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 21, 1999


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

Virginia                 54-1837743                               001-13731
(State or other    (I.R.S. Employer incorporation or   (Commission File Number)
jurisdiction of      organization)
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


1.        On October 21, 1999, Friedman, Billings, Ramsey Group, Inc. issued a
press release announcing the acquisition of a bank and mutual fund company.  The
entire text of that press release is being filed herewith and attached as
exhibit 99.1.

2.       On October 21, 1999, Friedman, Billings, Ramsey Group, Inc. held a
conference call regarding its second quarter 1999 results and announcing the
acquisition of a bank and mutual fund company. The entire text of
that conference call is being filed herewith and attached as exhibit 99.2.

99.1 Press Release dated October 21, 1999.

99.2 Conference Call Script dated October 21, 1999.

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  - 99.1

For Immediate Release
Friedman Billings Ramsey Group Reports Third Quarter Result.  Announces Bank and
Mutual Fund Company Acquisition

Arlington, Va., October 21, 1999 - Friedman, Billings, Ramsey Group, Inc. (NYSE:
FBR) today reported a net loss of $23 million or $0.47 per share for the third
quarter ended September 30, 1999, versus a net loss of $35 million or $0.71 per
share for the same quarter a year ago. The Company noted that $6.5 million or
$0.13 per share of FBR's reported net loss is attributable unrealized investment
depreciation that had previously reduced shareholder's equity and was reflected
in FBR's second quarter book value.  Also reflected in the third quarter results
are unrealized, mark-to-market net investment losses of $4.8 million or
approximately $0.10 per share on the Company's investments in its managed
partnerships; and $4.7 million or approximately $0.10 per share in expenditures
to develop and market the Company's new fbr.com online investment bank.

FBR also noted that while underwriting revenues were low in the third quarter,
investment banking revenue for October has already exceeded all investment
banking revenue in the third quarter.


Rushmore Acquisition

The Company also today announced a definitive agreement to acquire Money
Management Associates LP (MMA) and Rushmore Trust and Savings, FSB, Bethesda,
Md.

Eric F. Billings, Vice Chairman and Chief Operating Officer of FBR, said,
"This acquisition is part of our strategy to expand and enhance FBR's
predictable revenue streams while building new services for our clients and
creating long-term value for our shareholders.  Upon closing, FBR will have new
capabilities in traditional banking and cash management, along with important
'back-office' services to support our growing Private Client Services Group,
asset management operations, and fbr.com.  Similarly, MMA/Rushmore's clients
will now have access to FBR's expertise and opportunities in initial public
offerings and venture capital."

Under the terms of the agreement, FBR will acquire MMA/Rushmore for $17.5
million in cash at closing, and a $10 million medium-term installment note.
The transaction is subject to approval by the Office of Thrift Supervision (OTS)
and the shareholders of Rushmore Funds.

This acquisition supports FBR's strategic growth plan by significantly
increasing its assets under management.  FBR and MMA/Rushmore's combined assets
under management will total $1.6 billion, more than doubling FBR's current
amount.




MMA is a privately-held investment advisor with approximately $850 million in
assets under management.  The company created one of the nation's first money
market funds in 1974. Together, MMA and Rushmore are the investment advisor,
servicing agent, or administrator for 20 mutual funds.

MMA is also the holding company for Rushmore.  With 48 employees at its
Bethesda, Md. headquarters, Rushmore is a federally chartered and federally
insured savings bank, and offers traditional banking services (lending,
deposits, cash management, trust services, and serves as a transfer agent and
custodian), along with mutual fund accounting, administration, and support
services.

"Upon closing, FBR expects to capture new revenue by administering our own
mutual funds," Billings said.  "We also expect to earn increased income by
investing available cash balances into Rushmore's money market funds.
Accordingly, we expect that the acquisition will be accretive to FBR Group's
earnings in the first full year of operations."

