FORM 8-K
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE
ACT OF 1934

Date of Report (date of earliest event reported):  October 22, 1998


                     Friedman, Billings, Ramsey Group, Inc.
             (Exact name of Registrant as specified in its charter)

001-13731
(Commission File Number) 

Virginia                         54-1870350 (I.R.S. Employer incorporation or
(State or other                              organization)
jurisdiction of
Identification No.)

1001 Nineteenth Street
North Arlington, VA 22209
(Address of principal executive offices) (Zip code)

                                 (703) 312-9500
              (Registrant's telephone number including area code)

Item 5. Other Events
On October 22, 1998,  Friedman,  Billings,  Ramsey  Group,  Inc.  issued a press
release reporting its third quarter 1998 results. A copy of the press release is
being filed herewith. The following Exhibit is filed as part of this report:

99.1 Press Release dated October 22, 1998.

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly  caused  this  Report  to be signed  on its  behalf by the  undersigned
hereunto duly authorized.

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

By: /s/ Emanuel J. Friedman
Chief Executive Officer



Exhibit 1

For Immediate Release
Investor Contact:  David Allan, FBR (703) 469-1080
Media Contact:  Melanie Nelson, FBR (703) 312-9623

FRIEDMAN,  BILLINGS,  RAMSEY GROUP,INC. REPORTS 3Q RESULTS

WASHINGTON,  D.C.,  October 22, 1998 - Friedman,  Billings,  Ramsey Group,  Inc.
(NYSE:FBG) today reported a net loss for the third quarter 1998 of $35.4 million
or $0.71 per share  compared with pro forma net income of $10.5 million or $0.26
per share pro forma for the third quarter of 1997.

The  Company  noted  that the net loss was  primarily  due to $39.5  million  in
pre-tax  losses  on  trading   inventory   sustained  by  the  firm's  principal
broker-dealer  subsidiary  Friedman,  Billings,  Ramsey  &Co.,  Inc.  Before the
trading losses, revenue for the quarter ended September 30, 1998 was $18 million
compared with 1997 third quarter revenue of $69 million.

Net loss for the nine-month period ended September 30, 1998 was $12.4 million or
$0.25 per share.  For the nine-month  period,  revenue,  before trading  losses,
amounted to $158 million compared with $143 million in 1997.

"Our net loss is attributable to unprecedented volatility in the capital markets
which has led to the  decline in the value of almost  every  asset  class in the
world," said Emanuel J. Friedman,  Chairman and CEO. "With the Russell 2000 down
from its 12-month high by as much as 31 percent during the quarter,  the sectors
we  focus  on -- small  and mid cap  stocks  in the  United  States - have  been
particularly  affected.  At the same  time,  the  virtual  halt of  underwriting
activity  diminished  our revenue  line in the third  quarter as it did for most
investment banks in the United States."

Friedman noted, "We went public in December 1997 to raise the capital needed for
our firm to execute against a long-term  business plan in good times and in bad.
While we could not have  foreseen  the turmoil of the last four  months,  we are
fortunate now to be among the better  positioned firms in our industry with just
under $200 million of equity and virtually no debt."

Friedman  said,  "We believe that the  decisive  action we took during the third
quarter to reduce our expenses and limit our trading  exposure has  strengthened
our position to not only weather a protracted market downturn,  but also to take
advantage of opportunities presented by market volatility."

                                    - more -


                                      - 2 -

FBR said that,  in  response to  conditions  in the  capital  markets,  the firm
implemented a comprehensive cost-reduction program during the third quarter. The
cost-cutting program included a previously reported reduction in total headcount
of 7  percent  as well as  significant  reductions  in  operating  expenses  and
discretionary budgets such as advertising.

The Company said that it estimated that these expense  reductions will save more
than $2.5 million or  approximately 4 percent of the Company's  annual operating
expenses.  FBR further noted that its fixed costs have  historically  been among
the  lowest in the  investment  banking  industry  at about 15  percent  of 1997
revenue.

