UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
         Exchange   Act  of  1934  for the  fiscal year ended December 31, 2005

[ ]      Transition report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 for the transition period from   to


                                           Commission File Number 333-122578-02

                            FBR SECURITIZATION, INC.
            (as Depositor under the Pooling and Servicing Agreement,
    dated June 1, 2005, providing for the issuance of First NLC Trust 2005-2
                  Mortgage-Backed Certificates, Series 2005-2)
             (Exact name of registrant as specified in its charter)

         Delaware                                            20-2028732
State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization                            Identification No.)

1001 Nineteenth Street North, Arlington, VA                     22209
(Address of Principal Executive Offices)                      (Zip Code)

       Registrant's telephone number, including area code :(212) 312-9500



Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.  Yes [ ]  No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.  Yes [  ]   No [X]

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of  Regulation S-K (229.405 of this chapter) is  not contained  herein, and will
not be contained, to the best of registrant's  knowledge,  in  definitive  proxy
or information  statements  incorporated  by reference  in Part III of this Form
10-K or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12-b-2 of the Exchange Act.

Large accelerated filer [ ]   Accelerated filer [ ]   Non-accelerated filer [X]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes  No [X]

Indicate by check mark whether the registrant is a shell company (as
defined in Exchange Act Rule 12b-2). Yes  No [X]

State the aggregate market value of the voting and non-voting common
equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of
such common equity, as of the last business day of the registrant's most
recently completed second fiscal quarter.    Not Applicable.

Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.  Not Applicable.

Documents incorporated by reference:  None



<PAGE>


PART I

Item 1.  Business.

         Not Applicable.

Item 1A. Risk Factors.

         Not Applicable.

Item 1B. Unresolved Staff Comments.

         None.

Item 2.  Properties.

         Not Applicable.

Item 3.  Legal Proceedings.

         The Registrant is not aware of any material legal proceeding with
         respect to the Registrant, the Servicers, or the Trustees, in each case
         if applicable, as related to the Trust.

Item 4.  Submission of Matters to a Vote of Security Holders.

         No matter was submitted to a vote or consent of Holders of the Offered
         Certificates during the fiscal year covered by this report.


PART II

Item 5. Market for Registrant's Common Equity,  Related Stockholder Matters
        and Issuer Purchases of Equity Securities.

        Currently, there is no established secondary market for the Certificates
        known to the Registrant.  As of December 31, 2005, the number of holders
        of each class of offered certificates was 46 based on records provided
        by DTC.

Item 6.  Selected Financial Data.

         Not Applicable.

Item 7.  Management's Discussion and Analysis of Financial Condition and
         Results of Operation.

         Not Applicable.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

         Not Applicable.

Item 8.  Financial Statements and Supplementary Data.

         Not Applicable.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure.

         There was no change of accountants or disagreement with accountants
         on any matter of accounting principles or practices or financial
         disclosure.

Item 9A. Controls and Procedures.

         Not Applicable.

Item 9B. Other Information.

         Not Applicable.

                                      -2-

<PAGE>

PART III

Item 10. Directors and Executive Officers of the Registrant.

         Not Applicable.

Item 11. Executive Compensation.

         Not Applicable.

Item 12. Security Ownership of Certain Beneficial Owners and Management and
         Related Stockholder Matters.

         Not Applicable.

Item 13. Certain Relationships and Related Transactions.

         No reportable transactions have occurred.

Item 14. Principal Accounting Fees and Services.

         Not Applicable.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a) The following documents are filed as part of this report:

    (1)  Financial Statements:

         Not Applicable.

    (2)  Financial Statement Schedules:

         Not Applicable.

    (3)  Exhibits:

         Rule 13a-14(a)/15d-14(a) Certification, filed as 31.1 hereto.

         Annual Independent Registered Public Accounting Firm's Servicing Report
         with Management Assertion, filed as Exhibit 99.1 hereto.

         Annual Servicer's Statement as to Compliance, filed as
         Exhibit 99.2 hereto.

(b) Exhibits to this report are listed in Item (15)(a)(3)above.

(c) Not Applicable.


                                      -3-
<PAGE>

SIGNATURE

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.

                                FBR SECURITIZATION, INC.

