Friedman, Billings, Ramsey & Co., Inc. (Order Granting Waivers Under Section 27A(b) of the Securities Act of 1933, And Section 21E(b) of the Securities Exchange Act of 1934)

SECURITIES ACT OF 1933
Release No. 8464 / August 25, 2004

SECURITIES EXCHANGE ACT OF 1934
Release No. 50245 / August 25, 2004

ADMINISTRATIVE PROCEEDING
File No. 3-11599

In the Matter of

FRIEDMAN, BILLINGS, RAMSEY & CO., INC.,

Respondent.

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CORRECTED ORDER UNDER SECTION 27A(b) OF THE SECURITIES ACT OF 1933 AND SECTION 21E(b) OF THE SECURITIES EXCHANGE ACT OF 1934 GRANTING WAIVERS OF THE DISQUALIFICATION PROVISIONS OF SECTION 27A(b)(1)(A)(ii) OF THE SECURITIES ACT AND SECTION 21E(b)(1)(A)(ii) OF THE EXCHANGE ACT

Friedman, Billings, Ramsey & Co., Inc. ("Friedman Billings") has submitted a letter on behalf of itself and its affiliates, dated June 30, 2004, requesting a waiver of the disqualification provisions of Section 27A(b)(1)(A)(ii) of the Securities Act of 1933 ("Securities Act") and Section 21E(b)(1)(A)(ii) of the Securities Exchange Act of 1934 ("Exchange Act") arising from the settlement of administrative and cease-and-desist proceedings with the Commission. On August 25, 2004, the Commission instituted administrative and cease-and-desist proceedings against Friedman Billings alleging that Friedman Billings violated Section 17(b) of the Securities Act.

Friedman Billings submitted an Offer of Settlement in which it agreed, without admitting or denying the findings in the Commission's Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 8A of the Securities Act of 1933 and Section 15(b)(4) of the Securities Exchange Act of 1934 ("Order"), to the entry of the Order against it. Among other things, the Order requires Friedman Billings to cease-and-desist from violating Section 17(b) of the Securities Act, censures the firm, and orders Friedman Billings to pay a $125,000 civil penalty.

The safe harbor provisions of Section 27A(c) of the Securities Act and Section 21E(c) of the Exchange Act are not available for any forward looking statement that is "made with respect to the business or operations of the issuer, if the issuer . . . during the 3-year period preceding the date on which the statement was first made . . . has been made the subject of a judicial or administrative decree or order arising out of a governmental action that (I) prohibits future violations of the antifraud provisions of the securities laws; (II) requires that the issuer cease and desist from violating the antifraud provisions of the securities laws; or (III) determines that the issuer violated the antifraud provisions of the securities laws[.]" Section 27A(b)(1)(A)(ii) of the Securities Act; Section 21E(b)(1)(A)(ii) of the Exchange Act. The disqualifications may be waived "to the extent otherwise specifically provided by rule, regulation, or order of the Commission[.]" Section 27A(b) of the Securities Act; Section 21E(b) of the Exchange Act.

Based on the representations set forth in Friedman Billings' June 30, 2004 request, the Commission has determined that, under the circumstances, the request for a waiver of the disqualifications resulting from the entry of the Order is appropriate and should be granted.

Accordingly, IT IS ORDERED, pursuant to Section 27A(b) of the Securities Act and Section 21E(b) of the Exchange Act, that a waiver from the disqualification provisions of Section 27A(b)(1)(A)(ii) of the Securities Act and Section 21E(b)(1)(A)(ii) of the Exchange Act as to Friedman Billings and its affiliates resulting from the entry of the Order is hereby granted.

By the Commission.

Jonathan G. Katz
Secretary