EXHIBIT 99.1


For Immediate Release
Media Contact:  Michael W. Robinson 703.312.1830 or mrobinson@fbr.com
Investor Contact: Kurt R. Harrington 703.312.9647   or kharrington@fbr.com
                                                       -------------------

                Friedman Billings Ramsey Announces Stock Purchase
                           By 50 Senior Professionals

                 Employee Group To Acquire 10% Stake in Company


ARLINGTON,  Va., June 27, 2001 - Friedman,  Billings,  Ramsey Group, Inc. (NYSE:
FBR) today announced that 50 top  professionals and officers have purchased more
than 4.2 million shares of existing FBR common stock. The Company also announced
that it will make about 800,000  additional  existing shares  available to other
employees.  Together,  these  groups  will  represent  a 10 percent  interest in
Friedman Billings Ramsey.

Emanuel J. Friedman,  Chairman and Co-Chief Executive Officer,  said: "This is a
powerful   statement   by  our  senior   staff.   We've   always  had  a  unique
entrepreneurial spirit, and with an ownership stake of this size in the hands of
our senior leaders, this will be reinforced for years to come."

Friedman Billings Ramsey acquired the more than 4.2 million shares that were
purchased by the senior leadership team from President and Co-Chief Executive
Officer W. Russell Ramsey, who has also agreed to make about 800,000 additional
existing shares available to the Company for the purchases that will be made by
other employees.

Eric F. Billings, Vice Chairman and Co-Chief Executive Officer, said: "This is a
classic win-win situation for our shareholders, employees, and clients. Existing
shareholders will experience virtually no dilution, and the Company benefits by
having its employees more invested in its future. This initiative underscores
the tremendous confidence of our senior managers in the current strength and
future success of Friedman Billings Ramsey."

Scott Dreyer, Senior Managing Director, Trading, who purchased stock as a part
of this initiative, said: "My colleagues and I are all bullish on Friedman
Billings Ramsey's future, and are thrilled to be able to increase our ownership.
The high level of commitment by our senior managers is one of Friedman Billings
Ramsey's greatest strengths."

The more than 4.2 million shares acquired by the Company from Mr. Ramsey were
Class B shares and were purchased at $5.50 a share. Those shares were converted
into Class A shares, which were then sold to the senior leadership team at the
same price. Every participating employee will pay 20 percent of the purchase
price in cash and will finance the remaining 80 percent with a limited recourse
loan from FBR at a 6.5 percent annual interest rate.

Mr. Ramsey, who will remain a Friedman Billings Ramsey Board member and retain
an equity interest in the Company, announced in February 2001 his intention to
step down as President and Co-Chief Executive Officer of the Company by the end
of this year. He recently launched the investment fund Capital Crossover
Partners LP.

Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) is a financial holding
company for businesses that provide investment banking, institutional brokerage,
specialized asset management, and banking products and services.  FBR provides
capital and financial expertise throughout a company's lifecycle and affords
investors access to a range of proprietary financial products and services.
Headquartered in the Washington metropolitan area, FBR has offices in Arlington
and Reston, Va., Bethesda, Md., Boston, Charlotte, Chicago, Cleveland, Dallas,
Irvine, Ca., New York City, Portland, Seattle, London, and Vienna. Bank products
and services are offered by FBR National Bank & Trust, member FDIC and an Equal
Housing Lender.  For more information, see www.fbr.com.
                                   -----------


                                      # # #

               Statements    concerning   future   performance,    developments,
               negotiations or events,  expectations or plans and objectives for
               future  operations  or for growth and market  forecasts,  and any
               other  guidance  on  present  and  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
               competition  among  venture  capital firms and the high degree of
               risk associated with venture capital  investments,  the effect of
               demand for public offerings, activity in the secondary securities
               markets,  available  technologies,  competition  for business and
               personnel, and general economic, political and market conditions.