                            By: /s/ Richard J. Hendrix
                                -----------------------------
                          Name: Richard J Hendrix
                         Title: President and Chief Operating Officer
                          Date: March 30, 2006





                                      -4-
<PAGE>

SUPPLEMENTAL  INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.

                                      -5-
<PAGE>



                                 EXHIBIT INDEX

Exhibit     Description

31.1    Rule 13a-14(a)/15d-14(a) Certification

99.1    Annual Independent Registered Public Accounting Firm's Servicing Report
        with Management Assertion

            Litton Loan Servicing LP, as Servicer
            Ocwen Federal Bank FSB, as Interim Servicer

99.2    Annual Servicer's Statement as to Compliance

            Litton Loan Servicing LP, as Servicer
            Ocwen Federal Bank FSB, as Interim Servicer

                                      -6-

<PAGE>
                                  EXHIBIT 31.1
                 Annual Rule 13a-14(a)/15d-14(a) Certification
                                  -----------

I, Richard J. Hendrix, certify that:

1.   I have reviewed  this annual  report on Form 10-K,  and all reports on Form
     8-K  containing  distribution  or  servicing  reports  filed in  respect of
     periods  included  in the year  covered by this  annual  report, of First
     NLC Trust 2005-2 Mortgage-Backed Certificates, Series 2005-2;

2.   Based on my knowledge,  the information in these reports, taken as a whole,
     does not contain any untrue statement of a material fact or omit to state a
     material  fact  necessary  to make  the  statements  made,  in light of the
     circumstances  under which such  statements were made, not misleading as of
     the last day of the period covered by this annual report;

3.   Based on my knowledge,  the distribution or servicing  information required
     to be  provided  to the  trustee  by the  servicer  under the  pooling  and
     servicing,  or  similar,  agreement,  for  inclusion  in these  reports  is
     included in these reports;

4.   Based on my knowledge and upon the annual compliance  statement included in
     the report and required to be delivered to the trustee in  accordance  with
     the terms of the pooling and servicing agreement, or similar agreement, and
     except  as  disclosed  in the  reports,  the  servicer  has  fulfilled  its
     obligations under the servicing agreement; and

5.   The  reports  disclose  all  significant   deficiencies   relating  to  the
     servicer's  compliance with the minimum servicing  standards based upon the
     report provided by an independent  public  accountant,  after  conducting a
     review in  compliance  with the  Uniform  Single  Attestation  Program  for
     Mortgage  Bankers or similar  procedure,  as set forth in the  pooling  and
     servicing or similar agreement that is included in these reports.

In giving the  certifications  above,  I have  reasonably  relied on information
provided to me by the  following  unaffiliated  parties:  each  Servicer and the
Trustee.

                                FBR SECURITIZATION, INC.

                            By: /s/ Richard J. Hendrix
                                -----------------------------
                          Name: Richard J. Hendrix
                         Title: President and Chief Operating Officer
                          Date: March 30, 2006


                                       -7-
<PAGE>


                                  EXHIBIT 99.1

    Annual Independent Registered Public Accounting Firm's Servicing Report
                            with Management Assertion
                                  -------------

                                                     Deloitte & Touche LLP
                                                     Suite 2300
                                                     333 Clay Street
                                                     Houston, Texas  77002-4196
                                                     USA
                                                     Tel +1 713 982 2000
                                                     Fax +1 713 982 2001
                                                     www.deloitte.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To The Partners of Litton Loan Servicing LP:

     We have examined management's assertion that Litton Loan Servicing LP (the
Company) has complied as of and for the year ended  December 31, 2005,  with its
established minimum servicing standards described in the accompanying Management
Assertion  Report dated  February 7, 2006.  Management is  responsible  for the
Company's compliance with those minimum servicing standards.  Our responsibility
is  to  express  an  opinion  on  management's  assertion  about  the  Company's
compliance based on our examination.

     Our  examination  was conducted in accordance  with  attestation  standards
established  by the  American  Institute  of Certified  Public  Accountants,  as
adopted by the  Public  Company  Accounting  Oversight  Board and,  accordingly,
included  examining,  on a test basis,  evidence about the Company's  compliance
with its minimum servicing  standards and performing such other procedures as we
considered  necessary  in the  circumstances.  We believe  that our  examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal  determination  of the  Company's  compliance  with its minimum  servicing
standards.

