<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-07-20</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001371446</issuerCik>
        <issuerName>FBR CAPITAL MARKETS CORP</issuerName>
        <issuerTradingSymbol>FBCM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001402372</rptOwnerCik>
            <rptOwnerName>MURPHY THOMAS S JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CRESTVIEW ADVISORS</rptOwnerStreet1>
            <rptOwnerStreet2>667 MADISON AVENUE, 10TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10021</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Filer does not beneficially own securities of issuer.</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person is member of the board of directors of the issuer and a Managing Director of Crestview Advisors, L.L.C.,
 which provides investment advisory and management services to investment funds affiliated with Crestview Partners GP, L.P.,
 which is the indirect owner, through limited partnerships, of 5,172,813 common shares and 2,6000,000 options to buy common
 shares of the issuer.  The reporting person is also the President of Crestview, L.L.C., the general partner of Crestview
 Partners GP, L.P.  The reporting person disclaims beneficial ownership of such securities except and to the extent of his
 pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Thomas S. Murphy, Jr.</signatureName>
        <signatureDate>2007-06-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
