FBR Securitization 8-K Other Events

FBR Securitization Trust 2005-4

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.

FBRSI 2005-4

Friedman Billings Ramsey

California Cities

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Original
California Cities	Loans		Balance		Balance		Coupon		Score		LTV
LOS ANGELES		170		46,099,584.04		7.62		6.966		649		80.03
SACRAMENTO		86		16,831,984.48		2.78		7.276		640		82.04
STOCKTON		80		16,279,841.33		2.69		7.089		646		81.37
CORONA		54		14,229,403.13		2.35		7.285		650		83.18
RIVERSIDE		65		13,554,898.12		2.24		7.124		650		82.30
MORENO VALLEY		62		12,726,812.92		2.10		7.100		647		82.17
SANTA ANA		53		12,673,687.88		2.10		7.093		670		83.03
PALMDALE		55		11,032,964.67		1.82		7.184		651		81.83
SAN JOSE		24		9,473,416.11		1.57		6.909		647		78.05
LONG BEACH		30		9,420,317.59		1.56		7.013		653		80.04
ANAHEIM		34		9,420,308.56		1.56		6.997		655		79.97
SAN BERNARDINO		44		8,872,926.09		1.47		6.876		640		82.15
MODESTO		42		8,841,993.06		1.46		7.165		655		83.26
COMPTON		39		8,721,878.28		1.44		7.136		642		81.19
SAN DIEGO		25		7,558,048.75		1.25		6.727		642		80.65
ONTARIO		33		7,395,625.83		1.22		7.190		636		82.51
POMONA		27		7,288,983.36		1.21		7.036		641		82.61
GARDEN GROVE		22		6,757,011.29		1.12		6.980		678		81.47
FONTANA		30		6,678,658.31		1.10		6.902		629		77.71
LANCASTER		31		6,352,025.35		1.05		6.826		630		83.20
PERRIS		30		6,276,084.34		1.04		7.504		639		84.43
FRESNO		36		5,550,364.11		0.92		7.472		636		81.42
ORANGE		14		5,001,220.81		0.83		6.822		647		83.21
SANTA ROSA		20		4,964,300.42		0.82		7.194		679		83.99
BAKERSFIELD		27		4,690,159.75		0.78		7.132		618		80.19
MURRIETA		17		4,595,614.34		0.76		7.164		653		82.81
SOUTH GATE		17		4,420,395.38		0.73		6.924		664		81.35
OXNARD		13		4,368,305.04		0.72		6.888		641		83.09
WEST COVINA		15		4,288,299.58		0.71		6.795		636		83.55

