FBR Asset Investment Corporation Will Nominate Russell C. Lindner to Board of Directors.

WASHINGTON--(BUSINESS WIRE)--May 14, 1999--

FBR Asset Investment Corporation announced today that it intends to nominate Russell C. Lindner, 45, to its Board of Directors at its annual shareholder meeting on May 19, 1999.

Mr. Lindner is the chairman of The Forge Company, parent to Colonial Parking, Inc., one of America's largest parking companies. In addition, in his capacity at Forge, he is also responsible for the investment portfolio relating to its portfolio of commercial real estate assets and properties. Mr. Lindner also serves or has served on the boards of Riggs Bank, The National Conference of Christians and Jews of Washington, D.C., Jubilee Housing, the George Washington University Law Alumni Association, The Salvation Army of Washington, D.C., the Federal City Council, the National Rehabilitation Hospital and The Landon School.

"We are pleased that Mr. Lindner has agreed to serve on our board. His experience will be a valuable asset to our company," said Eric F. Billings, Chief Executive Officer of FBR Asset.

FBR Asset is a real estate investment trust (REIT) formed in December 1997 by Friedman, Billings, Ramsey Group, Inc. (NYSE: FBG). At March 31, 1999, FBR Asset had approximately $279 million of assets under management.

Mr. Lindner is being nominated in place of Webb C. Hayes IV, who will not stand for re-election to the board.

Friedman, Billings, Ramsey Group, Inc. is a publicly traded, full-service investment banking firm. Asset management operations include proprietary investment partnerships, venture capital and private equity partnerships, and the FBR family of mutual funds. Its wholly owned subsidiary, Friedman, Billings, Ramsey & Co., Inc. (FBR) makes a market in more than 400 securities and provides research coverage on 430 publicly traded companies. fbr.com is a division of FBR Investment Services, Inc., a wholly owned subsidiary of Friedman Billings Ramsey Group, Inc. and will provide access, as a selling group member, to IPOs underwritten by FBR and others.

Statements concerning future performance, developments, negotiations or 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 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.