EXHIBIT 5
                                 February 15, 2001



The Board of Directors
Friedman, Billings, Ramsey Group, Inc.
1001 19th Street N.
Arlington, VA 22209

     RE:  Registration Statement on Form S-8

Dear Sirs:

     We refer to the Registration Statement on Form S-8 (the "Registration
Statement") to be filed with the Securities and Exchange Commission under the
Securities Act of 1933, as amended (the "Securities Act"), on behalf of
Friedman, Billings, Ramsey Group, Inc. (the "Company"), relating to 9,900,000
shares of the Company's Class A Common Stock, par value $.01 per share (the
"Shares"), to be offered and sold pursuant to the FBR Stock and Annual Incentive
Plan (the "Plan").

     We have examined copies, certified or otherwise identified to our
satisfaction, of the Plan and such corporate records and other documents as we
have considered necessary or appropriate for the purposes of this opinion and
have made such inquiries of officers and representatives of the Company as to
factual matters as we have considered relevant and necessary as a basis for this
opinion.  Based on the foregoing, we advise you that in our opinion all
necessary corporate proceedings by the Company to authorize such issuance have
been duly taken and that the Shares being registered pursuant to the
Registration Statement, when issued and paid for in accordance with the terms of
the Plan, will be validly issued, fully paid and nonassessable.

     We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement.  This consent is not to be construed as an admission
that we are persons whose consent is to be filed with the Registration Statement
under the provisions of the Securities Act.

                                        Very truly yours,

                                        /s/ McGuireWoods LLP
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