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Original
California Cities	Loans		Balance		Balance		Coupon		Score		LTV
LAKE ELSINORE		21		4,280,219.07		0.71		7.069		666		82.50
VICTORVILLE		20		4,213,929.84		0.70		7.185		642		84.84
ELK GROVE		15		4,133,842.24		0.68		7.623		628		82.93
MISSION VIEJO		12		4,029,182.94		0.67		7.415		676		84.09
RIALTO		18		3,807,042.21		0.63		6.936		644		81.97
VALLEJO		12		3,699,138.86		0.61		6.893		618		79.49
TRACY		12		3,580,614.27		0.59		6.871		661		77.82
LA MIRADA		11		3,471,495.16		0.57		6.763		663		79.04
LA PUENTE		12		3,467,700.32		0.57		7.277		607		82.05
SANTA MARIA		13		3,408,282.94		0.56		7.408		661		85.06
RANCHO CUCAMONGA		12		3,323,098.47		0.55		6.744		635		78.27
ANTIOCH		11		3,302,139.41		0.55		7.304		655		84.11
RICHMOND		12		3,246,758.80		0.54		7.073		603		81.33
WESTMINSTER		7		3,243,163.16		0.54		6.840		681		82.61
HESPERIA		13		3,184,305.08		0.53		7.189		604		85.54
NORWALK		13		3,162,714.20		0.52		6.897		652		79.76
FAIRFIELD		11		3,010,603.01		0.50		7.179		655		81.90
WHITTIER		11		3,003,271.31		0.50		7.162		662		78.07
SIMI VALLEY		7		2,966,171.07		0.49		7.055		627		79.13
INGLEWOOD		13		2,944,903.63		0.49		6.746		604		75.84
SAN FRANCISCO		7		2,904,000.54		0.48		7.102		637		70.26
SANTA CLARITA		7		2,610,681.33		0.43		7.056		624		81.41
HUNTINGTON BEACH		4		2,573,856.65		0.43		7.189		606		70.25
HAYWARD		6		2,563,141.24		0.42		6.887		671		88.32
DOWNEY		7		2,553,520.62		0.42		7.241		591		74.70
SALINAS		7		2,494,901.09		0.41		6.741		620		71.84
BALDWIN PARK		10		2,487,451.75		0.41		7.150		644		80.40
PITTSBURG		8		2,409,442.40		0.40		7.026		618		82.75
LODI		13		2,298,149.83		0.38		7.211		679		84.24
MERCED		9		2,251,656.16		0.37		6.871		652		81.95
COLTON		12		2,249,391.93		0.37		7.022		635		78.90
NORCO		5		2,110,600.00		0.35		6.549		649		79.32
LAKEWOOD		7		2,109,384.72		0.35		6.977		633		83.91
APPLE VALLEY		10		2,096,788.50		0.35		7.049		608		80.46
MANTECA		9		2,060,525.31		0.34		7.400		637		83.28
RANCHO SANTA MARGARITA		8		2,036,250.00		0.34		6.736		661		75.66
CHULA VISTA		6		2,027,929.45		0.34		6.851		639		77.72

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Original
California Cities	Loans		Balance		Balance		Coupon		Score		LTV
ROHNERT PARK		8		2,014,201.25		0.33		7.290		699		84.10
STANTON		6		1,966,402.01		0.33		7.426		655		83.10
CARSON		7		1,966,092.51		0.33		7.410		621		78.97
HEMET		11		1,956,710.21		0.32		7.500		651		83.24
BUENA PARK		6		1,950,468.56		0.32		7.243		682		85.53
PLACENTIA		6		1,936,504.28		0.32		6.592		669		78.74
FULLERTON		5		1,870,035.42		0.31		7.119		656		76.69
WOODLAND		8		1,844,219.45		0.30		6.721		659		80.06
TUSTIN		9		1,829,456.00		0.30		7.185		702		84.91
LEMON GROVE		6		1,818,191.05		0.30		7.080		656		82.06
CONCORD		8		1,796,660.28		0.30		7.119		650		81.03
CITRUS HEIGHTS		7		1,776,113.06		0.29		6.974		639		79.88
OAKLAND		6		1,771,327.55		0.29		7.110		605		79.62
ALISO VIEJO		6		1,763,284.58		0.29		7.183		648		77.91
VISALIA		12		1,755,346.73		0.29		7.618		613		80.20
MONTCLAIR		7		1,729,449.93		0.29		7.295		590		81.79
VAN NUYS		6		1,719,965.05		0.28		6.986		676		77.34
DESERT HOT SPRINGS		10		1,698,087.49		0.28		7.545		643		85.43
LAKE FOREST		7		1,682,618.84		0.28		6.790		664		82.95
LYNWOOD		7		1,679,842.84		0.28		6.305		667		76.75
TEMECULA		6		1,661,999.43		0.27		7.747		650		86.83
TORRANCE		5		1,641,387.11		0.27		6.274		688		82.28
CERES		8		1,592,134.84		0.26		7.047		656		77.84
MIRA LOMA		5		1,532,071.17		0.25		7.237		642		76.60
SANTA FE SPRINGS		6		1,531,986.29		0.25		6.998		620		80.22
PASADENA		5		1,526,797.27		0.25		6.544		703		77.77
LOS BANOS		5		1,524,343.36		0.25		7.277		637		82.48
IMPERIAL BEACH		5		1,507,585.44		0.25		6.784		680		77.64
CHINO HILLS		4		1,489,538.00		0.25		6.925		599		74.85
PARAMOUNT		9		1,489,390.51		0.25		7.259		659		81.26
FAIR OAKS		3		1,488,561.23		0.25		6.243		623		85.32
VISTA		6		1,428,439.20		0.24		7.069		643		82.46
HUNTINGTON PARK		6		1,401,106.46		0.23		7.076		642		77.70
MADERA		7		1,389,471.70		0.23		7.247		630		83.93
MENIFEE		6		1,346,286.56		0.22		7.359		661		79.89
NOVATO		4		1,324,455.49		0.22		7.155		674		85.81
CHINO		4		1,312,458.48		0.22		6.165		664		87.23

