FBR Declares Quarterly Dividend of $0.34 per Share
                             Payable April 30, 2004
                   Annual Shareholders' Meeting Set for May 19

ARLINGTON,  Va., March 10, 2004 - 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 first  quarter of 2004.  The dividend will be payable on
April 30, 2004 to shareholders of record on March 31, 2004  (ex-dividend date of
March 29, 2004).

FBR also  announced  today that the company  will hold its annual  shareholders'
meeting on May 19, 2004.  The meeting  will be held at the  Fairmont  Washington
D.C., 2401 M Street,  N.W.,  Washington,  D.C. FBR  shareholders of record as of
April 23, 2004 will convene at 9:00 a.m. U.S. EDT.

Friedman,   Billings,   Ramsey  Group,   Inc.  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, Chicago, Cleveland, Denver, Houston, Irvine, London,
New York,  Portland,  San Francisco,  Seattle, and Vienna. 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 Group, Inc.
Investors: Kurt Harrington 703-312-9647 or kharrington@fbr.com
Media: Bill Dixon 703-469-1092 or bdixon@fbr.com