The Chairman and Founder of MMA, Daniel L. O'Connor, said, "We are pleased to
join forces with FBR, clearly the pre-eminent investment bank and asset
management firm based in the greater Washington, D.C. area.  This combination
benefits all MMA, Rushmore, and FBR clients by providing them with
'one-stop-shopping' for all of their financial services needs."

Webb C. Hayes IV, Managing Director and head of Private Client Services at FBR,
said, "FBR can now offer investors everything from personal checking to
sophisticated asset management products to investment banking services.  This
complete range of services - now available from a single company - positions
FBR at the forefront of financial institutions headquartered in the Mid-Atlantic
region."


Discussion of Third Quarter Results

Emanuel J. Friedman, Chairman and Chief Executive Officer of FBR, said, "Our
results for the third quarter reflect start-up spending for fbr.com, as well as
reduced underwriting fees.  Our continuing long-term goal is to build more
predictable revenue streams for the Company, decreasing our reliance on
underwriting.  Our acquisition of MMA and Rushmore Trust and Savings today is a
big step in that direction."

Friedman said, "Our reduced underwriting fees for the quarter reflect what has
become a very narrow market for most common equity underwritings in the United
States.  In fact, if you exclude technology and telecom deals, 1999 is shaping
up as the worst year since 1990 for the total number of common equity issues.
In addition, the performance of publicly-held bank, financial services, and real
estate stocks continues to suffer from investor disinterest as evidenced by the
S&P Bank and S&P Financial Services indices, which are off 10.6% and 4.7%,
respectively, and the Bloomberg REIT index which is down 12% for the year.
Small- and mid-cap stocks have been similarly affected, with the S&P Midcap 400
and the Russell 2000 down 4.1% and 2.2% for the year, respectively."

Friedman continued, "Despite this environment, and in anticipation of a broader
underwriting market in the future, we continued to maintain and expand our
investment banking practice and research capability, adding new key sectors such
as energy and insurance over the last year.  We have also strengthened the
company by creating a successful venture capital operation, other private equity
initiatives, and fbr.com.  And we are growing assets under management internally
and by acquisition.




Indeed, today's acquisition will double our assets under management to roughly
$1.6 billion. While we recognize that these initiatives must prove themselves in
our operating results, we are a stronger and more diverse firm than we were a
year ago."

Revenue for the quarter was $9 million compared with a loss of $22 million in
the third quarter of 1998.  Revenue for the nine-month period was $71 million,
compared with $104 million for the nine-month period in 1998.


Continuing Progress on fbr.com

In the third quarter, fbr.com participated in seven online offerings: an FBR
lead-managed secondary offering for Atlantic Bank and Trust Company, now called
Capital Crossing Bank (CAPX); an FBR co-managed IPO for the Miix Group, Inc.
(MHU); an FBR co-managed secondary offering for American Capital Strategies
(ACAS); as well as online offerings for Inktomi Corporation (INKT), Redhat, Inc.
(RHAT), Luminant Worldwide Corporation (LUMT), and Bluestone Software, Inc.
(BLSW).

FBR Group President W. Russell Ramsey said, "Already in the fourth quarter, we
have participated in a total of nine offerings online via fbr.com.  In just six
months, we have built an operating online investment bank, which has
participated in 19 completed offerings, primarily in technology issues, and we
have seven publicly filed offerings listed on, or soon to be on, the fbr.com
website, for a total of 26."

The nine offerings thus far in the fourth quarter include: American Home
Mortgage (AHMH), which was lead-managed by FBR; Digital Insight (DGIN),
Proxicom, Inc. (PXCM), and Cysive (CYSV), which were co-managed by FBR; and
online offerings for XM Satellite Radio Holdings, Inc. (XMSR), DSL.net, Inc.
(DSLN), HomeServices.com (HMSV), VitaminShoppe.com (VSHP) and Jupiter
Communications (JPTR).