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Original
California Cities	Loans		Balance		Balance		Coupon		Score		LTV
PICO RIVERA		6		1,309,436.33		0.22		6.759		598		69.79
LA HABRA		5		1,296,661.41		0.21		6.600		737		83.85
FREMONT		4		1,288,686.49		0.21		6.978		595		81.13
BELLFLOWER		5		1,287,888.03		0.21		7.192		661		86.37
LAGUNA HILLS		5		1,280,320.52		0.21		7.569		651		86.68
PANORAMA CITY		5		1,279,873.50		0.21		6.864		698		84.75
PATTERSON		4		1,269,792.99		0.21		7.002		627		83.25
SAN JACINTO		7		1,236,538.46		0.20		7.073		684		83.40
AZUSA		6		1,233,577.18		0.20		6.518		663		82.03
NEWPORT BEACH		2		1,222,000.00		0.20		6.303		650		55.84
WILDOMAR		5		1,186,624.12		0.20		7.582		677		85.03
NORTH HIGHLANDS		4		1,178,254.48		0.19		6.842		685		84.45
NORTHRIDGE		2		1,150,067.17		0.19		5.775		684		80.00
LAKE ARROWHEAD		4		1,130,213.51		0.19		6.864		674		79.42
SEASIDE		3		1,128,771.19		0.19		6.629		690		84.00
OAKLEY		4		1,125,545.08		0.19		7.995		598		77.43
GOLETA		2		1,121,316.69		0.19		7.692		566		78.25
WHITTIER AREA		4		1,112,198.11		0.18		7.080		646		79.84
BREA		2		1,103,180.48		0.18		6.327		676		74.75
REDONDO BEACH		2		1,100,000.00		0.18		7.181		617		80.00
HAWTHORNE		4		1,095,754.45		0.18		7.050		614		86.82
LIVERMORE		3		1,091,699.99		0.18		7.312		646		87.06
GLENDALE		3		1,084,968.53		0.18		6.766		690		87.97
OCEANSIDE		4		1,082,303.90		0.18		6.275		655		77.13
BLOOMINGTON		5		1,078,895.84		0.18		7.045		640		72.25
SAN PABLO		3		1,075,762.35		0.18		7.145		559		81.16
ALHAMBRA		4		1,072,088.06		0.18		7.094		647		83.11
TURLOCK		7		1,067,520.96		0.18		7.311		673		80.74
PACOIMA		4		1,065,361.05		0.18		7.356		634		86.82
EL DORADO HILLS		3		1,062,659.22		0.18		7.372		662		87.35
CANOGA PARK		4		1,057,250.22		0.17		6.865		736		83.19
COSTA MESA		2		1,022,268.54		0.17		6.686		691		79.22
(WHITTIER AREA)		4		1,010,399.99		0.17		6.245		650		81.36
UNION CITY		5		1,007,765.69		0.17		7.371		663		77.83
MONROVIA		2		1,005,111.64		0.17		6.750		631		83.39
LOS ALAMITOS		2		1,000,996.94		0.17		6.473		704		76.18
HIGHLAND		7		987,590.48		0.16		7.087		695		78.90

