Ex-Freddie Mac Traders Form Firm's NewMBS Group

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ARLINGTON, Va. - (01/07/05) -- Friedman, Billings, Ramsey Groupsaid it has hired eight former top executives at Freddie Mac'sinternal bond trading group to create an institutional mortgagebacked securities trading business. The new group will be headed byMichael Swell, formerly vice president and chief of Freddie MacsSecurities Sales and Trading Group, which was discontinued lastyear. Robert Cole, formerly head trader at SS&TG, will run thetrading desk. The MBS business will be combined with Friedman,Billings' asset backed securities operations. Freddie Mac shut downthe market-making operations of its securities sales and tradingunit at year-end.

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