Included in the seven offerings currently in the pipeline are four transactions
where FBR is a co-manager and, one transaction where FBR is the lead manager.
President of fbr.com Suzanne Richardson, said, "Traditional lead- and
co-managers, who control the largest share of the economics and therefore the
largest share of the free-stock allocations, are best positioned to distribute
significant numbers of shares to online individual investors."

Richardson continued, "Our focus during the third quarter was on building a
technologically superior, proprietary electronic platform for IPO distribution.
This proprietary platform will effectively automate the order entry,
reconfirmation, suitability checking and allocation process so that hundreds of
thousands of shares can be distributed."

"The browser-based version of our process, which we expect to roll out in the
fourth quarter, makes IPO distribution more scaleable and easier for issuers and
online investors alike, especially in instances where repricings or
recirculations occur," Richardson said.  "As issuers increase the number and
percentage of shares they wish to allocate to the online investing public, we
are well positioned to deliver shares to our target market, and we have filed
patent applications for our process."




"We are focusing our efforts on the offering process and related technology
rather than on advertising.  We believe this long-term account acquisition
strategy will be more cost-efficient, although it may result in slower growth,"
said Richardson.  "With seven further transactions already slated for the fourth
quarter, we plan to release account totals for fbr.com in the first quarter of
2000," Richardson said.


Other 3rd Quarter Highlights

Other third quarter highlights include:

Friedman Billings Ramsey Group had $785.3 million in total assets under
management, as of September 30, 1999.  Of this total, $629.6 million or 80%
percent are incentive-based assets.

FBR Technology Venture Partners, the Company's venture capital affiliate,
invested in Shop2U, an e-catalog delivery company in the third quarter.  This
new investment brings to 19 the number of companies the venture capital
portfolio has invested in since 1997. Three of these companies have gone public
and two have filed registration documents.

On August 12, 1999, FBR announced a strategic alliance with Fidelity
Investments, which contemplates cooperating in the distribution of FBR
offerings.

On September 28, 1999, the Company's minority-owned REIT, FBR Asset Investment
Corporation, listed on the American Stock Exchange under the symbol "FB."

FBR had 48,881,817 common shares outstanding, shareholders' equity of $170.9
million and book value per share of $3.50 as of September 30, 1999.

Friedman, Billings, Ramsey Group, Inc.  (NYSE: FBR), is an investment bank and
asset manager and the parent company of fbr.com, an online investment bank and
electronic brokerage. Headquartered in Northern Virginia, home to many of the
world's leading online businesses, the Company has become a leading underwriter
of Initial Public Offerings and provides analyst research on 430 companies.
fbr.com, a division of FBR Investment Services, Inc., leverages the Company's
strengths as an underwriter and asset manager by providing online investors with
access to IPOs, online trading, research, and unique asset management products.
For more information, please visit our website at www.fbr.com.

Statements concerning future performance, earnings, developments, expenditures,
negotiation or other events, concerning expectations, plans, or objectives for
future operations or for growth, concerning market forecasts, or filed backlog,
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 events, 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, demand for asset management services, available
technologies, 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,

                              1999      %              1998      %
REVENUES
Investment banking       $    6,050     67.8%     $    8,457     -39.3%
Institutional brokerage       8,413     94.3%          11,481    -53.4%
Asset management fees         2,776     31.1%          2,119     -9.8%
Gains and losses, net         (10,877)  -121.9%        (47,022)  218.6%
Interest and dividends        2,560     28.7%          3,456     -16.1%

     Total revenues           8,922     100.0%         (21,509)  100.0%


EXPENSES
Compensation and benefits     16,318    182.9%         10,870    -50.5%
Business development          9,662     62.6%          10,238    -47.6%
Interest                      159       1.8%           1,553     -7.2%
Other                         5,844     65.5%          6,559     -30.5%

     Total expenses           31,983    358.5%         29,220    -135.8%

     Net loss before income
     taxes                    (23,061)  -258.5%        (50,729)  235.8%