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Original
California Cities	Loans		Balance		Balance		Coupon		Score		LTV
SANGER		5		978,477.89		0.16		7.067		690		83.91
SUN CITY		4		967,522.22		0.16		7.139		691		84.05
SAN JUAN CAPISTRANO		5		952,251.54		0.16		7.234		682		82.79
SANTA CLARA		3		951,824.88		0.16		6.398		725		81.80
VENTURA		3		937,128.77		0.15		6.824		666		73.12
CARLSBAD		1		918,668.45		0.15		6.620		643		85.00
ESCONDIDO		5		911,293.49		0.15		7.410		631		82.15
LINCOLN		4		906,152.67		0.15		7.045		712		84.00
GRANADA HILLS		2		899,117.66		0.15		6.030		650		80.00
ADELANTO		6		884,735.55		0.15		6.480		723		79.01
LA VERNE		2		882,062.92		0.15		7.065		636		83.53
EL CAJON		3		865,941.85		0.14		7.284		594		83.38
ROSAMOND		4		856,128.61		0.14		6.806		635		85.37
UPLAND		4		830,906.31		0.14		7.235		649		85.74
VACAVILLE		4		829,762.79		0.14		7.412		685		84.00
CITY OF LOS ANGELES		4		827,470.67		0.14		7.205		701		84.00
ATWATER		4		812,902.33		0.13		6.810		653		84.77
ROCKLIN		2		811,206.75		0.13		7.389		602		83.50
CERRITOS		3		803,369.69		0.13		6.634		665		81.71
SAN LORENZO		2		795,503.32		0.13		6.808		590		81.16
ARTESIA		4		795,337.32		0.13		7.292		731		83.99
GLENDORA		3		786,617.79		0.13		6.581		680		82.11
BENICIA		2		778,590.03		0.13		7.176		596		76.93
PLACERVILLE		2		771,553.39		0.13		6.619		688		82.30
LA PUENTE AREA		3		769,765.59		0.13		6.967		690		82.23
HACIENDA HEIGHTS		2		766,160.97		0.13		6.592		670		84.63
PANORAMA CITY AREA		3		762,020.69		0.13		7.271		600		84.42
DUARTE		2		749,996.71		0.12		7.304		627		83.65
NORTHRIDGE AREA		1		743,750.00		0.12		6.220		702		85.00
SUISUN CITY		3		735,598.44		0.12		7.242		656		84.45
NATIONAL CITY		2		734,974.08		0.12		6.840		599		82.31
GARDENA		3		734,151.57		0.12		7.205		613		81.85
SAN FERNANDO		3		721,057.77		0.12		7.162		624		82.27
EL CENTRO		5		719,161.98		0.12		7.926		664		85.76
MOORPARK		3		712,838.65		0.12		6.727		648		82.27
RIPON		3		708,271.86		0.12		7.849		605		84.47
PISMO BEACH		1		703,200.00		0.12		5.990		732		80.00

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Original
California Cities	Loans		Balance		Balance		Coupon		Score		LTV
BURBANK		2		699,267.95		0.12		7.216		612		89.33
PALM SPRINGS		3		698,724.81		0.12		6.580		609		72.39
LOS ANGELES (AREA)		1		693,405.23		0.11		6.990		585		80.00
ANTELOPE		3		688,377.48		0.11		7.827		624		83.26
SANTA MONICA		1		680,000.00		0.11		6.500		706		80.00
CALEXICO		3		679,456.73		0.11		6.784		624		85.07
DIAMOND BAR		4		678,490.19		0.11		7.521		665		84.00
NORTH HOLLYWOOD		2		676,000.00		0.11		7.133		612		76.04
HAWAIIAN GARDENS		3		658,734.13		0.11		6.899		613		75.48
AREA OF LOS ANGELES		3		654,253.47		0.11		7.322		685		82.25
CALIFORNIA CITY		5		653,720.26		0.11		6.814		654		83.02
ALTA DENA		1		650,000.00		0.11		6.750		601		83.87
HUGHSON		3		649,226.16		0.11		7.351		646		80.23
MARINA		1		639,600.01		0.11		6.395		657		80.00
OAKDALE		1		635,489.22		0.11		7.250		553		75.00
LA QUINTA		3		633,512.74		0.10		6.938		634		75.10
ARCADIA		1		620,148.69		0.10		7.650		590		78.18
YUBA CITY		3		613,908.12		0.10		6.747		703		81.78
AREA OF COMPTON		3		610,887.25		0.10		7.537		624		86.56
(LOS ANGELES AREA)		3		605,863.95		0.10		7.119		683		83.18
WESTMINISTER		1		604,000.00		0.10		5.630		742		80.00
LA PALMA		1		596,570.27		0.10		6.390		665		79.96
CITY OF PALMDALE		3		586,394.40		0.10		7.150		682		86.99
SAN MATEO		1		580,692.80		0.10		6.600		567		85.00
VALENCIA AREA		1		567,200.00		0.09		6.990		681		80.00
ALAMEDA		1		560,150.00		0.09		6.500		640		85.00
DALY CITY		1		560,137.49		0.09		6.990		575		69.38
PORT HUENEME		3		553,874.24		0.09		7.111		634		82.24
CASTRO VALLEY		1		549,999.58		0.09		6.490		621		61.11
SAN LEANDRO		2		549,817.99		0.09		6.589		713		83.99
VENICE		1		548,784.87		0.09		7.570		505		72.37
PENRYN		1		543,837.94		0.09		7.150		638		80.00
LAKESIDE		2		541,999.00		0.09		6.494		620		80.00
BRENTWOOD		1		541,450.00		0.09		6.470		622		85.00
LAWNDALE		1		525,000.00		0.09		7.500		656		84.00
LITTLEROCK AREA		2		519,200.00		0.09		6.190		654		80.00
MISSION HILLS		2		514,876.10		0.09		7.275		666		84.00

