EXHIBIT 99.1

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For Immediate Release
Investor Contact:  Kurt Harrington 703.312.9647 or kharrington@fbr.com
Media Contact:  Bill Dixon 703.469.1092 or bdixon@fbr.com

                Friedman, Billings, Ramsey Group Issues Statement
                      on Expected Second Quarter Results -
                         Earnings per Share to Top $0.30

ARLINGTON Va., July 11, 2002 - Friedman, Billings, Ramsey Group, Inc. (NYSE:
FBR) today announced that it expects earnings for the second quarter ended June
30, 2002 of at least $0.30 per share. The Company expects to report increased
revenues in investment banking, institutional brokerage and asset management
(including fee revenue, return on investment and gains related to FBR Asset
Investment Corporation) over first quarter 2002 and second quarter 2001 levels.

The Company expects to report investment banking revenues for the quarter ended
June 30, 2002 in excess of $34 million (excluding investment gains).

FBR expects to report earnings for the quarter ended June 30, 2002 before the
market opening on August 1, 2002.

Friedman, Billings, Ramsey Group, Inc., headquartered in Arlington, Va., is a
financial holding company for businesses that provide investment banking,
institutional brokerage, specialized asset management, and banking products and
services. FBR focuses capital and financial expertise on six industry sectors:
financial services, real estate, technology, energy, healthcare, and diversified
industries. FBR also has offices in Atlanta, Bethesda, Boston, Charlotte,
Cleveland, Dallas, Denver, Irvine, New York, 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
http://www.fbr.com.
                                      # # #

     Statements concerning future performance, developments, events, market
     forecasts, revenues, expenses, earnings, run rates and any other guidance
     on present or 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, the
     effect of demand for public offerings, activity in the secondary securities
     markets, interest rates, the high degree of risk associated with technology
     and other venture capital investments, available technologies, competition
     for business and personnel, and general economic, political and market
     conditions.

     Note to Editors: Please note that "Friedman,  Billings,  Ramsey Group, Inc.
     and FBR  Asset  Investment  Corporation"  are two  different  publicly-held
     companies.   Friedman,  Billings,  Ramsey  Group,  Inc.  (NYSE:  FBR),  has
     historically not paid dividends.  FBR Asset Investment  Corporation  (NYSE:
     FB) is a REIT,  which is  required  as a result of its tax  status,  to pay
     dividends.  FBR Asset is externally managed by Friedman,  Billings,  Ramsey
     Investment  Management,  Inc., a subsidiary of Friedman,  Billings,  Ramsey
     Group, Inc. Friedman,  Billings,  Ramsey Group, Inc. is a minority owner of
     FBR Asset. Thank you.