Friedman, Billings, Ramsey Group Inc., Arlington, Va., has sold about $4.95 billion of agency mortgage-backed securities at a loss of approximately $57 million to reduce leverage and "better position" itself in the uncertain asset-backed financing market.The loss includes $17 million that was included in accumulated other comprehensive income as of June 30 as a reduction in book value. The sale leaves FBR with a remaining agency and mortgage-backed securities portfolio of approximately $1.2 billion. FBR can be found on the Web at http://www.fbr.com.

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