UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark one)
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2005
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number: 333-127901-01
FBR Securitization Trust
Callable Mortgage-Backed Notes
Series 2005-2
(Exact name of registrant as specified in its charter)
New York N/A
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
Securities registered pursuant to Section 12(b) of the Act:
NONE.
Securities registered pursuant to Section 12(g) of the Act:
NONE.
Indicate by check mark if the registrant is a well-known seasoned issuer,
as defined in Rule 405 of the Securities Act.
Yes ___ No X
Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.
Yes ___ No X
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No ___
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by reference
in Part III of this Form 10-K or any amendment to this Form 10-K.
Not applicable.
Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, or a non-accelerated filer. See Definition of
"accelerated filer and large accelerated filer" in Rule 12b-2 of the
Exchange Act. (Check One):
Large Accelerated Filer ___ Accelerated Filer ___ Non-Accelerated Filer X
Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Act).
Yes ___ No X
State the aggregate market value of the voting and non-voting common
equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of
such common equity, as of the last business day of the registrant's most
recently completed second fiscal quarter.
Not applicable.
Documents Incorporated by Reference
List hereunder the following documents if incorporated by reference and
the Part of the Form 10-K (e.g. Part I, Part II, etc.) into which the
document is incorporated: (1)Any annual report to security holders; (2)
Any proxy or information statement; and (3)Any prospectus filed pursuant
to Rule 424(b) or (c) under the Securities Act of 1933. The listed
documents should be clearly described for identification purposes (e.g.
annual report to security holders for fiscal year ended December 24, 1980).
Not applicable.
PART I
Item 1. Business.
Not applicable.
Item 1A. Risk Factors.
Not applicable.
Item 1B. Unresolved Staff Comments.
Not applicable.
Item 2. Properties.
Not applicable.
Item 3. Legal Proceedings.
The registrant knows of no material pending legal proceedings
involving the trust created under the Pooling and Servicing
Agreement (the Trust), the Trustee, the Servicer or the
registrant with respect to the Trust other than routine
litigation incidental to the duties of the respective parties.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities.
No established public trading market for the Certificates exists.
Records provided to the Trust by the DTC and the Trustee
indicate that as of December 31, 2005, the total number of holders
of record for the Series of Certificates is 29.
Item 6. Selected Financial Data.
Not applicable.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operation.
Not applicable.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk.
Not applicable.
Item 8. Financial Statements and Supplementary Data.
Not applicable.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.
None.
Item 9A. Controls and Procedures.
Not applicable.
Item 9B. Other Information.
None.
PART III
Item 10. Directors and Executive Officers of the Registrant.
Not applicable.
Item 11. Executive Compensation.
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters.
Not applicable.
Item 13. Certain Relationships and Related Transactions.
Not applicable.
Item 14. Principal Accounting Fees and Services.
Not applicable.
PART IV
Item 15. Exhibits, Financial Statement Schedules.
(a) Exhibits
(31.1) Rule 13a-14(a)/15d-14(a) Certification
(99.1) Annual Independent Accountants' Servicing Reports concerning
servicing activities.
<s> <c>
a) Chase Home Finance LLC, as Sub-Servicer for JP Morgan Chase Bank, NA f/k/a JP Morgan Chase & Co. <F1>
(99.2) Report of Management as to Compliance with Minimum Servicing
Standards.
<s> <c>
a) Chase Home Finance LLC, as Sub-Servicer for JP Morgan Chase Bank, NA f/k/a JP Morgan Chase & Co. <F1>
(99.3) Annual Statements of Compliance under the Pooling and Servicing
Agreements.
<s> <c>
a) JP Morgan Chase Bank, NA, as Servicer f/k/a JP Morgan Chase & Co. <F1>
(99.4) Aggregate Statement of Principal and Interest Distributions to
Certificate Holders.
(b) Not applicable.
(c) Omitted.
<F1> Filed herewith.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized:
FBR Securitization Trust
Callable Mortgage-Backed Notes
Series 2005-2
(Registrant)
Signed: Wells Fargo Bank, N.A. as Master Servicer
By: /s/ Sherri Sharps
By: Sherri Sharps, Vice President
Dated: March 30, 2006
Exhibit Index
Exhibit No.
