UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
Form 4									OMB APPROVAL OMB Number: 3235-0287 Expires: December 31, 2001 Estimated average burden hours per response 0.5
ý Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
(Print or Type Responses)
1 .Name and Address of Reporting Person* Gerhard, Lang H.		2. Issuer Name and Ticker or Trading Symbol Friedman Billings Ramsey Group, Inc. (FBR)						6. Relationship of Reporting Person(s) to Issuer (Check all applicable) ______Director ______10% Owner ______Officer (give _XX_ Other (specify title below) below) Former 10% owner
(Last) (First) (Middle) 300 Drakes Landing Road, Suite 290		3. IRS Identification Number of Reporting Person, if an entity (voluntary)			4. Statement for Month/Year June 2001
(Street) Greenbrae, CA 94904					5. If Amendment, Date of Original (Month/Year)			7. Individual or Joint/Group Filing (Check Applicable Line)___Form filed by One Reporting Person _X_Form filed by More than One Reporting Person. See Note 1.
(City) (State) (Zip)		Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 4)		2. Trans- action Date (Month/ Day/ Year)	3. Trans- Action Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 AND 5)			5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)		6. Owner- ship Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock		6/1/01	S		249,180	D	$6.00	0		I	See Notes 2 & 4.
Class A Common Stock		6/1/01	S		784,720	D	$6.00	0		D & I	See Notes 3 & 4.

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)

2. Conver- sion or Exercise Price of Deri- vative Security

3. Trans- action Date (Month/ Day/ Year)

4. Trans- action Code (Instr. 8)

5. Number of Deriv- ative Securities Ac- quired (A) or Dis- posed of (D) (Instr. 3, 4, and 5)

6. Date Exer- cisable and Expiration Date (Month/Day/ Year).

7. Title and Amount of Securities Underlying Derivative Security (Inst. 4)

8. Price of Deriv- ative Secur- ity (Instr. 5)

9. Number of deriv- ative Secur- ities Bene- ficially Owned at End of Month (Instr. 4)

10. Owner- ship Form of Deriv- ative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 5)

Code

V

(A)

(D)

Date Exer- cisable

Expira- tion Date

Title

Amount or Number of Shares

Explanation of Responses:

(1) The reporting persons consist of (i) Lang H. Gerhard, sole shareholder of West Highland Capital, Inc., manager of Estero Partners, LLC, and a general partner of investment limited partnerships; (ii) Estero Partners, LLC, a general partner of investment limited partnerships; (iii) West Highland Capital, Inc., a registered investment adviser and general partner of investment limited partnerships; and (iv) West Highland Partners, L.P., an investment limited partnership of which Lang Gerhard, West Highland Capital, Inc., and Estero Partners, LLC are the general partners. Lang Gerhard, West Highland Capital, Inc. and Estero Partners, LLC constitute a group as defined by Rule 13d-5(b)(i) and Rule 16a-1(a)(1) of the Exchange Act. West Highland Partners, L.P. is filing jointly and disclaims membership in a group.

(2) These securities are owned by an advisory client account of West Highland Capital, Inc. or by an investment limited partnership of which West Highland Capital, Inc., Estero Partners, LLC and Lang H. Gerhard are general partners.

(3) These securities are owned directly by West Highland Partners, L.P. and indirectly by each of the other reporting persons.

(4) Each reporting person disclaims beneficial ownership of the securities with respect to which indirect beneficial ownership is reported except to the extent of such reporting person's pro rata pecuniary interest therein.

Lang H. Gerhard July 9, 2001

By: West Highland Capital, Inc. Date

Attorney-In-Fact

By: Bonnie George, Chief Operating Officer

**Signature of Reporting Person

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient,
See Instruction 6 for procedure.

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Joint Filer Information

Name: West Highland Capital, Inc.

Address: 300 Drakes Landing Road, Suite 290, Greenbrae, CA 94904

Designated Filer: Lang H. Gerhard

Issuer and Ticker Symbol: Friedman Billings Ramsey Group, Inc. (FBR)

Statement for Month/Year: June 2001

Signature: West Highland Capital, Inc.

By: /s/ Bonnie George, Chief Operating Officer

Name: Estero Partners, LLC

Address: 300 Drakes Landing Road, Suite 290, Greenbrae, CA 94904

Designated Filer: Lang H. Gerhard

Issuer and Ticker Symbol: Friedman Billings Ramsey Group, Inc. (FBR)

Statement for Month/Year: June 2001

Signature: Estero Partners, LLC

By: Lang H. Gerhard, Manager

By: West Highland Capital, Inc.

Attorney-In-Fact

By: /s/ Bonnie George, Chief Operating Officer

Name: West Highland Partners, L.P.

Address: 300 Drakes Landing Road, Suite 290, Greenbrae, CA 94904

Designated Filer: Lang H. Gerhard

Issuer and Ticker Symbol: Friedman Billings Ramsey Group, Inc. (FBR)

Statement for Month/Year: June 2001

Signature: West Highland Partners, L.P.

By: West Highland Capital, Inc., General Partner

By: /s/ Bonnie George, Chief Operating Officer