Friedman  said,  "In addition to reducing  our already low fixed costs,  we made
considerable  progress  during the quarter on the effort we began  earlier  this
year to greatly limit our trading  exposure on a going forward  basis." FBR said
that during the quarter it dramatically  reduced the trading inventory  position
of its broker-dealer, Friedman, Billings, Ramsey &Co., Inc. from $138 million to
$23  million,  reflecting  primarily  liquidations  as well as  transfers to the
Company's  long-term  investment  account.  This step was  taken to  reduce  the
Company's  exposure to small and mid caps stocks and to reduce its concentration
in sectors that have been most affected by the recent market downturn. As of the
market close  Tuesday,  October 20, the Company said it had further  reduced the
trading inventory of its broker-dealer to less than $15 million.

Investment Banking
FBR's  investment  banking  revenue  totaled $8  million  in the third  quarter.
Corporate finance, which includes mergers and acquisitions,  private placements,
advisory services and thrift conversions, represented $4 million of this total.

"Due to the  exceptional  turmoil in the world's capital markets since July, our
underwriting  business  suffered  in the  third  quarter  along  with all  other
investment  banks,"  said W. Russell  Ramsey,  President of FBR. "As a result of
this  slowdown,  we now  perceive a growing  backlog of  potential  underwriting
business  from  companies  seeking  to access  the  capital  markets.  Given our
exceptionally  low  cost  structure,   our  participation  in  a  resurgence  of
underwriting  activity  should have a direct  positive  impact on our  operating
performance."

Asset  Management
FBR ended the quarter with over $723.5 million in total assets under management,
of  which  $536.3  million  are  incentive-based   assets.  Total  assets  under
management have increased 75

                                    - more -



                                      - 3 -

percent from September 30, 1997. Asset management  revenues in the third quarter
were $2 million,  representing  an increase  of 63 percent  over the  comparable
period in 1997.

The Company noted that,  despite the recent dramatic market  declines,  three of
its four private investment  partnerships had positive returns through September
30, 1998.

Vice  Chairman and Chief  Operating  Officer  Eric F.  Billings  noted,  "We are
especially  proud of the  performance  of our  private  investment  partnerships
during the recent market turmoil. We believe that the fact that these funds have
had positive  returns  attests to our ability to build  long-term  value even in
difficult times."

Highlights in Asset Management for the third quarter include:

* FBR Asset  Investment  Corp.  had shareholders  equity of approximately $174 
million and net asset value of $18.36 per share as of September  30, 1998.
During the quarter,  FBR Asset  Investment Corp. authorized the repurchase of up
to 2,000,000 shares of its common stock. 

* FBR  Technology  Venture  Partners  L.P.,  a venture  capital  fund focused on
tele-communications,  e-commerce and Internet-related  companies, closed on July
31, 1998 with $50 million in committed  capital.  To date,  the fund has made 13
investments,  including 10 firms in the Greater  Washington,  D.C.  region,  one
company in Seattle, one in Mountain View, Calif. and one in Boston.

* FBR  added a real  estate  mutual  fund to its  family  of funds  through  the
acquisition of GrandView Advisors,  Inc. and its namesake mutual fund, which now
operates as the FBR Realty Growth Fund trading under the symbol GVRGX.

Share Repurchase Program
Friedman,  Billings,  Ramsey  Group,  Inc.  said that,  since it announced a 2.5
million share repurchase  program on July 22, it had purchased 533,092 shares of
the Company's common stock as of the end of the third quarter, which reduced the
number of shares outstanding to 49,495,908.

As of September  30,  1998,  FBR shareholders'  equity  was  $193.4  million
and book value per share was $3.91.

Friedman,  Billings, Ramsey Group, Inc. reported that, during the third quarter,
the Voting Trust in which substantially all of the Company's Class B shares were
previously  deposited was  terminated by the holders of the trust  certificates,
and the Class B shares released to the beneficial owners.



                                     - 4 -
Friedman,  Billings,  Ramsey  Group,  Inc.  is a publicly  traded,  full-service
investment  banking and asset  management  firm (NYSE:  FBG).  Asset  management
operations include FBR Asset Investment Corp., private investment  partnerships,
venture  capital and private equity  partnerships,  and the FBR family of mutual
funds.  FBR makes a market in more than 375  securities  and  provides  research
coverage on more than 400 publicly traded  companies.  The Company's website can
be accessed at http://www.fbr.com.

Two Pages of Financial  Information  Follow this Page. 

