EXHIBIT 5
                                          June 25, 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:

     I 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 2,000,000
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  Purchase  and Loan
Plan (the "Plan").

     I  have  examined  copies,   certified  or  otherwise   identified  to  our
satisfaction,  of the Plan and such corporate  records and other  documents as I
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 I have considered  relevant and necessary as a basis for this
opinion. Based on the foregoing and to the extent the shares are to be issued by
the Company  pursuant to the Plan, I advise you that in my opinion all necessary
corporate  proceedings  by the Company to authorize  such issuance has 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 duly authorized, validly issued, fully paid and nonassessable.

     I hereby  consent  to the  filing  of this  opinion  as an  exhibit  to the
Registration Statement.

                          Very truly yours,

                          /s/ William J. Ginivan, Esq.
                          William J. Ginivan, Esq.
                          Senior Vice President and Chief Legal Officer
                          Friedman, Billings, Ramsey Group, Inc.