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

Date of Report (Date of earliest event reported) June 3029, 2005.

FBR Securitization, Inc. (Exact name of registrant as specified in charter)

(Exact name of registrant as specified in charter)


Delaware	333-122578	20-2028732

(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1001 Nineteenth Street North, Arlington, VA 22209


1001 Nineteenth Street North, Arlington,		VA 22209

(Address of principal executive offices)		(Zip Code)

(Address of principal executive offices) (Zip Code)

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




(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events.

~~On June 29, 2005,~~ FBR Securitization, Inc. (the “Registrant”) ~~issued~~registered ~~$546,600,000~~issuance ~~aggregate certificate principal balance~~ of its First NLC Trust 2005-2 , Mortgage-Backed Certificates, Series 2005-2 ~~(the~~ ~~“Certificates”)~~on ~~pursuant~~a todelayed aor ~~Pooling~~continuous ~~and~~basis ~~Servicing~~pursuant ~~Agreement,~~to ~~dated~~Rule 415 under asthe Securities Act of ~~June 1~~1933, ~~2005~~as amended (the ~~“Pooling~~ ~~and Servicing Agreement~~“Act”), by ~~and~~a ~~among~~Registration ~~JPMorgan~~Statement ~~Chase~~on ~~Bank,~~Form ~~National Association, as~~S-3 ~~trustee~~(333-122578) (the “~~Trustee~~Registration Statement”),. ~~FBR~~Pursuant ~~Securitization,~~to ~~Inc.,~~the asRegistration ~~depositor~~Statement, (the Registrant ~~“Depositor”)~~issued $546,600,000 ~~First~~aggregate ~~NLC Financial~~principal ~~Services~~amount of Class AV-1, ~~LLC~~Class AV-2, asClass AV-3, Class M-1, ~~originator~~Class M-2, ~~(the~~Class M-3, ~~“Originator”)~~Class M-4, ~~NLC Finance II~~Class M-5, ~~LLC~~Class M-6 and Class M-7 of its First NLC ~~Financial~~Trust ~~Services~~2005-2, ~~LLC~~Mortgage-Backed Certificates, asSeries 2005-2 ~~sellers~~ (collectively, the “~~Sellers~~Certificates”) on June 29, ~~Litton~~2005. ~~Loan~~This ~~Servicing~~Current ~~LP,~~Report ason ~~servicer~~Form (8-K is being filed to satisfy the undertaking contained ~~“Servicer”)~~in the definitive Prospectus dated February 23, ~~and~~2005, ~~Ocwen~~as ~~Federal~~supplemented ~~Bank~~by ~~FSB~~the Prospectus Supplement dated June 27, 2005, as ~~interim~~further ~~servicer~~supplemented on July 29, 2005 (collectively, the “~~Interim Servicer~~Prospectus Supplement”) to file a copy of the Pooling and Servicing Agreement.

OnThe ~~the~~Certificates ~~Closing~~were ~~Date,~~issued ~~the~~pursuant ~~Trust~~to ~~contained~~a Pooling and Servicing Agreement, ~~among~~dated ~~other~~as ~~things~~of June 1, 2005 (the ~~Closing~~“Pooling ~~Date~~and ~~Mortgage~~Servicing ~~Loans~~ Agreement”) by and ~~approximately~~among ~~$145~~JPMorgan Chase Bank,~~588~~ National Association,~~034~~ onas ~~deposit~~trustee in (the ~~Pre-Funding~~“Trustee”), ~~Account~~FBR Securitization, Inc., ~~This~~as ~~Pre-Funded~~depositor ~~Amount~~(the ~~was~~“Depositor”), ~~intended~~First toNLC beFinancial ~~used~~Services, ~~for~~LLC, as originator (the ~~purchase~~“Originator”), ofNLC ~~Subsequent~~Finance ~~Mortgage~~II, ~~Loans~~LLC ~~satisfying~~and ~~criteria~~First NLC ~~specified~~Financial inServices, LLC, as sellers, Litton Loan Servicing LP, as servicer (the “Servicer”), and Ocwen Federal Bank FSB, as interim servicer. A copy of the Pooling and Servicing Agreement is attached hereto as Exhibit 99.1.

