FBR Securitization 8-K Other Events

Deal Name: FBRSI 2005-4

The percentages per table should add up to 100%

FICO & Documentation & Purpose of Loan

			Stated		Other										Avg Prin		Current
FICO Score	Full DOC		Doc		Doc		All Docs		Purch		CO refi		WAC		Bal ($)		LTV		IO loans		silent 2nds
< 450		—		—		—		—		—		—		—		—		—		—		—
451-500		—		—		—		—		—		—		—		—		—		—		—
501-550		3.61		2.54		0.05		0.00		0.88		5.15		8.135		199,649.10		76.01		0.00		0.02
551-600		9.45		6.10		0.10		0.00		5.24		10.17		7.290		214,409.17		79.53		5.45		2.87
601-650		14.18		19.49		0.20		0.00		19.50		13.60		7.176		187,668.14		82.29		18.31		15.72
651-700		8.67		18.71		0.16		0.00		19.12		8.15		7.042		186,115.69		82.71		15.38		16.09
701-750		3.33		10.35		0.08		0.00		11.11		2.56		6.878		200,675.58		83.22		8.35		8.40
751-800		0.67		2.22		0.00		0.00		2.53		0.29		6.895		163,191.82		83.34		1.49		1.85
801-850		0.02		0.08		0.00		0.00		0.08		0.02		7.179		127,027.09		81.66		0.05		0.04
Total		39.93		59.49		0.58		0.00		58.45		39.94		7.167		192,485.83		81.74		49.04		45.00

LTV & FICO

	FICO <				501 -																Avg Prin				Gross		Limited						silent
Current LTV	450		450 - 500		550		551 - 600		601 - 650		651 - 700		701 - 750		751 - 800		801 - 850		total FICO		Bal ($)		WAC		Margin		Doc		Stated Doc		IO loans		2nds
10.01-20		0.00		0.00		0.01		0.00		0.01		0.00		0.00		0.00		0.00		0.02		65,947.47		7.379		6.000		0.00		0.00		0.01		0.00
20.01-30		0.00		0.00		0.01		0.02		0.02		0.04		0.00		0.00		0.00		0.09		104,360.74		6.786		6.095		0.00		0.05		0.02		0.00
30.01-40		0.00		0.00		0.05		0.10		0.09		0.05		0.00		0.00		0.00		0.29		137,960.48		6.711		4.145		0.00		0.14		0.03		0.00
40.01-50		0.00		0.00		0.09		0.38		0.21		0.10		0.07		0.01		0.00		0.86		194,583.31		6.774		4.742		0.01		0.43		0.16		0.00
50.01-60		0.00		0.00		0.30		0.49		0.43		0.24		0.04		0.00		0.00		1.50		207,311.25		7.015		5.205		0.02		0.67		0.69		0.00
60.01-70		0.00		0.02		0.98		1.50		1.63		0.47		0.26		0.00		0.00		4.86		242,589.25		7.018		5.347		0.06		2.67		1.87		0.00
70.01-80		0.00		0.02		3.17		7.29		20.13		18.93		9.29		2.01		0.09		60.93		225,417.44		6.777		5.642		0.32		35.88		34.44		44.94
80.01-90		0.00		0.06		1.57		5.67		7.06		4.02		1.73		0.29		0.00		20.40		251,404.65		7.267		5.595		0.11		10.12		9.82		0.05
90.01-100		0.00		0.00		0.00		0.53		4.53		3.72		1.86		0.41		0.01		11.06		82,968.76		9.265		2.244		0.06		9.53		2.01		0.00
100+		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		0.00		0.10		6.18		15.97		34.11		27.56		13.25		2.72		0.10		100.00		192,485.83		7.167		5.224		0.58		59.49		49.04		45.00

