FICO and LTV buckets.*


Deal Coverage
	Loan-to-Value (LTV)
FICO	=<55			>55 =<60			>60 =<65			>65 =<70			>70 =<75				>75 =<80			>80 =<85			>85 =<90			>90 =<95			>95 <100			=>100
NA		0			0			0			0			0				0			0			0			0			0			0
=<500		0.00	%		0.00	%		0.06	%		0.02	%		0.00	%			0.05	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
>500 =<550		0.84	%		0.69	%		0.91	%		1.49	%		2.23	%			1.91	%		1.52	%		0.47	%		0.00	%		0.03	%		0.00	%
>550 =<600		0.68	%		0.57	%		0.98	%		1.50	%		2.12	%			5.92	%		3.34	%		3.30	%		0.86	%		0.81	%		0.00	%
>600 =<625		0.53	%		0.31	%		0.58	%		1.06	%		1.86	%			7.01	%		1.75	%		2.72	%		0.65	%		1.02	%		0.00	%
>625 =<650		0.36	%		0.16	%		0.29	%		1.23	%		0.62	%	��		9.60	%		1.43	%		2.48	%		0.55	%		2.14	%		0.00	%
>650 =<675		0.22	%		0.11	%		0.06	%		0.54	%		0.82	%			8.39	%		1.08	%		1.56	%		0.63	%		1.58	%		0.00	%
>675 =<700		0.12	%		0.00	%		0.06	%		0.05	%		0.41	%			3.55	%		0.88	%		0.88	%		0.24	%		0.86	%		0.00	%
>700 =<725		0.35	%		0.06	%		0.16	%		0.17	%		0.02	%			2.80	%		0.12	%		0.47	%		0.25	%		0.58	%		0.00	%
>725 =<750		0.04	%		0.00	%		0.00	%		0.03	%		0.27	%			2.45	%		0.07	%		0.43	%		0.18	%		0.41	%		0.00	%
>750 <800		0.00	%		0.00	%		0.00	%		0.06	%		0.14	%			1.52	%		0.00	%		0.17	%		0.11	%		0.33	%		0.00	%
=>800		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%			0.05	%		0.00	%		0.00	%		0.00	%		0.02	%		0.00	%


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

Percentage of MI coverage based on FICO and LTV buckets.*

MI Coverage

Loan-to-Value (LTV)

FICO

=<55

>55 =<60

>60 =<65

>65 =<70

>70 =<75

>75 =<80

>80 =<85

>85 =<90

>90 =<95

>95 <100

=>100

=<500

>500 =<550

>550 =<600

>600 =<625

>625 =<650

No MI

>650 =<675

>675 =<700

>700 =<725

>725 =<750

>750 <800

=>800


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


IO ONLY FICO BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			LTV
Type	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			=>80
501 - 520		1		369,000		0.23	%		369,000		6.99	%		504		90.00	%		28.55	%		100.00	%		100.00	%		0.00	%		0.00	%		100.00	%
521 - 540		3		749,400		0.46	%		249,800		7.21	%		535		78.07	%		31.92	%		100.00	%		100.00	%		75.66	%		100.00	%		71.98	%
541 - 560		5		1,283,498		0.79	%		256,700		7.37	%		543		79.24	%		33.89	%		100.00	%		100.00	%		100.00	%		84.42	%		70.39	%
561 - 580		23		6,669,895		4.11	%		289,995		7.17	%		568		79.23	%		41.95	%		100.00	%		88.67	%		83.42	%		55.77	%		69.64	%
581 - 600		55		15,670,357		9.66	%		284,916		6.93	%		591		81.58	%		39.90	%		100.00	%		93.33	%		75.46	%		60.84	%		82.55	%
601 - 620		83		22,917,058		14.13	%		276,109		6.71	%		611		79.91	%		41.85	%		97.97	%		85.13	%		65.21	%		56.92	%		73.45	%
621 - 640		103		27,341,722		16.85	%		265,454		6.65	%		630		79.56	%		38.31	%		95.62	%		91.77	%		53.50	%		46.75	%		80.97	%
641 - 660		103		32,223,098		19.86	%		312,846		6.56	%		650		79.80	%		40.52	%		99.58	%		80.80	%		36.45	%		40.99	%		83.72	%
661 - 680		68		19,076,814		11.76	%		280,541		6.52	%		668		81.31	%		41.78	%		94.98	%		85.85	%		39.53	%		42.42	%		90.23	%
681 - 700		43		11,944,588		7.36	%		277,781		6.48	%		690		81.20	%		39.44	%		98.94	%		86.46	%		31.17	%		37.59	%		92.73	%
701 - 750		63		18,223,042		11.23	%		289,255		6.25	%		723		80.25	%		39.16	%		98.05	%		84.31	%		22.31	%		27.79	%		89.81	%
751 - 800		18		5,558,427		3.43	%		308,802		6.32	%		772		81.56	%		39.48	%		94.09	%		77.33	%		4.73	%		29.68	%		95.27	%
801 - 820		1		200,000		0.12	%		200,000		7.99	%		803		80.00	%		47.40	%		100.00	%		100.00	%		0.00	%		0.00	%		100.00	%
TOTAL		569		162,226,901		100.00	%		285,109		6.62	%		648		80.33	%		40.10	%		97.80	%		86.39	%		46.94	%		45.26	%		83.52	%