     In our opinion,  management's  assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2005, is fairly  stated, in all material  respects based on the criteria set
forth in Appendix I.

/s/ Deloitte & Touche LLP
---------------------------------------------

February 7, 2006

                                      -8-

<page>

LITTON LOAN SERVICING L.P.

APPENDIX I - MINIMUM SERVICING STANDARDS AS SET FORTH IN THE
MORTGAGE BANKERS ASSOCIATION OF AMERICA'S UNIFORM SINGLE
ATTESTATION PROGRAM FOR MORTGAGE BANKERS
_______________________________________________________________________________

I. CUSTODIAL BANK ACCOUNTS

   1. Reconciliations shall be prepared on a monthly basis for all custodial
      bank accounts and related bank clearing accounts. These reconciliations
      shall:

      .  be mathematically accurate;

      .  be prepared within forty-five(45) calendar days after the cutoff date;

      .  be reviewed and approved by someone other than the person who prepared
         the reconciliation; and

      .  document explanations for reconciling items.  These reconciling items
         shall be resolved within ninety (90) calendar days of their original
         identification.

   2. Funds of the servicing entity shall be advanced in cases where there is an
      overdraft in an investor's or a mortgagor's account.

   3. Each custodial account shall be maintained at a federally insured
      depository institution in trust for the applicable investor.

   4. Escrow funds held in trust for a mortgagor shall be returned to the
      mortgagor within thirty (30) calendar days of payoff of the mortgage loan.

II. MORTGAGE PAYMENTS

   1. Mortgage  payments shall be deposited into the custodial bank accounts and
      related bank clearing accounts within two business days of receipt.

   2. Mortgage  payments made in accordance with the mortgagor's loan documents
      shall be posted to the applicable mortgagor records within two business
      days of receipt.

   3. Mortgage payments shall be allocated to principal, interest, insurance,
      taxes or other escrow items in accordance with the mortgagor's loan
      documents.

   4. Mortgage payments identified as loan payoffs shall be allocated in
      accordance with the mortgagor's loan documents.

III. DISBURSEMENTS

   1. Disbursements made via wire transfer on behalf of a mortgagor or investor
      shall be made only by authorized personnel.

   2. Disbursements made on behalf of a mortgagor or investor shall be posted
      within two business days to the mortgagor's or investor's records
      maintained by the servicing entity.

   3. Tax and insurance payments shall be made on or before the penalty or
      insurance policy expiration dates, as indicated on tax bills and insurance
      premium notices, respectively, provided that such support has been
      received by the servicing entity at least thirty (30) calendar days prior
      to these dates.

   4. Any late payment penalties paid in conjunction with the payment of any tax
      bill or insurance premium notice shall be paid from the servicing entity's
      funds and not charged to the mortgagor, unless the late payment was due to
      the mortgagor's error or omission.

   5. Amounts remitted to investors per the servicer's investor reports shall
      agree with cancelled checks, or other form of payment, or custodial bank
      statements.

   6. Unused checks shall be safeguarded so as to prevent unauthorized access.

IV. INVESTOR ACCOUNTING AND REPORTING

   1. The servicing entity's investor reports shall agree with, or reconcile to,
      investors' records on a monthly basis as to the total unpaid principal
      balance and number of loans serviced by the servicing entity.

V. MORTGAGOR LOAN ACCOUNTING

   1. The servicing entity's mortgage loan records shall agree with, or
      reconcile to, the records of mortgagors with respect to the unpaid
      principal balance on a monthly basis.

   2. Adjustments on ARM loans shall be computed based on the related mortgage
      note and any ARM rider.

   3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan
      documents, on at least an annual basis.

   4. Interest on escrow  accounts  shall be paid, or credited, to mortgagors in
      accordance with the applicable state laws.

VI. DELINQUENCIES

   1. Records  documenting  collection  efforts  shall be maintained  during the
      period a loan is in default  and shall be updated  at least monthly.  Such
      records shall  describe the entity's  activities in monitoring  delinquent
      loans  including,  for example,  phone calls, letters and mortgage payment
      rescheduling  plans in cases  where the delinquency  is  deemed  temporary
      (e.g., illness or unemployment).