Prin Balance & FICO

	FICO				501 -																Current				Gross		Limited						silent
Prin Balance	< 450		450 - 500		550		551 - 600		601 - 650		651 - 700		701 - 750		751 - 800		801 - 850		total FICO		LTV		WAC		Margin		Doc		Stated Doc		IO loans		2nds
$1-$50,000		0.00		0.00		0.02		0.01		0.55		0.59		0.25		0.07		0.00		1.49		98.21		10.156		0.217		0.00		1.45		0.00		0.02
$50,001-$100,000		0.00		0.00		0.49		1.04		3.21		2.64		1.23		0.31		0.01		8.93		89.41		8.772		2.349		0.03		6.05		0.36		2.46
$100,001-$150,000		0.00		0.01		0.63		2.00		3.60		2.42		0.90		0.38		0.01		9.95		81.86		7.489		4.691		0.05		5.29		2.19		5.09
$150,001 - $200,000		0.00		0.05		1.06		2.17		3.53		2.65		1.16		0.28		0.00		10.90		79.54		7.159		5.349		0.07		5.86		3.68		4.54
$200,001 - $250,000		0.00		0.00		0.95		1.91		4.66		3.34		1.37		0.35		0.04		12.62		80.37		6.938		5.717		0.04		7.56		6.51		6.03
$250,001 - $300,000		0.00		0.03		0.99		2.47		4.52		3.74		1.79		0.30		0.00		13.84		79.66		6.833		5.753		0.11		8.86		8.13		7.08

	FICO				501 -																Current				Gross		Limited						silent
Prin Balance	< 450		450 - 500		550		551 - 600		601 - 650		651 - 700		701 - 750		751 - 800		801 - 850		total FICO		LTV		WAC		Margin		Doc		Stated Doc		IO loans		2nds
$300,001 - $350,000		0.00		0.00		0.75		1.83		4.62		3.46		1.54		0.27		0.03		12.50		81.09		6.864		5.757		0.10		8.21		7.95		6.01
$350,001 - $400,000		0.00		0.00		0.53		1.37		3.69		2.76		1.64		0.26		0.00		10.25		81.37		6.813		5.798		0.08		6.53		6.91		5.41
$400,001 - $450,000		0.00		0.00		0.25		1.20		2.13		2.69		1.42		0.39		0.00		8.08		80.67		6.739		5.757		0.04		4.70		5.73		4.29
$450,001 - $500,000		0.00		0.00		0.29		1.19		1.28		1.58		0.80		0.00		0.00		5.14		81.59		6.883		5.765		0.00		2.90		3.56		2.12
$500,001 - $550,000		0.00		0.00		0.21		0.16		0.69		0.69		0.58		0.10		0.00		2.43		82.56		6.787		6.023		0.00		0.95		1.74		1.00
$550,001 - $600,000		0.00		0.00		0.00		0.29		0.69		0.58		0.17		0.00		0.00		1.73		81.24		6.927		5.420		0.06		0.81		0.75		0.35
$600,001 - $650,000		0.00		0.00		0.00		0.19		0.44		0.13		0.12		0.00		0.00		0.88		78.75		6.919		5.983		0.00		0.25		0.63		0.25
$650,001 - $700,000		0.00		0.00		0.00		0.07		0.13		0.00		0.14		0.00		0.00		0.34		80.00		6.698		6.000		0.00		0.07		0.27		0.20
$700,001 - $750,000		0.00		0.00		0.00		0.07		0.00		0.29		0.15		0.00		0.00		0.51		83.95		6.666		6.036		0.00		0.00		0.43		0.14
$750,001 - $800,000		0.00		0.00		0.00		0.00		0.16		0.00		0.00		0.00		0.00		0.16		74.44		6.869		6.126		0.00		0.00		0.08		0.00
$900,001 - $950,000		0.00		0.00		0.00		0.00		0.09		0.00		0.00		0.00		0.00		0.09		85.00		6.620		6.000		0.00		0.00		0.00		0.00
$950,001 - $1000,000		0.00		0.00		0.00		0.00		0.10		0.00		0.00		0.00		0.00		0.10		71.43		7.120		6.625		0.00		0.00		0.10		0.00
Total		0.00		0.10		6.18		15.97		34.11		27.56		13.25		2.72		0.10		100.00		81.74		7.167		5.224		0.58		59.49		49.04		45.00