Benefit for income taxes      -         0.0%           (15,317)  71.2%

     Net loss            $    (23,061)  -258.5%   $    (35,412)  164.6%

Basic and diluted loss
per share                $    (0.47)              $    (0.71)

Weighted average shares
(in thousands)           48,882                   49,780


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

                              Nine months ended September 30,

                              1999      %              1998      %
REVENUES
Investment banking       $    27,163    38.1%     $    105,756   101.9%
Institutional brokerage       29,210    40.9%          36,198    34.9%
Asset management fees         7,635     10.7%          7,594     7.3%
Gains and losses, net         (117)     -0.2%          (58,497)  -56.4%
Interest and dividends        7,479     10.5%          12,758    12.3%

     Total revenues           71,370    100.0%         103,809   100.0%


EXPENSES
Compensation and benefits     52,665    73.8%          68,112    65.6%
Business development          18,164    25.5%          25,303    24.4%
Interest                      1,160     1.6%           4,680     4.5%
Other                         16,548    23.2%          18,114    17.4%

     Total expenses           88,537    124.1%         116,209   111.9%

     Net loss before income
     taxes                    (17,167)  -24.1%        (12,400)   -11.9%

Benefit for income taxes      -         0.0%           -         0.0%

     Net loss            $    (17,167)  -24.1%   $    (12,400)   -11.9%

Basic and diluted loss
per share                $    (0.35)              $    (0.25)

Weighted average shares
(in thousands)                48,869                   49,945


Exhibit 2 - 99.2

FBR Conference Call Script
October 21, 1999


[Speaker:  Eric Generous]

Good  morning and welcome to Friedman  Billings  Ramsey's  third  quarter
conference  call.  This is Eric  Generous,  Chief  Financial Officer.  Before
beginning  our  call,  I would  like to read  the  following  Safe  Harbor
language:  Statements  concerning  future performance,  earnings,  developments,
expenditures,  negotiation or other events,  concerning expectations,  plans, or
objectives for future operations or for growth,  concerning market forecasts,
or filed backlog, 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 events,  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,  demand for asset management  services,  available  technologies,
competition for business and personnel,  and general economic,  political,  and
market conditions.  Additional  information  concerning  factors that could
cause actual  results to differ  materially  is contained in FBR's Annual Report
on Form 10K and quarterly reports on Form 10Q.

Right now, I would like to turn the call over to our Chairman and CEO, Emanuel
Friedman.



Good  morning,  and thank you for  joining  us. As you have seen this  morning,
FBR  reported  a net loss of $23  million or $0.47 per share.  This compares
with a net loss of $35 million or $0.71 per share in the third quarter of last
year.

You have also seen that FBR today made its first major  acquisition  since we
went public in December  1997.  This morning we announced the purchase of
Rushmore Trust and Savings and Money Management Associates.

MMA is an  investment  advisor with  approximately  $850 million in assets under
management.  MMA and its  co-founder,  Dan  O'Connor, created one of the first
money market funds in the U.S. in 1974.

MMA is also the holding  company for Rushmore Trust and Savings,  which is a
federally  chartered and federally  insured  savings bank. Based in Bethesda,
Md, Rushmore  offers  lending,  deposits,  cash  management,  and trust services
and serves as a transfer agent and custodian.  The company  also offers  mutual
fund  accounting,  administration  and support  services.  Together,  MMA and
Rushmore are investment advisors, servicing agent or administrator for 20 mutual
funds.

It would be hard for me to overstate the  importance  of this  acquisition  to
FBR. This makes us a bigger and more diverse  company on the day of  closing.
First of all,  we will  immediately  double  our asset  base going from  roughly
$800  million to $1.6  billion. Second,  we will have our own captive  source
for mutual fund  administration.  Third -- and perhaps most  important -- we
will be able to  participate  in the more steady and  predictable  portion of
profitability  for  brokerage  firms in the United  States - which is earning
interest on balances.