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Original
California Cities	Loans		Balance		Balance		Coupon		Score		LTV
MONTEBELLO		2		503,546.46		0.08		7.227		643		79.37
POWAY		1		500,000.00		0.08		7.245		654		88.65
NAPA		2		499,820.41		0.08		7.989		645		83.99
GREENFIELD		1		496,000.00		0.08		6.420		673		80.00
REDLANDS		2		493,998.55		0.08		5.963		644		74.85
RUNNING SPRINGS		3		488,352.88		0.08		7.208		591		79.80
TULARE		3		487,553.23		0.08		7.010		653		85.81
GILROY		1		484,988.29		0.08		6.250		590		82.20
MIDWAY CITY		1		483,667.01		0.08		6.500		618		85.00
FOUNTAIN VALLEY		2		464,822.91		0.08		8.117		617		83.99
WINCHESTER		2		460,825.80		0.08		7.845		752		83.99
BANNING AREA		3		459,953.69		0.08		7.181		641		82.26
WEST HOLLYWOOD		1		456,475.00		0.08		6.700		620		77.50
(AREA OF WHITTIER)		2		453,809.52		0.08		7.441		694		83.99
PETALUMA		2		449,838.40		0.07		7.317		678		83.99
RANCO CUCAMONGA		1		449,613.13		0.07		5.380		632		66.67
AREA OF ALTADENA		1		447,999.27		0.07		6.500		590		80.00
LIVINGSTON		2		445,900.00		0.07		6.770		639		85.55
CAMPBELL		2		439,850.48		0.07		7.249		650		83.99
(HAWTHORNE AREA)		1		438,395.95		0.07		6.500		740		80.00
(ARLETA AREA)		1		437,750.00		0.07		5.380		682		85.00
ALTADENA		1		434,481.83		0.07		8.600		557		78.38
LOMPOC		2		432,744.51		0.07		7.589		645		83.99
COALINGA		4		426,587.93		0.07		7.485		655		84.00
FOLSOM		1		424,596.28		0.07		6.750		641		78.41
CORONA AREA		1		423,601.86		0.07		6.750		642		75.00
CHATSWORTH AREA		1		420,000.00		0.07		5.750		677		80.00
SONOMA		1		420,000.00		0.07		5.875		639		80.00
(CANOGA PARK AREA) LOS ANGELES		1		419,866.25		0.07		7.595		695		80.00
INDIO		2		419,800.15		0.07		7.272		588		70.90
DANA POINT		2		418,735.79		0.07		8.013		621		83.99
BARSTOW		3		415,344.60		0.07		7.721		625		80.06
RESEDA		1		410,836.85		0.07		6.320		594		80.00
YORBA LINDA		1		410,000.00		0.07		6.500		583		58.57
SAN CLEMENTE		2		407,829.55		0.07		7.789		646		83.99
AREA OF LA PUENTE		2		400,403.94		0.07		7.642		635		84.00
COVINA AREA		1		400,000.00		0.07		8.250		589		89.89

