FBR Securitization 8-K Other Events

FBRSI 2005-4
Class M-11 Analytics

No Losses
Discount Margin 525	40 CPR			45 CPR			50 CPR			55 CPR			60 CPR			65 CPR			70 CPR
Runs to Call
Price		92.2751	%		92.6712	%		93.2951	%		93.9330	%		94.8386	%		95.3034	%		96.0196	%
Yield		10.342	%		10.332	%		10.319	%		10.306	%		10.273	%		10.254	%		10.225	%
WAL		2.70			2.53			2.29			2.05			1.71			1.55			1.30
Duration		2.36			2.24			2.04			1.84			1.56			1.42			1.20
Window (months)		22 - 37			23 - 32			25 - 28			25 - 25			21 - 21			19 - 19			16 - 16
Runs to Maturity
Price		92.2751	%		92.5373	%		93.1082	%		93.8619	%		94.6357	%		95.1134	%		95.8509	%
Yield		10.342	%		10.337	%		10.325	%		10.308	%		10.286	%		10.266	%		10.235	%
WAL		2.70			2.61			2.39			2.09			1.82			1.65			1.38
Duration		2.36			2.30			2.13			1.87			1.65			1.50			1.27
Window (months)		22 - 37			23 - 34			25 - 30			25 - 28			22 - 24			20 - 21			17 - 18

6% CDR
Discount Margin 525	40 CPR			45 CPR			50 CPR			55 CPR			60 CPR			65 CPR			70 CPR
Runs to Call
Price		91.8011	%		92.6318	%		93.4846	%		94.1528	%		94.8386	%		95.3034	%		95.7762	%
Yield		10.349	%		10.333	%		10.315	%		10.301	%		10.273	%		10.254	%		10.235	%
WAL		2.88			2.55			2.21			1.96			1.71			1.55			1.38
Duration		2.51			2.25			1.98			1.77			1.56			1.42			1.27
Window (months)		35 - 35			31 - 31			27 - 27			24 - 24			21 - 21			19 - 19			17 - 17
Difference in price		(0.47	%)		(0.04	%)		0.19	%		0.22	%		0.00	%		0.00	%		(0.24	%)
Runs to Maturity
Price		89.5421	%		90.1094	%		91.0258	%		92.1903	%		92.9369	%		86.3765	%		87.5665	%
Yield		10.434	%		10.428	%		10.406	%		10.366	%		10.344	%		10.377	%		10.335	%
WAL		4.58			4.37			3.86			3.09			2.70			3.05			2.42
Duration		3.54			3.39			3.09			2.62			2.35			2.32			1.88
Window (months)		40 - 124			37 - 115			35 - 103			33 - 88			31 - 77			20 - 290			18 - 258
Difference in price		(2.73	%)		(2.43	%)		(2.08	%)		(1.67	%)		(1.70	%)		(8.74	%)		(8.28	%)

Assumptions
Forward LIBOR
Prepayments and losses as indicated
40% Severity
Prepayments in addition to defaults
100% servicer advances

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.