SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                _________________


                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934



                                 MARCH 28, 2003
                Date of report (Date of earliest event reported)



                     FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
               (Exact Name of Registrant as Specified in Charter)



         VIRGINIA                 001-13731              54-1837743
     (State or Other          (Commission File          (IRS Employer
       Jurisdiction                Number)           Identification No.)
    of Incorporation)

                          1001 NINETEENTH STREET NORTH
                               ARLINGTON, VA 22209
          (Address of Principal Executive Offices, including Zip Code)


                                 (703) 312-9500
              (Registrant's telephone number, including area code)


                                 NOT APPLICABLE
          (Former Name or Former Address, if Changed Since Last Report)







ITEM 5.     OTHER EVENTS.

      On March 28, 2003, the shareholders of Friedman, Billings, Ramsey Group,
Inc. (the "Company") voted to approve the Agreement and Plan of Merger, dated as
of November 14, 2002, by and among the Company, FBR Asset Investment Corporation
("FBR Asset") and Forest Merger Corporation, and the transactions contemplated
thereby. The joint press release issued by the Company and FBR Asset regarding
the shareholder approval is attached hereto as Exhibit 99.1.

ITEM 7.     FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

      (c)   Exhibits.

      99.1        Press Release, dated March 28, 2003.







                                    SIGNATURE

            Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                      FRIEDMAN, BILLINGS,
                                         RAMSEY GROUP, INC.


                                      By:    /s/ Emanuel J. Friedman
                                          ------------------------------
                                          Name:  Emanuel J. Friedman
                                          Title: Chairman and Co-Chief Executive
                                                 Officer

Date:  March 28, 2003






                                  EXHIBIT INDEX



99.1        Press Release, dated March 28, 2003.