Exhibit 12.01

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Six months Ended June 30, 2008			Years Ended December 31,
				2007			2006			2005			2004		2003
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees	$	(9,650	)	$	(639,336	)	$	(87,952	)	$	(144,289	)	$	399,536	$	225,165
Distributed income of equity investees		3,357			2,701			5,097			32,334			2,141		553
Fixed charges:
Interest expense and amortization of debt discount and premium on all indebtedness		45,508			477,437			611,800			546,313			164,156		68,995
Rentals: Equipment and office rent expense—33.33%		2,742			7,178			7,301			6,057			2,798		1,719
Total fixed charges	$	48,250		$	484,615		$	619,101		$	552,370		$	166,954	$	70,714
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	$	41,957		$	(152,020	)	$	536,246		$	440,415		$	568,631	$	296,432
Ratio of earnings to fixed charges			(A)			(A)			(A)			(A)		3.4		4.2

(A) Due to the Company’s losses for the six months ended June 30, 2008 and the years ended December 31, 2007, 2006 and 2005, the ratio coverage for these periods was less than 1:1. The Company would have had to generate additional earnings $6,293, $636,635, $82,855 and $111,955, respectively, to achieve coverage of 1:1 in these periods.