Ex-31.1 Rule 13a-14(a)/15d-14(a) Certification
I, Sherri Sharps, certify that:
1. I have reviewed this annual report on Form 10-K, and all reports on
Form 8-K containing distribution or servicing reports filed in
respect of periods included in the year covered by this annual report,
of FBR Securitization Trust Callable Mortgage-Backed Notes, Series
2005-2 Trust;
2. Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made,
not misleading as of the last day of the period covered by this
annual report;
3. Based on my knowledge, the distribution or servicing information
required to be provided to the Trustee by the Servicer under the
Pooling and Servicing or similar, agreement, for inclusion in these
reports is included in these reports;
4. I am responsible for reviewing the activities performed by the master
servicer under the pooling and servicing, or similar, agreement, and
based on upon my knowledge and the annual compliance review required
under that agreement, and except as disclosed in the reports, the
master servicer has fulfilled its obligations under that agreement;
and
5. The reports disclose all significant deficiencies relating to the
servicer's compliance with the minimum servicing standards based upon
the report provided by an independent public accountant, after
conducting a review in compliance with the Uniform Single Attestation
Program for Mortgage Bankers or similar procedure, as set forth in
the pooling and servicing, or similar, agreement, that is included in
these reports.
In giving the certifications above, I have reasonably relied on
information provided to me by the following unaffiliated parties:
Chase Home Finance LLC as Sub-Servicer, JP Morgan Chase Bank, NA as
Named Servicer.
Date: March 30, 2006
/s/ Sherri Sharps
Signature
Vice President
Title
EX-99.1
(logo) PRICEWATERHOUSECOOPERS
PricewaterhouseCoopers LLP
PricewaterhouseCoopers Center
300 Madison Avenue
New York NY 10017
Telephone (646) 471 3000
Facsimile (813) 286 6000
Report of Independent Auditors
To the Board of Directors and Stockholder
of Chase Home Finance LLC:
We have examined management's assertion about Chase Home Finance LLC's (the
"Company") compliance with the minimum servicing standards identified in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers ("USAP") as of and for the year ended December 31, 2005
included in the accompanying management assertion (see Exhibit I). Management is
responsible for the Company's compliance with those minimum servicing standards.
Our responsibility is to express an opinion on management's assertion about the
Company's compliance based on our examination.
Our examination was made in accordance with attestation standards established by
the American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Company's compliance
with the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the minimum servicing
standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2005 is fairly stated, in all material respects.
/s/ PricewaterhouseCoopers LLP.
March 13, 2006
(page)
(logo) CHASE
Exhibit I
Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards
March 13, 2006
As of and for the year ended December 31, 2005, Chase Home Finance LLC (the
"Company") has complied in all material respects with the minimum servicing
standards (the "Standards") set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers ("USAP").
These Standards are applicable only to the Company's prime and subprime mortgage
portfolios.
As of and for this same period, the Company had in effect fidelity bond and
errors and omissions policies in the amounts of $250,000,000 and $25,000,000
respectively.
/s/ Kim Greaves
Kim Greaves
Senior Vice President
Chase Home Finance LLC
/s/ Jim Miller
Jim Miller
Senior Vice President
Chase Home Finance LLC
/s/ Scott Powell
Scott Powell
CEO
Chase Home Finance LLC
EX-99.2
(logo) CHASE
Exhibit I
Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards
March 13, 2006
As of and for the year ended December 31, 2005, Chase Home Finance LLC (the
"Company") has complied in all material respects with the minimum servicing
standards (the "Standards") set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers ("USAP").
These Standards are applicable only to the Company's prime and subprime mortgage
portfolios.
As of and for this same period, the Company had in effect fidelity bond and
errors and omissions policies in the amounts of $250,000,000 and $25,000,000
respectively.