I should also point out that we have paid a very  attractive  price for MMA and
Rushmore.  Under the terms of the  agreement,  we will pay $17.5 million in cash
upon closing.  While we can't predict  regulatory  approval from the Office of
Thrift Supervision or "O-T-S", a typical time frame for a  transaction  of this
kind to close would be several  months.  We will then begin  paying an
interest-free, mid-term $10 million  installment  note.  In present value
dollars,  we are paying a purchase  price  equivalent to 2.9% of assets for
MMA.

I would like to turn you over to Eric Billings, who will give further detail on
this acquisition.

[New speaker:  Eric Billings]

Thanks  Manny.  The  acquisition  we  announced  today along with fbr.com is a
continuation  of an  important  strategic  direction to maximize the FBR name
and franchise -- and will add more stable growing  spread income to our company.
FBR clients will have access to a whole host of  traditional  banking  products
including  loans,  deposits and money markets.  fbr.com  customers will have
access to these same services.  At the same time, MMA and Rushmore  customers
will have access to FBR's unique  alternative  investments  such as venture
capital and hedge funds.

Upon closing,  one of the immediate  benefits of this  acquisition  will be that
FBR can administer its own mutual funds.  As you know, we have a family of four
mutual  funds.  Right now, we  outsource  the  administration  of these  funds
to a third  party.  Therefore, administrating our own funds through Rushmore
will enable us to capture revenue that would otherwise go to a third party.



Importantly,  we will now also have our own  in-house  source for money market
funds.  We will be able to sweep cash into money market funds  from both our
Private  Client  Group  customers,  as well as our  fbr.com  customers.  In so
doing,  we will be able to capture interest income on spread balances.  The
interest  generated by customer  balances  represents a considerable portion of
profitability for many brokerage firms and investment banks.

To summarize, the acquisition will enable FBR to offer:

Banking Services, including loans and deposits

Full range of Investment Advisory Services

In-house Fund Administration and Support Services

Money Market Products

Custodian and Trust Balances Services

We estimate that the  acquisition  will add  approximately  $1 million to
earnings  immediately  after tax, $1.8 million pre-tax and of course we don't
pay tax now.  To echo  Manny's  comments  - the  important  aspect of this
acquisition  is that it will  enhance  our predictable  revenue  stream.  It
opens many new doors for FBR. It will build new services for our clients and
create long-term  value for our shareholders   . . . Manny?

[New speaker:  Manny Friedman]

Thanks,  Eric.  Before turning you over to Russ Ramsey and Suzanne  Richardson
who will update you on fbr.com,  I would like to take a few minutes to provide
some context to our third quarter results.



In the third quarter, we had a $6.5 million or $0.13 per share of unrealized
depreciation on long-term,  available-for-sale  securities that we hold for
investment purposes.  This depreciation had already reduced  shareholders'
equity in prior periods.  Therefore,  while reported on the income statement
this  quarter, there is no incremental effect on FBR's book value.

Also reflected in the third quarter  results are  unrealized,  mark-to-market
net investment  losses of $4.8 million or  approximately $0.10 per share on the
Company's  investments  in its managed  partnerships.  There were also $4.7
million or  approximately  $0.10 per share in expenditures to develop and market
fbr.com, our new online investment bank - a vital new initiative for our
company.

The investment losses reflect  investor's  disinterest in publicly-held  bank,
financial  services and real estate stocks, which has continued for many months
now.

For the  year-to-date, the S&P Bank and S&P Financial Services indices are off
10.6% and 4.7%,  respectively,  and the Bloomberg REIT index is off 12% year to
date.

Small- and mid-cap  stocks - a mainstay  at FBR -- have also underperformed.
The S&P Midcap 400 is down 4.1% and the Russell 2000 is down 2.2% for the year,
respectively.

