Friedman, Billings, Ramsey Declares Dividend
                   of $0.34 per share Payable October 31, 2003

ARLINGTON,  Va.,  September 10, 2003 - Friedman,  Billings,  Ramsey Group,  Inc.
(NYSE:  FBR) today announced that its Board of Directors has declared a dividend
of $0.34 per share  for the third  quarter.  The  dividend  will be  payable  on
October 31st to  shareholders of record on September 30th  (ex-dividend  date of
September 26, 2003).  This  represents  the third  dividend  declared  since the
merger of FBR Asset and FBR on March 31, 2003.

Commenting on the current environment, Eric F. Billings, Co-Chairman and Co-CEO,
said, "While our  mortgage-backed  securities have been impacted by the historic
level of  prepayments  and rising rates,  our low duration and low leverage have
served to reduce the impact of the current  environment  on our portfolio and to
allow us to maintain our targeted portfolio size. More importantly, the strength
of our business model and the tremendous  performance of our investment  banking
and institutional brokerage businesses in the third quarter mean that the unique
MBS environment has not impacted our dividend.  In fact, our stated  expectation
that third quarter  investment  banking  revenues  would exceed total first half
investment  banking  revenues has already been realized.  We currently expect to
more  than  earn  the  dividend  during  the  quarter.   Finally,  as  the  high
pre-payments  abate in the fourth  quarter our net interest  spread will quickly
rebound to higher levels. This improvement in spread combined with the continued
growth and  expansion of our capital  markets  platform of  investment  banking,
institutional  brokerage, and asset management clearly demonstrates the strength
of our economic model."

Friedman,  Billings,  Ramsey  Group,  Inc.  is a national  investment  bank that
provides investment banking*,  institutional brokerage*,  asset management,  and
private  client  services  through  its  operating  subsidiaries  and invests in
mortgage-backed  securities  and  merchant  banking  opportunities.  FBR focuses
capital and financial  expertise on six industry  sectors:  financial  services,
real estate,  technology,  healthcare,  energy and diversified industries.  FBR,
headquartered  in the  Washington,  D.C.  metropolitan  area,  with  offices  in
Arlington,  Va.  and  Bethesda,  Md.,  also  has  offices  in  Atlanta,  Boston,
Charlotte,  Chicago, Cleveland,  Denver, Irvine, London, New York, Portland, San
Francisco,  Seattle,  and Vienna.  FBR has elected REIT status for tax purposes.
For more information, see http://www.fbr.com.

*Friedman, Billings, Ramsey & Co., Inc.

Statements   concerning  future  performance,   developments,   events,   market
forecasts,  revenues,  expenses,  earnings,  run rates and any other guidance on
present  or  future  periods,  constitute  forward-looking  statements  that are
subject to a number of factors,  risks and uncertainties that might cause actual
results to differ materially from stated expectations or current  circumstances.
These factors  include,  but are not limited to, the effect of demand for public
offerings,  activity in the secondary securities markets,  interest rates, costs
of borrowing,  interest spreads,  mortgage  pre-payment speeds, risks associated
with  merchant  banking  investments,  the  realization  of gains and  losses on
principal  investments,  available  technologies,  competition  for business and
personnel,  and general  economic,  political and market  conditions.  These and
other  risks are  described  in the  company's  Annual  Report and Form 10-K and
quarterly  reports on Form 10-Q that are available from the company and from the
SEC.

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Contacts:
Friedman, Billings, Ramsey
Investors: Kurt Harrington 703-312-9647 or kharrington@fbr.com
Media: Bob Leahy 703-312-9745 or bleahy@fbr.com; or
       Bill Dixon 703-469-1092 or bdixon@fbr.com