IO ONLY PRINCIPAL BUCKET
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			LTV
UPB	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			=>80
50,000.01 - 75,000.00		6		392,598		0.24	%		65,433		7.09	%		649		80.91	%		40.01	%		100.00	%		100.00	%		18.19	%		47.19	%		100.00	%
75,000.01 - 100,000.00		13		1,168,280		0.72	%		89,868		7.10	%		635		81.00	%		40.84	%		92.00	%		84.40	%		38.56	%		61.29	%		85.54	%
100,000.01 - 125,000.00		16		1,823,701		1.12	%		113,981		6.93	%		639		79.49	%		38.14	%		100.00	%		81.15	%		57.29	%		63.38	%		86.62	%
125,000.01 - 150,000.00		38		5,201,464		3.21	%		136,881		6.69	%		656		78.36	%		37.60	%		89.92	%		87.12	%		44.76	%		63.30	%		87.35	%
150,000.01 - 200,000.00		79		14,047,215		8.66	%		177,813		6.68	%		640		76.82	%		37.77	%		98.86	%		84.48	%		40.80	%		50.71	%		78.30	%
200,000.01 - 250,000.00		81		18,226,908		11.24	%		225,024		6.51	%		644		79.15	%		39.84	%		100.00	%		87.29	%		39.27	%		49.87	%		83.13	%
250,000.01 - 300,000.00		89		24,549,718		15.13	%		275,840		6.61	%		649		79.74	%		40.57	%		98.92	%		92.08	%		47.76	%		45.82	%		82.03	%
300,000.01 - 350,000.00		77		25,063,500		15.45	%		325,500		6.58	%		650		80.85	%		38.06	%		94.89	%		91.05	%		58.58	%		45.85	%		82.95	%
350,000.01 - 400,000.00		79		29,804,016		18.37	%		377,266		6.58	%		648		81.23	%		40.93	%		97.58	%		80.90	%		40.33	%		40.41	%		87.18	%
400,000.01 - 450,000.00		51		21,641,033		13.34	%		424,334		6.73	%		655		82.01	%		41.63	%		100.00	%		83.99	%		47.14	%		38.70	%		88.21	%
450,000.01 - 500,000.00		22		10,388,554		6.40	%		472,207		6.37	%		650		79.79	%		40.18	%		100.00	%		81.87	%		59.67	%		45.59	%		67.92	%
500,000.01 - 600,000.00		16		8,567,416		5.28	%		535,464		6.82	%		647		83.71	%		43.58	%		93.93	%		86.44	%		44.55	%		30.42	%		93.93	%
600,000.01 - 700,000.00		1		630,000		0.39	%		630,000		6.25	%		643		70.00	%		42.00	%		100.00	%		100.00	%		0.00	%		100.00	%		0.00	%
700,000.01 >=		1		722,499		0.45	%		722,499		6.55	%		584		84.01	%		45.30	%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%
TOTAL		569		162,226,901		100.00	%		285,109		6.62	%		648		80.33	%		40.10	%		97.80	%		86.39	%		46.94	%		45.26	%		83.52	%
* *In $1,000*
														100


INITIAL IO RESET PERIOD
										Weighted Average Collateral Characteristics
	Deal Size							WA Loan																			Refi			Full			LTV
UPB	# Loans		Balance		%			Balance		WAC			FICO		%LTV			% DTI			Primary			SF/PUD			Cachout			Doc			=>80
None		1,432		247,636,969		60.42	%		172,931		7.62	%		616		80.49	%		39.87	%		92.84	%		85.26	%		66.87	%		45.92	%		65.98	%
2 Years		1		289,930		0.07	%		289,930		5.80	%		745		80.00	%		25.35	%		100.00	%		100.00	%		0.00	%		0.00	%		100.00	%
5 Years		559		159,465,766		38.91	%		285,270		6.63	%		648		80.36	%		40.13	%		97.85	%		86.46	%		46.29	%		44.72	%		83.84	%
7 Years		2		460,999		0.11	%		230,500		5.82	%		614		76.46	%		36.17	%		100.00	%		100.00	%		100.00	%		100.00	%		45.12	%
10 Years		7		2,010,206		0.49	%		287,172		5.94	%		674		78.40	%		40.75	%		93.38	%		75.49	%		93.38	%		82.10	%		64.54	%
TOTAL		2,001		409,863,870		100.00	%		204,830		7.22	%		629		80.43	%		39.96	%		94.80	%		85.71	%		58.98	%		45.66	%		72.92	%

FBR Securitization Inactive 8-KOther Events