Our underwriting revenues for the quarter reflects a very narrow market for most
common equity underwritings in the United States.



If you exclude  technology  and telecom  deals, 1999 is shaping up as the worst
year since 1990 for the total number of common equity issues, according to
Securities Data Corporation.

Finally,  I would like to point out that we already  expect to do much  better
in  investment  banking  in the  fourth  quarter.  As we pointed out in this
morning's  press  release,  our  investment  banking  revenue in October
already  exceeds all of our  underwriting revenue last quarter.

That concludes our discussion of the operating results.  I'd now like to turn
you over to Russ Ramsey who will discuss fbr.com.

[New speaker:  Russ Ramsey]

Good morning.  As Manny suggested,  a new category of investment  banking is
emerging - the business of on-line  investment banking or e-banking  as we think
of it. As on-line  investors  continue  to do more and more  transactions
on-line  and their  growing  presence demanding more attention,  we see
tremendous  growth  opportunities  for our company as we give this growing
audience on-line access to underwritings  of all types - IPOs,  secondaries,
high yield bonds,  and a diverse group of  interesting  investments  both inside
the internet as well as other industries.  In addition,  with the resources from
our parent - fbr.com has a unique  capability to support our  offerings  with
industry  leading  research,  institutional  sales,  and trading.  And since we
first announced  this to you last spring, we are very pleased with our progress.



Today,  we have an active online investment bank and electronic brokerage.  We
have thus far  participated  in 19 offerings online through  fbr.com,  and we
have another  seven  offerings  pending.  In just over six months,  we have gone
from having no capability in online investment banking, to participating in 26
past or pending offerings.  Even in "Internet time", that's pretty good
progress.

I would now like to turn you over to Suzanne Richardson, President of fbr.com,
who will give you an update.

[New speaker:  Suzanne Richardson]

Thanks,  Russ.  As you can  imagine,  we have been very busy at  fbr.com.  Over
the last few  months,  we have  continued  to build our online infrastructure
and fine-tune our approach to the market place.

It is our belief that  traditional  lead- and  co-managers,  who control the
largest share of the economics,  and therefore the largest share of the
free-stock allocations, are best positioned to distribute significant numbers of
shares to online individual investors.

At fbr.com,  our focus during the third quarter was on building a
technologically  superior,  proprietary  electronic  platform for IPO
distribution.  This  proprietary  platform  will  effectively  automate  the
order  entry,  reconfirmation,  suitability  checking  and allocation  process,
so that hundreds of thousands of shares can be distributed.  Put simply, we feel
that the greatest  opportunity in online  investment banking is for offering
large share  allocations.  And, in order to do so, online  investment  banks
will need new technology that makes larger allocations an efficient and simple
process.



The browser-based version of our process, which we expect to roll out in the
fourth quarter,  makes IPO distribution  more scaleable and  easier  for issuers
and  online  investors  alike.  This  is  especially  true  in  instances where
there  are  repricings or recirculations.

As issuers increase the number and percentage of shares they allocate to the
online investing public, fbr.com is well positioned to deliver shares to our
target market.  We believe our system  represents a technological  advance and
we have filed patent applications for our process.

I would like to point out that at fbr.com,  we are focusing our efforts on the
offering process and related  technology  rather than on advertising.  We
believe this long-term  account  acquisition  strategy will be more
cost-efficient,  although it may result in slower account growth.  With seven
further  transactions  already slated for the fourth quarter, we plan to release
account totals for fbr.com in the first quarter of 2000.

In sum, as Russ  indicated, we have made a lot of progress in a short amount of
time.  If you haven't  already  done so,  please visit our website, www.fbr.com.
Thanks.  I would now like to turn it over to Manny.  Manny?

[New speaker:  Manny Friedman]


Thank you Suzanne.  We would now like to open up the call for your questions.

[New speaker:  Manny Friedman]

If there are no further questions, that concludes our conference call for today.
Thank you for joining us and have a good day.