OnThe ~~June 30,~~Certificates ~~2005,~~are ~~the~~secured ~~Registrant~~by ~~entered~~certain ~~into~~mortgage aloans ~~Subsequent Transfer Agreement~~ (the “~~Subsequent Transfer~~Mortgage ~~Agreement~~Loans”) bywith ~~and~~an aggregate ~~among~~outstanding ~~the~~principal ~~Trustee,~~balance ~~the~~of ~~Depositor,~~approximately ~~the Originator~~$454, ~~the Sellers~~411,966 ~~the Servicer,~~as ~~and~~of ~~the Interim Servicer~~June 1, ~~pursuant~~2005. ~~to which the Sellers conveyed to the Depositor certain~~The ~~Subsequent~~ Mortgage Loans ~~with~~will anbe ~~aggregate~~serviced ~~Scheduled~~by ~~Principal Balance of $85,863,665 in exchange for that amount of~~ the ~~Pre-Funded~~Servicer ~~Amount,~~pursuant ~~and the Depositor conveyed those Subsequent Mortgage Loans~~ to the ~~Trustee~~terms ~~for the benefit~~ of the ~~Certificateholders~~Pooling inand ~~exchange for such amount of the~~Servicing ~~Pre-funded Amount~~Agreement.

This Current Report on Form 8-K is being filed to satisfy the undertaking contained in the definitive Prospectus dated February 23, 2005, as supplemented by the Prospectus Supplement dated June 27, 2005, and the supplement thereto, dated June 29, 2005 (as supplemental, the “Prospectus Supplement”) to provide information regarding the Subsequent Mortgage Loans comparable to the disclosure regarding the Closing Date Mortgage Loans provided in the Prospectus Supplement and to file a copy of the Subsequent Transfer Agreement.

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Pooling and Servicing Agreement or, if not defined in the Pooling and Servicing Agreement, the meanings assigned to them in the Prospectus Supplement.

Item 9.01 Financial Statements, Pro Forma Financial Statements and Exhibits.

Information and Exhibits

	(a)		Financial Statements of business acquired.

			Not applicable.

	(b)		Pro Forma financial information.

			Not applicable.

	(c)		Exhibits.

	99.1		Subsequent Transfer Agreement, dated as of June 30, 2005, by and among FBR Securitization, Inc., as depositor, First NLC Financial Services, LLC, as originator and as seller, NLC Finance II, LLC, as seller, JPMorgan Chase Bank, National Association, as trustee, Litton Loan Servicing LP, as servicer, and Ocwen Federal Bank FSB, as interim servicer.
	99.2		Characteristics of the Subsequent Mortgage Loans as of June 30, 2005, relating to the First NLC Trust 2005-2 Mortgage-Backed Certificates, Series 2005-2.

99.1

Pooling and Servicing Agreement, dated as of June 1, 2005, by and among FBR Securitization, Inc., as depositor, First NLC Financial Services, LLC, as originator and as seller, NLC Finance II, LLC, as seller, JPMorgan Chase Bank, National Association, as trustee, Litton Loan Servicing LP, as servicer, and Ocwen Federal Bank FSB, as interim servicer.

Signatures

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

Dated: June 30, 2005		FBR SECURITIZATION, INC.
Dated: July 14, 2005	FBR SECURITIZATION, INC.
	By:	~~By:~~/s/ Richard J. Hendrix	~~/s/ Richard J. Hendrix~~
		Name:	Richard J. Hendrix
	Name: Richard J. Hendrix
		Title:	President and Chief Operating Officer
	Title: President and Chief Operating Officer

[Form 8-K - — Series 2005-2 — Post- ~~Pre-Funding~~Closing]

Exhibit Index

Exhibit No. Page


Exhibit No.		Page
99.1	Pooling and Servicing Agreement dated as of June 1, 2005, by and among FBR Securitization, Inc., as depositor, First NLC Financial Services, LLC, as originator and seller, NLC Finance II, LLC, as seller, JPMorgan Chase Bank, National Association, as trustee, Litton Loan Servicing LP, as servicer, and Ocwen Federal Bank FSB, as interim servicer	[Electronic Format]

99.1		Subsequent Transfer Agreement dated as of June 30, 2005, by and among FBR Securitization, Inc., as depositor, First NLC Financial Services, LLC, as originator and seller, NLC Finance II, LLC, as seller, JPMorgan Chase Bank, National Association, as trustee, Litton Loan Servicing LP, as servicer, and Ocwen Federal Bank FSB, as interim servicer	[Electronic Format]
99.2		Characteristics of the Subsequent Mortgage Loans as of June 30, 2005, relating to the First NLC Trust 2005-2 Mortgage-Backed Certificates, Series 2005-2	[Electronic Format]

Filing Compare · First NLC Trust 2005-2