FBR Asset Investment Corporation Declares Quarterly Dividend; REIT Names New Chief Financial Officer.

WASHINGTON--(BUSINESS WIRE)--Sept. 16, 1999--

FBR Asset Investment Corporation ("FBR Asset") announced today that the Board of Directors approved a cash dividend of $0.40 per share payable October 15, 1999 to shareholders of record as of September 30, 1999.

The dividend covers the period from July 1, 1999 to September 30, 1999. The dividend represents an increase from the second quarter dividend paid by FBR Asset of $0.38 per share.

FBR Asset is a Real Estate Investment Trust (REIT), which was formed in December 1997 by Friedman, Billings, Ramsey Group, Inc. (NYSE:FBR).

The Board of Directors also said that FBR Asset's Treasurer Kurt R. Harrington, 46, will assume the additional title of chief financial officer of FBR Asset.

Harrington replaces Elaine M. Clancy, 34, who had served as chief financial officer since January 1998 and who has resigned to continue pursuing an investment banking career in the real estate area of Friedman, Billings, Ramsey & Co., Inc.

Harrington remains treasurer of Friedman, Billings, Ramsey Group, Inc. which he joined in 1997. From 1992 to 1996, Harrington was the chief financial officer of Jupiter National, Inc., a publicly held business development company based in Rockville, Md.

At June 30, 1999, FBR Asset had approximately $254 million of assets under management.

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(1) 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 refer to www.fbr.com.

Statements concerning future performance, earnings, developments, expenditures, negotiations or other events, concerning expectations for plans and objectives for future operations or for growth and market forecasts, 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 and results to differ materially from stated expectations. These factors include but are not limited to the effect of demand for public offerings, activity in the secondary securities markets, available technologies, competition for business and personnel, and general economic, political and market conditions.

(1) Securities Data Corporation ranked FBR No. 1 lead manager in first quarter of 1998. CommScan Equidesk ranked FBR No. 7 lead manager for the two-year period from 1/1/97 to 12/31/98.

Note to Editors: Please note that "FBR Asset Investment Corporation" and "Friedman, Billings, Ramsey Group, Inc." are two different companies. FBR Asset is a REIT, which is required by law to pay a dividend. FBR Asset is externally managed by Friedman, Billings, Ramsey Investment Management, Inc., a subsidiary of Friedman, Billings, Ramsey Group, Inc. Friedman, Billings, Ramsey Group, Inc. is a publicly held company, which has historically never paid a dividend. Friedman, Billings, Ramsey Group, Inc. is a minority owner of FBR Asset.