VII. INSURANCE POLICIES

   1. A fidelity bond and errors and  omissions policy shall be in effect on the
      servicing entity throughout the reporting period in the amount of coverage
      represented to investors in management's assertion.

                                      -9-

<PAGE>

                                                         4828 Loop Central Drive
LITTON LOAN SERVICING                                      Houston, Texas  77081
                                                        Telephone 1-800-999-8501
                                                                Fax 713-966-8830
                                                              www.littonloan.com


February 7, 2006

MANAGEMENT ASSERTION REPORT

As of and for the year ended  December 31, 2005,  Litton Loan  Servicing LP (the
Company) has complied,  in all material  respects,  with the  Company's  minimum
servicing  standards for  residential  mortgage loans as set forth in Appendix I
(the "Standards").  The Standards are based on the Mortgage Bankers  Association
of America's Uniform Single Attestation  Program for Mortgage Bankers. As of and
for this same period,  Litton Loan Servicing LP had in effect a fidelity bond in
the amount of  $50,000,000  and an errors and omissions  policy in the amount of
$50,000,000.



/s/ Larry B. Litton, Jr.
-----------------------------------------
Larry B. Litton, Jr.
President & CEO


/s/ Elizabeth Folk
------------------------------------------
Elizabeth Folk
Senior Vice President and
Chief Financial Officer

                                      -10-

<page>


                                                PricewaterhouseCoopers LLP
                                                222 Lakeview Avenue
                                                Suite 360
                                                West Palm Beach, FL 33401
                                                Telephone (561) 832-0038
                                                Facsimile (561) 805-8181


               Report of Independent Certified Public Accountants


To the Board of Directors of
Ocwen Loan Servicing, LLC

We have examined management's assertion that Ocwen Loan Servicing,  LLC ("OLS"),
as  successor  to Ocwen  Federal Bank FSB (the "Bank"),  has complied  with the
minimum servicing  standards  identified in the Mortgage Bankers  Association of
America's  ("MBA's")  Uniform Single  Attestation  Program for Mortgage  Bankers
("USAP")  as of and for  the  year  ended  December  31,  2005  included  in the
accompanying  Management  Assertion  on  Compliance  with  USAP.  Management  is
responsible for OLS's  compliance with those minimum  servicing  standards.  Our
responsibility  is to express an opinion on  management's  assertion about OLS's
compliance based on our examination.

Our examination was made in accordance with attestation standards established by
the  American  Institute  of  Certified  Public  Accountants  and,  accordingly,
included  examining,  on a test basis,  evidence about OLS's compliance with the
minimum  servicing   standards  and  performing  such  other  procedures  as  we
considered  necessary  in the  circumstances.  We believe  that our  examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal determination on OLS's compliance with the minimum servicing standards.

Our examination disclosed noncompliance with minimum servicing standards related
to  custodial  account   reconciliations  and  adjustments  on  adjustable  rate
mortgages  applicable  to OLS during the year ended  December  31, 2005 which is
described in the accompanying Management Assertion on Compliance with USAP.

In our opinion, management's assertion that OLS complied with the aforementioned
minimum  servicing  standards,  except for  noncompliance  as  described  in the
accompanying  Management  Assertion on  Compliance  with USAP, as of and for the
year ended December 31, 2005 is fairly stated, in all material respects.


/s/ PricewaterhouseCoopers LLP
------------------------------
PricewaterhouseCoopers LLP

February 27, 2006




                                     OCWEN
                  MANAGEMENT ASSERTION ON COMPLIANCE WITH USAP


February 27, 2006

As of and for the year  ended  December  31,  2005,  Ocwen Loan  Servicing,  LLC
("OLS"),  as  successor  to  Ocwen  Federal  Bank FSB (the  "Bank"),  except  as
specifically noted below, has complied in all material respects with the minimum
servicing  standards set forth in the Mortgage Bankers  Association of America's
("MBA's") Uniform Single Attestation Program for Mortgage Bankers ("USAP").

   .      Standard: Reconciliations shall be prepared on a monthly basis for all
          custodial bank  accounts and  related  bank  clearing  accounts. These
          reconciliations shall be mathematically accurate, be  prepared  within
          forty five  (45) calendar  days of  the cutoff date;  be reviewed  and
          approved   by   someone  other   than  the  person  who  prepared  the
          reconciliation; and document explanations for reconciling items. These
          reconciling items  shall be resolved  within ninety (90) calendar days
          of their original identification.