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Original
California Cities	Loans		Balance		Balance		Coupon		Score		LTV
CITY OF RANCHO CUCAMONGA		1		399,507.43		0.07		6.990		631		90.00
FARMERSVILLE		4		398,899.57		0.07		7.420		651		84.00
VAN NUYS AREA		1		396,000.00		0.07		5.990		646		80.00
ACTON		1		395,200.00		0.07		6.420		643		80.00
CAMERON PARK		1		390,000.00		0.06		6.150		666		78.00
PORTERVILLE		2		387,471.12		0.06		7.017		569		78.43
CARMICHAEL		2		387,159.24		0.06		7.789		634		84.00
SUN VALLEY		1		386,048.84		0.06		6.500		641		85.00
SAN YSIDRO		1		385,699.45		0.06		7.990		533		85.00
ROSEMEAD AREA		2		384,923.94		0.06		7.100		742		84.00
CARMEL VALLEY		1		382,999.40		0.06		6.020		603		66.61
(PANORAMA CITY AREA)		1		381,534.97		0.06		6.250		579		79.79
CLOVIS		2		380,702.36		0.06		7.205		686		87.11
CULVER CITY		1		380,000.00		0.06		5.905		691		80.00
PLEASANTON		1		378,360.00		0.06		6.750		713		80.00
SAN PEDRO		1		376,000.00		0.06		6.180		685		68.99
BELL		1		365,000.00		0.06		6.870		659		84.88
(PERRIS AREA)		1		357,425.73		0.06		7.500		521		75.00
CALABASAS		1		356,000.00		0.06		5.625		649		80.00
MURPHYS		1		349,166.51		0.06		6.300		764		80.00
CYPRESS		1		349,000.00		0.06		6.990		648		66.48
PINOLE		1		345,000.00		0.06		7.990		566		83.13
LOS ANGELES AREA		2		344,923.04		0.06		7.585		659		84.00
SUISUN		1		342,938.02		0.06		7.350		544		80.00
(SYLMAR AREA)		2		337,909.34		0.06		7.813		682		84.00
GRIDLEY		3		336,405.86		0.06		6.790		613		75.70
RODEO		1		336,000.00		0.06		6.550		713		79.25
MAYWOOD		1		335,999.50		0.06		6.270		628		80.00
ROMOLAND AREA		1		333,172.00		0.06		6.990		655		80.00
TARZANA		1		331,500.00		0.05		6.500		724		85.00
SALIDA		1		328,500.00		0.05		6.745		672		90.00
SOUTH EL MONTE		1		328,000.00		0.05		6.300		635		80.00
PINON HILLS		1		327,668.97		0.05		6.990		612		90.00
HANFORD		2		325,534.90		0.05		7.097		632		68.93
FRENCH CAMP		2		324,371.94		0.05		8.299		633		84.00
MARYSVILLE		1		324,000.00		0.05		7.990		594		90.00
(LA PUENTE AREA)		1		324,000.00		0.05		7.390		659		90.00