/s/ Kim Greaves
Kim Greaves
Senior Vice President
Chase Home Finance LLC
/s/ Jim Miller
Jim Miller
Senior Vice President
Chase Home Finance LLC
/s/ Scott Powell
Scott Powell
CEO
Chase Home Finance LLC
EX-99.3
(logo) CHASE
ANNUAL STATEMENT OF COMPLIANCE
Pursuant to the servicing agreement, the undersigned Officer, to the best of
his/her knowledge, hereby certifies to the following:
I have reviewed the activities and performance of the Servicer and, during the
preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to
the best of the Officer's knowledge, the Servicer has fulfilled all its duties,
responsibilities or obligations under these Agreements throughout such year.
a) All property inspections have been completed.
b) Compliance relative to Adjustable Rate Mortgages has been met.
c) Compliance with IRS Foreclosure reporting regulations enacted as IRS
Section 6060J by the Deficit Reduction Act, regarding Acquired and/or
Abandonment property have been completed.
d) All loans serviced in states that have statutes requiring payment of
interest on escrow/impound accounts have been completed.
e) That such Officer has confirmed that the Fidelity Bond, the Errors and
Omissions Insurance Policy and any other bonds required under the terms of
the Servicing Agreement are in full force and effect.
f) Enclosed is a copy of our most recent independent audit statement.
CERTIFIED BY: /s/ Kim Greaves
Kim Greaves
Senior Vice President
Date: 3/13/06
CERTIFIED BY: /s/ Jim Miller
Jim Miller
Senior Vice President
Date: 3/13/06
(page)
Wells Fargo - 2005 deals
Investor# Agreement Name Agreement Date
047 FC0105 1/15/05
047 FC0205 2/15/05
047 FC0305 3/15/05
047 FC0405 4/15/05
047 FC0505 5/15/05
047 FC0605 5/15/05
047 FC0705 7/27/05
047 FC0805 8/27/05
047 FC0905 9/20/05
047 FC1005 10/20/05
047 FC1105 11/25/05
047 FC1205 12/19/05
G62 BAF05001 2/1/05
G63 CSF05001 2/1/05
G65 JPA050S1 2/1/05
G69 JPA050A1 2/1/05
G70 MAL05001 2/1/05
G75 5MASD1 3/1/05
G76 CSF05002 3/2/05
G80 5GSMP1 3/7/05
G84 JPA050A2 4/1/05
G85 BAF05002 4/1/05
G86 MAL05003 4/1/05
G87 CSF05003 4/1/05
G92 MST05001 4/1/05
G96 MAL05004 6/1/05
G97 CSF05004 5/1/05
G98 JPA050A3 6/2/05
L06 CSF05005 6/1/05
L07 BAF05003 6/1/05
L09 MSS05001 6/1/05
L15 JPA050A4 7/1/05
L19 BAF0500E 7/1/05
L23 CSF05006 7/1/05
L27 JPA050A5 8/1/05
L33 MAL05005 8/5/05
L37 BAY0500C 9/12/05
L38 JPA050S2 9/1/05
L41 JPA050A6 9/1/05
L42 5MARP2 9/1/05
L48 CSF05009 10/3/05
L49 JPA050A7 10/3/05
(page)
L53 THB05003 9/1/05
L55 JPA050A8 11/1/05
L56 5MABA1 11/1/05
L57 BAY0500D 11/1/05
L58 CSF05010 11/1/05
L59 MST05002 11/1/05
L62 5MSST2 1111/05
L65 MAL05006 12/1/05