Mortg Rates & FICO

	FICO <				501 -																Current				Gross		Avg Prin				Stated				silent
Mortg Rates	450		450 - 500		550		551 - 600		601 - 650		651 - 700		701 - 750		751 - 800		801 - 850		total FICO		LTV		WAC		Margin		Bal ($)		Limited Doc		Doc		IO loans		2nds
4.001-4.5%		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
4.501-5.0%		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
5.001-5.5%		0.00		0.00		0.00		0.09		0.34		0.56		0.60		0.14		0.00		1.73		77.42		5.431		5.959		292,555.18		0.00		0.23		1.16		1.17
5.501-6.0%		0.00		0.00		0.03		0.62		2.77		3.62		1.83		0.34		0.00		9.21		78.28		5.861		5.925		271,400.68		0.11		2.52		5.49		5.60
6.001-6.5%		0.00		0.00		0.19		2.31		6.28		6.37		3.91		0.95		0.00		20.01		78.95		6.332		5.392		264,923.42		0.15		8.81		12.45		12.37
6.501-7.0%		0.00		0.00		0.64		3.73		10.01		8.65		3.64		0.63		0.05		27.35		80.38		6.813		5.659		241,370.41		0.09		17.31		17.10		16.61
7.001-7.5%		0.00		0.00		0.94		3.20		6.02		3.35		1.28		0.20		0.04		15.03		80.80		7.295		5.563		215,969.32		0.08		10.23		7.45		6.33
7.501-8.0%		0.00		0.02		1.31		3.80		4.22		1.60		0.37		0.03		0.00		11.35		82.85		7.779		5.599		200,988.16		0.11		7.60		3.76		2.59
8.001-8.5%		0.00		0.00		1.13		1.38		1.20		0.47		0.06		0.04		0.00		4.28		83.72		8.297		5.572		177,298.49		0.00		2.96		1.14		0.26
8.501-9.0%		0.00		0.06		1.05		0.62		0.83		0.25		0.25		0.07		0.00		3.13		85.37		8.793		5.060		152,941.62		0.02		2.36		0.42		0.08
9.001-9.5%		0.00		0.00		0.39		0.15		0.26		0.36		0.32		0.10		0.00		1.58		91.17		9.309		2.677		94,969.90		0.00		1.37		0.07		0.00
9.501-10.0%		0.00		0.02		0.40		0.03		0.72		1.21		0.94		0.21		0.01		3.54		96.63		9.844		0.858		62,780.47		0.01		3.41		0.00		0.00
10.001-10.5%		0.00		0.00		0.04		0.00		0.40		0.63		0.04		0.01		0.00		1.12		98.82		10.382		0.150		64,980.88		0.00		1.12		0.00		0.00
10.501-11.0%		0.00		0.00		0.01		0.02		0.82		0.42		0.01		0.00		0.00		1.28		99.30		10.878		0.106		56,803.47		0.00		1.25		0.00		0.00
11.001-11.5%		0.00		0.00		0.05		0.01		0.25		0.05		0.00		0.00		0.00		0.36		96.23		11.188		0.699		49,193.98		0.01		0.30		0.00		0.00
11.501-12.0%		0.00		0.00		0.01		0.00		0.00		0.01		0.00		0.00		0.00		0.02		93.48		11.600		1.957		61,251.76		0.00		0.02		0.00		0.00
Total		0.00		0.10		6.18		15.97		34.11		27.56		13.25		2.72		0.10		1003.00		81.74		7.167		5.224		192,485.83		0.58		59.49		49.04		45.00

