EXHIBIT 23.1



                    CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS


As independent  public  accountants,  we hereby consent to the  incorporation by
reference in this Form S-8  Registration  Statement of our report dated  January
30, 2001 included in Friedman,  Billings, Ramsey Group, Inc.'s Form 10-K for the
year ended  December 31, 2000 and to all references to our Firm included in this
Form S-8 Registration Statement.


                             /s/ Arthur Andersen LLP

Vienna, Virginia
June 25, 2001