UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

Amendment No. 1

Friedman, Billings, Ramsey Group, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

358434108

                                (CUSIP Number)                                

December 29, 2006

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed.

¨ Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

SEC 1745 (3-06)

Page 1 of 5 pages

CUSIP No.: 358434108 Page 2 of 5 pages

1.	Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).
	Emanuel J. Friedman
2.	Check the Appropriate Box if a Member of a Group (See Instructions)
	(a)  ¨
	(b)  ¨             Not Applicable.
3.	SEC Use Only
4.	Citizenship or Place of Organization
	United States Citizen

Number of Shares Beneficially Owned by Each Reporting Person With:	5.    Sole Voting Power
	9,857,643
	6.    Shared Voting Power
	725,000 (1)
	7.    Sole Dispositive Power
	9,857,643
	8.    Shared Dispositive Power
	725,000 (1)

9.	Aggregate Amount Beneficially Owned by Each Reporting Person
	10,582,643
10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
	¨    Not Applicable.
11.	Percent of Class Represented by Amount in Row (9)
	6.6%
12.	Type of Reporting Person (See Instructions)
	IN

(1) Represents shares held by the Friedman French Foundation, over which shares Mr. Friedman has shared voting and dispositive power.

Page 3 of 5 pages

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

Item 1	(a).	Name of Issuer:
		Friedman, Billings, Ramsey Group, Inc.
Item 1	(b).	Address of Issuer’s Principal Executive Offices:
		1001 Nineteenth Street North Arlington, VA 22209
Item 2	(a).	Name of Person Filing:
		Emanuel J. Friedman
Item 2	(b).	Address of Principal Business Office or Residence:
		Potomac Tower 1001 Nineteenth Street North 19th Floor Arlington, VA 22209
Item 2	(c).	Citizenship:
		United States Citizen
Item 2	(d).	Title of Class of Securities:
		Class A Common Stock
Item 2	(e).	CUSIP Number:
		358434108
Item 3.	If this statement is being filed pursuant to Rule 13d-1(b) or 13d-2(b) or (c), check whether the person filing is a:
	Not applicable.
	(a)	¨	Broker or dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
	(b)	¨	Bank as defined in Section 3(a)(6) of the Exchange Act.
	(c)	¨	Insurance company as defined in Section 3(a)(19) of the Exchange Act.
	(d)	¨	Investment company registered under Section 8 of the Investment Company Act of 1940, as amended (the “Investment Company Act”).
	(e)	¨	An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E) of the Exchange Act.
	(f)	¨	An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F) of the Exchange Act.
	(g)	¨	A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G) of the Exchange Act.
	(h)	¨	A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act, as amended.
	(i)	¨	A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act.
	(j)	¨	Group, in accordance with Rule 13d-1(b)(1)(ii)(J) of the Exchange Act.

Page 4 of 5 pages

Item 4.	Ownership
Item 4	(a).	Amount beneficially owned: 10,582,643
Item 4	(b).	Percent of class: 6.6%
Item 4	(c).	Number of shares as to which such person has:
		(i)	Sole power to vote or to direct the vote: 9,857,643
		(ii)	Shared power to vote or to direct the vote: 725,000 (1)
		(iii)	Sole power to dispose or to direct the disposition of: 9,857,643
		(iv)	Shared power to dispose or to direct the disposition of: 725,000 (1)
(1)    Represents shares held by the Friedman French Foundation, over which shares Mr. Friedman has shared voting and dispositive power.
Item 5.	Ownership of Five Percent or Less of a Class:
	¨    Not Applicable.
Item 6.	Ownership of More than Five Percent on Behalf of Another Person:
	Not Applicable.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company:
	Not Applicable.
Item 8.	Identification and Classification of Members of the Group:
	Not Applicable.
Item 9.	Notice of Dissolution of Group:
	Not Applicable.
Item 10.	Certification:
	By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Page 5 of 5 pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 8, 2007	/s/ Emanuel J. Friedman
	Emanuel J. Friedman