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Original
California Cities	Loans		Balance		Balance		Coupon		Score		LTV
SAN RAFAEL		1		323,945.36		0.05		7.150		559		65.00
RIO LINDA		1		321,942.79		0.05		7.990		616		95.00
AREA OF BAY POINT		1		320,000.00		0.05		6.145		590		71.11
SAN MARCOS		2		319,946.09		0.05		7.586		626		84.00
KELSEYVILLE		2		317,940.40		0.05		7.542		665		84.00
REDWOOD CITY		1		316,788.67		0.05		7.500		615		50.00
CANYON COUNTRY AREA		1		315,000.00		0.05		6.650		670		70.00
BLOOMINGTON AREA,		1		312,000.00		0.05		8.100		635		80.00
LAKE ELIZABETH AREA		2		309,888.66		0.05		7.717		646		83.99
(ARLETA AREA), LOS ANGELES		1		308,763.36		0.05		6.030		719		67.39
AREA OF AZUSA		1		308,000.00		0.05		6.490		612		80.00
CAMARILLO		1		308,000.00		0.05		7.770		566		70.00
GRASS VALLEY		1		308,000.00		0.05		7.490		594		80.00
BEAUMONT		1		304,113.79		0.05		6.170		604		80.00
AREA OF HUNTINGTON PARK		1		304,000.00		0.05		5.500		683		80.00
RIVERBANK		1		301,600.00		0.05		5.990		686		80.00
HERCULES		1		301,500.00		0.05		6.990		596		90.00
SOLEDAD		1		300,000.00		0.05		7.170		590		76.92
MONTEREY PARK		1		299,583.20		0.05		7.845		545		80.00
SANTA BARBARA		1		299,177.21		0.05		6.470		630		33.33
WILMINGTON AREA		1		297,000.00		0.05		6.990		622		75.19
LATHROP		1		295,998.32		0.05		5.970		684		80.00
RANCHO CORDOVA		1		295,248.92		0.05		6.870		556		80.00
EXETER		2		294,914.23		0.05		7.356		544		80.00
CLEARLAKE		1		294,488.17		0.05		7.490		605		95.00
ROMOLAND		2		285,958.93		0.05		7.397		624		84.00
(COMPTON AREA)		1		285,000.00		0.05		7.950		673		95.00
HEMET AREA		2		284,210.97		0.05		8.051		640		84.01
LA MESA		1		275,882.66		0.05		6.990		533		80.00
HOMELAND		1		274,400.00		0.05		6.520		621		80.00
AREA OF VICTORVILLE		1		273,677.43		0.05		7.500		611		90.00
APPLE VALLEY AREA		2		269,319.98		0.04		7.026		759		84.00
CITY OF RIVERSIDE		2		269,274.45		0.04		8.199		625		84.00
HICKMAN		2		262,925.72		0.04		7.325		802		84.00
CAMPO		1		262,500.00		0.04		8.390		574		77.21
UNINCORP. AREA OF BAKERSFIELD		1		257,955.53		0.04		6.770		658		80.00
WEED		1		257,703.77		0.04		7.350		584		90.00

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Original
California Cities	Loans		Balance		Balance		Coupon		Score		LTV
ARLETA		1		256,000.00		0.04		6.520		625		80.00
BRAWLEY		1		255,422.25		0.04		5.615		643		80.00
NORTH HILLS		1		255,102.31		0.04		5.670		656		80.00
KEYES		2		252,939.14		0.04		7.691		653		84.00
EL DORADO		1		251,979.07		0.04		6.990		602		68.48
HILMAR		1		249,659.32		0.04		6.990		639		75.00
MCKINLEYVILLE		1		248,000.00		0.04		5.870		612		80.00
ROSEVILLE		1		245,700.00		0.04		7.120		679		78.00
SHAFTER		1		245,601.37		0.04		6.500		556		85.00
AREA OF RIALTO		1		244,000.00		0.04		6.990		667		80.00
RIVERSIDE AREA		1		242,239.53		0.04		6.500		651		85.00
CANOGA PARK AREA		1		240,000.00		0.04		6.970		607		60.00
BAY POINT		1		239,999.22		0.04		5.990		614		80.00
DELANO		2		239,935.62		0.04		7.373		671		84.00
WATERFORD		1		239,502.74		0.04		7.890		549		79.47
EL SOBRANTE		1		238,677.12		0.04		5.520		647		80.00
DELHI		1		238,400.00		0.04		6.795		584		80.00
BANNING		1		236,000.00		0.04		6.470		763		80.00
TORRANCE		1		235,519.87		0.04		5.900		670		75.00
CITY OF COMMERCE		1		231,975.95		0.04		7.470		507		75.00
REDDING		1		230,080.00		0.04		6.700		642		80.00
SELMA		1		228,961.79		0.04		7.270		623		85.00
POLLOCK PINES		1		225,259.75		0.04		7.050		579		84.96
SANTA PAULA		1		225,000.00		0.04		6.400		588		42.86
QUAIL VALLEY		1		224,611.09		0.04		6.745		561		75.00
YUCCA VALLEY		1		224,326.12		0.04		5.750		750		75.00
SOUTH SAN BERNARDINO		1		223,422.72		0.04		8.250		525		80.00
CORCORAN		2		222,126.75		0.04		7.286		572		78.98
TEHACHAPI		1		220,514.17		0.04		7.595		528		85.00
IMPERIAL		1		217,600.00		0.04		6.800		586		80.00
CANYON COUNTRY		1		216,000.00		0.04		6.500		590		80.00
WOODLAND HILLS AREA		1		214,095.60		0.04		5.750		664		27.74
PHELAN		1		212,000.00		0.04		6.990		575		67.30
HELENDALE		1		211,920.00		0.04		5.500		701		80.00
BAKERSFIELD		2		209,926.96		0.03		7.550		755		83.99
ROWLAND HEIGHTS		1		208,000.00		0.03		7.650		619		80.00
DIAMOND SPRINGS		1		199,557.14		0.03		8.990		504		63.49