Statements  concerning future  performance,  developments or events,  concerning
expectations  for  growth,  filed  backlog and market  forecasts,  and any other
guidance on present and future periods,  constitute  forward-looking  statements
which are subject to a number of factors,  risks and uncertainties,  which might
cause  actual  results  or  developments   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, the price of securities in the secondary market, competition
for  business  and  personnel,  and  general  economic,   political  and  market
conditions. # # #




FRIEDMAN,  BILLINGS, RAMSEY GROUP, INC. CONDENSED CONSOLIDATED
STATEMENTS  OF  OPERATIONS  (Dollars  in  thousands, except per share amounts)
(Unaudited) 

                         
                               Three months ended
                                  September 30,

Revenues:                1998      %         1997      %         %Increase
                                                                 (Decrease)

Investment banking       $8,457    39.3%     $53,554   78.5%     -84.2%
Institutional            11,481    53.4%     10,948    16.0%     4.9%
brokerage
Asset Management fees    2,119     9.8%      1,297     1.9%      63.4%
Gains and losses, net    (47,022)  -218.6%   1,066     1.6%      -4511.1%
Interest and dividends   3,456     16.1%     1,368     2.0%      152.6%

Total Revenues           (21,509)  -100.0%   68,233    100.0%    -131.5%

Operating Expenses:
Compensation and         10,870    50.5%     40,595    59.5%     -73.2%
benefits
Business Development     6,212     28.9%     3,095     4.6%      100.7%
Interest                 1,553     7.2%      571       0.8%      172.0%
Other                    10,585    49.2%     6,424     9.4%      64.8%

   Total Operating
   Expenses              29,220    135.8%    50,685    74.3%     -42.3%

   Net income (loss)
   before income taxes   (50,729)  -235.8%   17,548    25.7%     -389.1%

Provision (benefit) for  
income taxes             (15,317)  -71.2%    -         -         -              

   Net income (loss)     ($35,412) -164.6%   $17,548   25.7%     -301.8%

   Net income, proforma  $-                  $10,529(1)

Earnings (loss) per 
share (basic and 
diluted)                 ($0.71)             $0.44               -261.4%

Proforma earnings per 
share (basic and 
diluted)                 -                   $0.26(1)

Weighted average shares
(in thousands)           49,780              40,029              24.4%

Book value per share     $3.91(2)            $1.45(2)            



(1)  Presented on a proforma basis, which reflects estimated Federal and state
     income taxes.
(2) As of the end of the period.



FRIEDMAN,  BILLINGS, RAMSEY GROUP, INC. CONDENSED CONSOLIDATED
STATEMENTS  OF  OPERATIONS  (Dollars  in  thousands, except per share amounts)
(Unaudited) 


                         
                                Nine months ended
                                  September 30,

Revenues:                1998           %         1997      %         %Increase
                                                                      (Decrease)

Investment banking       $105,756       101.9%    $105,709  78.3%     0.0%
Institutional            36,198         34.9%     28,358    21.0%     27.6%
brokerage
Asset Management fees    7,594          7.3%      3,182     2.4%      138.7%         
Gains and losses, net    (58,497)       -56.4%    (5,392)   -4.0%     984.9%
Interest and dividends   12,758         12.3%     3,061     2.3%      316.8%

Total Revenues           103,809        100.0%    134,918   100.0%    (23.1%)

Operating Expenses:
Compensation and         68,112         65.6%     85,138    63.1%     -20.0%
benefits
Business Development     15,762         15.2%     8,018     5.9%      96.6%
Interest                 4,680          4.5%      2,301     1.7%      103.4%
Other                    27,655         26.6%     15,631    11.6%      76.9%

   Total Operating
   Expenses              116,209        111.9%    111,088   82.3%     4.6%

   Net income (loss)
   before income taxes   (12,400)       -11.9%    23,830    17.7%     -152.0%

Provision (benefit) for                           
income taxes             -              -         -         -         -              

   Net income (loss)     ($12,400)      -11.9%   $23,830    17.7%     -152.0%

   Net income, proform   $-                      $14,298(1)

Earnings (loss) per 
share (basic and
diluted)                 ($0.25)                 $0.60                -141.7%

Proforma earnings per
share (basic and
diluted)                 -                       $0.36(1)

Weighted average shares
(in thousands)           49,945                  40,029               24.8%

Book value per share     $3.91(2)                $1.45(2)            

(1)  Presented on a proforma basis, which reflects estimated Federal and state
     income taxes.
(2)  As of the end of the period.