L66 JPL050S1 12/1/05
L67 BAF05007 12/1/05
L68 CSF05011 12/1/05
L72 JPA050S3 12/1/05
L74 JPL050A2 12/1/05
571 PPS05WC1 1/26/05
572 PEOPLES CHOICE 2005-1 3/28/05
578 FLD0501 2/25/05
583 MAB05HE1 4/28/05
598 FLD0502 7/29/05
599 FBR05001 7/29/05
602 HAS05NC1 9/13/05
608 FBR05002 9/29/05
609 MAB05HE2 9/29/05
610 HAS05NC2 9/29/05
615 MSI05HE5 10/27/0
617 FLD0503 11/28/0
621 FBR05004 12/5/05
622 FBR05005 12/5/05
624 HAS05I01 12/21/05
AEGO5004
ARM0511
FS2005-1
FS2005-2
FS2005-3
GS2005-RP1
MAB05AB1
MRLT2005-1
MRLT2005-2
MSM058SL
NLC05004
PRM05005
(page)
Wells Fargo - 2004 and prior deals
Investor# Agreement Name Agreement Date
18 1997 WL-3
46 FC0704
46 FC0804
46 FC0904
46 FC1004
46 FC1104
46 FC1204
111 1999WL6
168 PRM04-CL1 1/1/04
361 01996U
32E JPMMT 2004-S1 1/1/04
32J JPM2004-S1 8/1/04
A37 E94001
A39 J21001
C48 MAST 2004-1 9/1/04
C84 2002WL7 5/1/02
D92 S44003
F04 MALT2002-1 7/30/02
F18 002WLF 7/1/02
F04/F20 002WLG 8/27/02
F31 2003-WLV 7/1/03
F32 2002WLJ
F33 Bayview 2003-D 7/1/03
F34 002FX2
F35 Bayview 2003-E 7/1/03
F38 002WLM
F46 002WLS
F48 2CRA57
F50 2002WL12
F51 MALT2003-2 3/1/03
F52 MALT2003-3 6/1/03
F53 MAST2003-5 6/1/03
F54 MAST2003-6 6/1/03
F55 MAST2003-7 7/1/03
F56 MAST2003-8 8/1/03
F57 MASTR9
F58 MAST03-10 10/1/03
F59 MALT2003-7 10/1/03
F60 MALT2003-8 11/1/03
F61 MALT2003-9 1/2/04
F61 MAST2003-9 9/1/03
F62 MAST03-12 1/2/04
(page)
F63 DBALT4 1/21/04
F64 MALT2004-4 2/2/04
F65 MALT2004-2 3/1/04
F66 MAST2004-3 2/1/04
F67 MALT2004-3 4/1/04
F68 Bear Stearns Mortgage Securities Inc Series 1998-1 3/1/04
F68 Bear Stearns Mortgage Securities Inc Series 1998-5 3/1/04
F68 PRM04-CL2 4/1/04
F68 SAMI 1998-8 3/1/04
F69 MALT2004-4 5/3/04
F71 MAST2004-5 4/1/04
F73 MALT2004-5 6/3/04
F74 002FX5
F75 MAST2004-6 6/1/04
F77 MALT2004-6 7/5/04
F79 MALT2004-7 7/1/04
F81 MAST2004-8 7/1/04
F83 MAST2004-9 8/1/04
F85 MALT2004-8 8/1/04
F89 MALT2004-9 8/1/04
F94 GSMPS 2003-1 10/1/03
F95 MALT04-10 9/1/04
G01 JPM2004-A1 1/1/04
G05 JPM2004-A2 4/1/04
G06 GS2004-1 2/1/04
G10 JPM2004-A3 6/1/04
G12 GS2004-3 5/1/04
G16 JPM2004-A4 7/1/04
G19 CSFB04-4 8/2/04
G22 CSFB04-5 9/1/04
G23 BAY2004-C 9/1/04
G29 CSFB04-6 10/1/04
G36 JPM2004-A5 10/1/04
G38/J07 CSFB04-7 11/1/04
G39 MALT04-11 11/1/04
G40/J08 MAST04-10 10/1/04
G43 JPM2004-A6 12/1/04
G44 CSFB04-8 12/1/04
G45 JPM2004-S2 11/1/04
G47 MAST04-11 11/1/04
G48 MALT04-12 11/1/04
G53 BAY2004-D 3/1/04
G54 4BAFC4 10/1/04
G56 BAFC2004-5 10/1/04
G56 4BAFC6
G58 MALT04-13 12/1/04
(page)
H71 CSFB 2001-AR24
J08 4MAS10
Deutsche Mortgage Securities, Inc. 2004-4
GS2003-3 10/1/03
MAST2004-4
MAST2004-1
SAM2000-1
CMLT04-HE1
CMLT2004-1
CSFB04-AR5
FNMA200233
