Exhibit 12

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Nine Months Ended September 30, 2006			Years Ended December 31,
				2005			2004		2003		2002		2001
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees	$	(72,369	)	$	(144,289	)	$	399,536	$	225,165	$	42,229	$	(18,457	)
Distributed income of equity investees		4,266			32,334			2,141		553		14,089		10,747
Fixed charges:
Interest expense and amortization of debt discount and premium on all indebtedness		446,909			546,313			164,156		68,995		2,073		1,083
Rentals: Equipment and office rent expense—33.33%		5,314			6,057			2,798		1,719		1,692		1,657
Total fixed charges	$	452,223		$	552,370		$	166,954	$	70,714	$	3,765	$	2,740
Pre-tax income (loss) from continuing operations before adjustments for income or loss from equity investees plus fixed charges and distributed income of equity investees	$	384,120		$	440,415		$	568,631	$	296,432	$	60,083	$	(4,970	)
Ratio of earnings to fixed charges			(A)			(A)		3.4		4.2		16.0			(A)

(A) Due to the company’s losses in 2006, 2005 and 2001, the ratio coverage for these years was less than 1:1. The company would have had to generate additional earnings of $68,103, $111,955 and $7,710, respectively, to achieve coverage of 1:1 in these periods