We have complied with all aspects of this standard with the exception of certain
reconciling  items which arose during the year ended  December 31, 2005 were not
cleared within 90 days of their original  identification.  All items  identified
were  subsequently  cleared within 6 months.  As of December 31, 2005, there was
exactly 1 reconciling  item totaling $431.07 that had not cleared within 90 days
of identification.

   .      Standard:  Adjustments  on ARM  loans  shall be  computed based on the
          related mortgage note and any ARM rider.

Certain ARM loans  serviced by OLS were  transferred  in with an incorrect  look
back date due to errors in prior servicer  records.  These certain loans had ARM
adjustments  shortly after  servicing  transfer,  but prior to OLS receiving the
related  mortgage  documents  from the prior  servicer.  When OLS  received  the
mortgage  documents  and these  errors were  identified,  OLS did not adjust the
principal and interest payment amount.  OLS has subsequently made adjustments to
their  procedures  when they identify an error in prior servicer data to analyze
the affect on the customer's account and make the appropriate adjustment.

As of and for this same period,  OLS had in effect a fidelity bond in the amount
of $20,000,000 and an errors and omissions policy in the amount of $5,000,000.


By: /s/ Ronald M. Faris                    By: /s/ Scott W. Anderson
--------------------------                 -------------------------
Ronald M. Faris                            Scott W. Anderson
President                                  Senior Vice President of
                                           Residential Assets


By: /s/ Brian J. LaForest                  By: /s/ Thomas Vickers
--------------------------                 -------------------------
Brian J. LaForest                          Thomas Vickers
Director of Investor Reporting             Director and Servicing Controller



                                      -11-

<page>

                                  EXHIBIT 99.2
                   Annual Servicer's Statement as to Compliance
                                  -------------

                           LITTON LOAN SERVICING, LP
                             an affiliate of C-BASS

4828 Loop Central Drive                                 Telephone (713)966-8801
Houston, Texas  77081                                         Fax (713)960-0539


February 23, 2006

Institutional Trust Services/Global Debt, 1st NLC 2005-2
JPMorgan Chase Bank
4 New York Plaza, 6th Floor
New York, NY  10004

RE:  First NLC Trust 2005-2, Mortgage-Backed Certificates, Series 2005-2

To Whom It May Concern:

     The  undersigned  officer of Litton Loan  Servicing  LP provides the Annual
Statement as to Compliance  as required by the Pooling and  Servicing  Agreement
for the  above  referenced  security  and  certifies  that (i) a  review  of the
activities of the Servicer  during such  preceding  fiscal year (or such shorter
period in the case of the first  such  report)  and of  performance  under  this
Agreement  has  been  made  under  my  supervision,  and  (ii) to the best of my
knowledge,  based on such review, the Servicer has fulfilled all its obligations
under this Agreement for 2005.

Sincerely,


/s/ Janice McClure                            /s/  Ann Kelley
-----------------------------------------    --------------------------------
Janice McClure                                  Ann Kelley
Senior Vice President                           Secretary

                                      -12-
<page>


                                     OCWEN

                           Ocwen Loan Servicing, LLC
                            successor in interest to
                             Ocwen Federal Bank FSB
             Compliance Certification Year Ended December 31, 2005
                                First NLC 2005-2



The undersigned  Officer of Ocwen Loan  Servicing,  LLC successor in interest to
Ocwen Federal Bank FSB (the "Servicer") confirms that a review of the activities
of the Servicer  during the preceding  fiscal year and of the performance of the
Servicer under the Pooling and Servicing  Agreement dated as of June 1, 2005 for
First NLC Trust  2005-2  (the  "Servicing  Agreement")  has been made  under his
supervision.  To the best of the undersigned Officer's knowledge,  based on such
review,  the Servicer has fulfilled all of its  obligations  as set forth in the
Servicing Agreement throughout such fiscal year.

By: /s/ Scott W. Anderson                      Dated: March 15, 2006
---------------------------------------
Scott W. Anderson, Senior Vice President


                            Ocwen Loan Servicing LLC
                        1661 Worthington Road Suite 100
                                Centrepark West
                           West Palm Beach, FL 33409


                                      -13-