Friedman, Billings, Ramsey Group, Inc (NYSE: FBR) filed for bankruptcy protection for its Subprime Unit.  The Arlington, VA investment group has seen its share price go down by nearly 60% in the past year and will continue to be hit on Monday.  FBRs subprime bet was around $550 million, more than the company’s current market capitalization (much of which is gone too).  The company purchased First NLC a mortgage originator for over $100 million, back in its mortgage hey-day.