Investment banker Friedman, Billings, Ramsey has closed its mortgage-related asset-backed securities group.A spokeswoman for the Arlington, Va.-based company said mortgage ABS "is a small part of our overall business. It represents less than 2% of our total revenue." As of MortgageWire's deadline, she could not provide a number for its ABS issuance volume for the year. FBR also owns subprime lender First NLC Financial Services, Deerfield Beach, Fla., which ranks 21st among subprime lenders, according to the Quarterly Data Report.
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