					Percent of		Weighted		Weighted		Weighted
	Number of		Outstanding		Outstanding		Average		Average		Average
	Mortgage		Principal		Principal		Gross		Credit		Original
California Cities	Loans		Balance		Balance		Coupon		Score		LTV
ORLAND		1		197,509.29		0.03		6.990		600		90.00
WEAVERVILLE		1		191,296.36		0.03		5.600		701		80.00
OLIVEHURST		1		190,669.63		0.03		6.520		590		85.00
VALLEY SPRINGS		1		189,371.53		0.03		7.000		530		50.67
IVANHOE		2		188,353.78		0.03		7.244		606		70.85
THOUSAND PALMS		1		185,600.00		0.03		6.220		632		80.00
DENAIR		1		184,459.13		0.03		6.750		620		67.52
PALMDALE		1		182,274.38		0.03		6.740		737		85.00
LINDSAY		1		179,461.77		0.03		6.020		600		43.90
LEMOORE		1		178,029.03		0.03		6.670		642		85.00
RIDGECREST		2		177,641.87		0.03		8.199		627		84.00
HEBER		1		174,800.00		0.03		8.120		658		95.00
AREA OF WILMINGTON		1		174,698.40		0.03		6.375		623		57.38
SAN BERNARDINO		1		165,000.00		0.03		8.125		652		58.93
SUSANVILLE		2		163,960.54		0.03		7.899		630		84.00
CALIFORNIA		1		154,800.00		0.03		7.500		602		90.00
LUCERNE VALLEY		1		152,150.00		0.03		7.050		781		85.00
LAKEPORT		1		150,250.00		0.02		6.500		655		56.70
DINUBA		1		148,010.58		0.02		6.520		633		78.95
MORONGO VALLEY AREA		1		146,000.00		0.02		5.630		633		66.36
COVINA		1		142,502.26		0.02		7.270		592		34.46
WASCO		2		137,576.20		0.02		7.442		779		84.00
GREEN VALLEY LAKE		1		135,739.54		0.02		9.770		541		80.00
Mentone		2		134,963.85		0.02		7.575		675		84.00
COTTONWOOD		1		131,731.97		0.02		7.990		539		62.56
OROSI		2		128,401.46		0.02		7.741		749		83.99
LIVE OAK		1		125,764.11		0.02		8.390		528		75.00
REEDLEY		1		118,810.62		0.02		7.180		666		65.38
AREA OF WALNUT		1		116,895.82		0.02		9.990		652		100.00
JOSHUA TREE		1		115,000.00		0.02		5.990		693		79.31
GOSHEN		1		110,166.87		0.02		7.470		796		85.00
PALMERO		1		79,803.65		0.01		8.490		633		32.00
EARLIMART (AREA)		1		74,876.89		0.01		8.990		513		62.50
SPRING VALLEY		1		72,919.78		0.01		8.990		684		100.00
EAST PALO ALTO		1		56,893.93		0.01		8.420		509		10.65
Total:		2,404		604,696,320.02		100.00		7.041		646		81.06

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.