Mortg Rates & LTV

	LTV 0.01-		LTV 10.01-		LTV 20.01-		LTV		LTV 40.01-																		Gross		Avg Prin Bal		Limited		Stated				silent
Mortg Rates	10		20		30		30.01-40		50		50.01 - 60		60.01 - 70		70.01 - 80		80.01 - 90		90.01 - 100		100+		total LTV		avg FICO		Margin		($)		Doc		Doc		IO loans		2nds
4.001-4.5%		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
4.501-5.0%		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
5.001-5.5%		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—

	LTV 0.01-		LTV 10.01-		LTV 20.01-		LTV		LTV 40.01-																		Gross		Avg Prin Bal		Limited		Stated				silent
Mortg Rates	10		20		30		30.01-40		50		50.01 - 60		60.01 - 70		70.01 - 80		80.01 - 90		90.01 - 100		100+		total LTV		avg FICO		Margin		($)		Doc		Doc		IO loans		2nds
5.501-6.0%		0.00		0.00		0.00		0.03		0.04		0.03		0.15		1.28		0.20		0.00		0.00		1.73		684		5.959		292,555.18		0.00		0.23		1.16		1.17
6.001-6.5%		0.00		0.00		0.04		0.02		0.11		0.08		0.68		7.47		0.82		0.00		0.00		9.22		666		6.011		271,400.68		0.11		2.52		5.49		5.60
6.501-7.0%		0.00		0.00		0.00		0.08		0.25		0.49		1.07		15.30		2.52		0.30		0.00		20.01		661		5.966		264,923.42		0.15		8.81		12.45		12.37
7.001-7.5%		0.00		0.01		0.01		0.08		0.14		0.26		1.12		19.98		5.41		0.35		0.00		27.36		649		5.944		241,370.41		0.09		17.31		17.10		16.61
7.501-8.0%		0.00		0.00		0.01		0.05		0.15		0.32		0.59		8.99		4.51		0.43		0.00		15.05		631		5.960		215,969.32		0.08		10.23		7.45		6.33
8.001-8.5%		0.00		0.00		0.02		0.03		0.14		0.12		0.44		5.05		4.20		1.36		0.00		11.36		607		5.992		200,988.16		0.11		7.60		3.76		2.59
8.501-9.0%		0.00		0.01		0.01		0.01		0.01		0.04		0.37		1.36		1.63		0.83		0.00		4.27		589		6.076		177,298.49		0.00		2.96		1.14		0.26
9.001-9.5%		0.00		0.00		0.00		0.00		0.02		0.10		0.13		0.99		0.80		1.08		0.00		3.12		593		6.162		152,941.62		0.02		2.36		0.42		0.08
9.501-10.0%		0.00		0.00		0.00		0.00		0.00		0.03		0.12		0.23		0.22		0.99		0.00		1.59		636		6.193		94,969.90		0.00		1.37		0.07		0.00
10.001-10.5%		0.00		0.00		0.00		0.00		0.00		0.01		0.13		0.24		0.09		3.07		0.00		3.54		666		6.341		62,780.47		0.01		3.41		0.00		0.00
10.501-11.0%		0.00		0.00		0.00		0.00		0.00		0.00		0.01		0.03		0.00		1.07		0.00		1.11		655		6.406		64,980.88		0.00		1.12		0.00		0.00
11.001-11.5%		0.00		0.00		0.00		0.00		0.00		0.00		0.02		0.01		0.00		1.24		0.00		1.27		644		7.250		56,803.47		0.00		1.25		0.00		0.00
11.501-12.0%		0.00		0.00		0.00		0.00		0.00		0.01		0.02		0.01		0.01		0.30		0.00		0.35		618		6.923		49,193.98		0.01		0.30		0.00		0.00
12.001-12.5%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.01		0.00		0.01		0.00		0.02		610		6.000		61,251.76		0.00		0.02		0.00		0.00
Total		0.00		0.01		0.08		0.29		0.86		1.50		4.85		60.93		20.41		11.06		0.00		100.00		642		5.981		192,485.83		0.58		59.49		49.04		45.00

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.