FS2003-1
FS2004-1
FS2004-2
FS2004-3
FS2004-4
FS2004-5
GEMLMLM
HARTX83-A
JEFFTX84
MALT2002-2
MALT2003-5
MARM2003-1
MAST2002-7
MAST2003-2
MAST2003-3
MAST2003-4
MS1997-P1
MSGF1996-1
MSST2003-1
NATIONSBK
NORWEST-TX
RMSC89-8
SASCO02-9
SMSC92-6
SMT91-05
SMT92-01
SMT93-04
329 SOPAC/ 97-2 / WELLS FARGO TRUST SERVICES
389 AMRES98-2 6/22/98
466 Aegis Asset Backed Securities Trust 2003-1 3/27/03
479 FIRST FRANKLIN MORTGAGE LOAN TRUST 2003-FF2 6/26/03
480 First Franklin Mortgage Loan Trust 2003-FFC 6/1/03
483 GS2003-HE2 9/8/03
488 First Franklin Mortgage Loan Trust 2003-FF4 9/1/03
489 Aegis Asset Backed Securities Trust 2003-2 10/8/03
(page)
497 FIELDSTONE MORTGAGE INVESTMENT CORP 2003-1 10/23/03
501 GS2003-AHL 10/29/03
502 Aegis Asset Backed Securities Trust 2003-3 11/18/03
510 Aegis Asset Backed Securities Trust 2004-1 1/23/04
511 Fieldstone Mortgage Investment Trust 2004-1 1/30/04
514 FIRST FRANKLIN MORTGAGE LOAN TRUST 2004-FFA 2/1/04
520 Fieldstone Mortgage Investment Trust 2004-2 4/20/04
524 FIRST FRANKLIN MORTGAGE LOAN TRUST 2004-FF3 5/1/04
528 Aegis Asset Backed Securities Trust 2004-3 6/21/04
532 Fieldstone Mortgage Investment Trust 2004-3 6/21/04
537 SAIL2004-7 7/27/04
542 Aegis Asset Backed Securities Trust 2004-4 8/26/04
544 FFMLT 2004-FF7 8/1/04
547 MS2004-5AR 9/23/04
548 MS2004-6AR 9/23/04
549 MS2004-7AR 9/23/04
555 MABS04HE1 10/1/04
556 MS2004-8AR 9/30/04
558 Fieldstone Mortgage Investment Trust 2004-4 9/30/04
562 PEOPLES CHOICE 2004-2 11/23/04
566 Fieldstone Mortgage Investment Trust 2004-5 11/23/04
BSALTA2003-4
BSRT2001-4
CMLT2003-1 9/1/98
DALT03-4XS 11/1/03
Ex-99.4
Schedule of Year-To-Date Principal and Interest Distributions to
Certificateholders
Class Interest Principal Losses Ending Balance
<s> <c> <c> <c> <c>
AV2-A1 2,069,444.89 38,062,009.38 0.00 173,297,990.62
AV2-1B1 2,244,126.09 56,189,005.32 0.00 179,142,994.68
AV2-1B2 807,727.01 0.00 0.00 76,688,000.00
AV2-2A 1,651,760.37 0.00 0.00 154,260,000.00
AV2-3A 1,448,223.61 0.00 0.00 134,000,000.00
AV2-3B1 1,497,248.18 0.00 0.00 139,180,000.00
AV2-3B2 270,961.61 0.00 0.00 24,560,000.00
AV1 9,096,534.36 88,070,546.77 0.00 788,649,453.23
M-1 938,715.56 0.00 0.00 83,200,000.00
M-10 768,417.69 0.00 0.00 48,920,000.00
M-2 813,683.48 0.00 0.00 71,800,000.00
M-3 466,003.92 0.00 0.00 41,030,000.00
M-4 450,764.75 0.00 0.00 38,750,000.00
M-5 413,630.88 0.00 0.00 35,330,000.00
M-6 352,082.59 0.00 0.00 29,630,000.00
M-7 361,228.92 0.00 0.00 27,350,000.00
M-8 306,834.16 0.00 0.00 22,800,000.00
M-9 251,500.63 0.00 0.00 17,100,000.00
N 634,123.43 13,298,110.74 0.00 41,701,889.25
OWNTRST 0.00 0.00 0.00 0.00