Exhibit 21.1

Subsidiaries of the Registrant

FIRSTCITY FINANCIAL CORPORATION

(21)    Subsidiaries of the Registrant

|   |  | Name:                                               |                          | Bosque Asset Corp.                                                |                                          |  |                          | 
|-- |  | --------------------------------------------------- | ------------------------ | ----------------------------------------------------------------- | ---------------------------------------- |  | ------------------------ | 
|   |  |                                                     | Jurisdiction:            |                                                                   | Texas, incorporated on March 27, 1997    |  |                         
|   |  |                                                     | Shareholders:            |                                                                   | FirstCity Financial Corporation          |  | 10,000 Shares            | 
|   |  | Name:                                               |                          | FirstCity Commercial Corporation (formerly J-Hawk Corporation)   
|   |  |                                                     | Jurisdiction:            |                                                                   | Texas, incorporated on July 21, 1995     |  |                         
|   |  |                                                     | Shareholders:            |                                                                   | FirstCity Financial Corporation          |  | 1,000 Shares
Cert. No. 1 | 
|   |  |                                                     | Consolidated Subsidiary: |                                                                   | Yes                                      |  |                          | 
|   |  | Name:                                               |                          | FC Capital Corp. (d/b/a FirstCity Capital Corporation)            |                                          | 
|   |  |                                                     | Jurisdiction:            |                                                                   | New York, incorporated on August 4, 1997 |  |                         
|   |  |                                                     | Shareholders:            |                                                                   | FirstCity Financial Corporation          |  | 1,000,000 Shares         | 
|   |  | Name:                                               |                          | FirstCity Consumer Lending Corporation                            |                                          | 
|   |  |                                                     | Jurisdiction:            |                                                                   | Texas, incorporated on September 5, 1997 |  |                         
|   |  |                                                     | Shareholders:            |                                                                   | FirstCity Financial Corporation          |  | 1,000 Shares             | 
|   |  |                                                     | Consolidated Subsidiary: |                                                                   | Yes                                      |  |                          | 
|B. |  | Corporate General Partners of Limited Partnerships: |                          |                                                                  
|   |  | Name:                                               |                          | Bosque Asset GP Corp. (formerly SLP Assets GP Corp.)              |                                          | 
|   |  |                                                     | Jurisdiction:            |                                                                   | Texas, incorporated on April 12, 2001    |  |                         
|   |  |                                                     | Shareholder:             |                                                                   | FirstCity Financial Corporation          |  | 400 Shares               | 
|   |  | Name:                                               |                          | Bosque Leasing GP Corp. (formerly Bosque Investment Realty Corp.) |                                          | 
|   |  |                                                     | Jurisdiction:            |                                                                   | Texas, incorporated on June 6, 1997      |  |                         
|   |  |                                                     | Shareholders:            |                                                                   | Bosque Asset Corp.                       |  | 400 Shares               | 
|   |  |                                                     |                          |                                                                   |                                          |  |                          | 

1

---



|C. |  | Limited Partnerships:                                                                                                                                                                                                                            |               |                                                                         |                                                       | 
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------- | ----------------------------------------------------------------------- | ----------------------------------------------------- | 
|   |  | Name:                                                                                                                                                                                                                                            |               | Bosque Asset Funding, L.P. (formerly SLP Assets, Ltd.)                  |                                                       | 
|   |  |                                                                                                                                                                                                                                                  | Jurisdiction: |                                                                         | Texas, certificate filed on April 12, 2001            | 
|   |  |                                                                                                                                                                                                                                                  | Partners:     |                                                                         | Bosque Asset GP Corp.                                 | 
|   |  |                                                                                                                                                                                                                                                  |               |                                                                         | FirstCity Financial Corporation                       | 
|   |  | Name:                                                                                                                                                                                                                                            |               | Bosque Leasing, L.P. (formerly Bosque Investment Realty Partners, L.P.) |                                                       | 
|   |  |                                                                                                                                                                                                                                                  | Jurisdiction: |                                                                         | Texas, certificate filed on June 6, 1997              | 
|   |  |                                                                                                                                                                                                                                                  | Partners:     |                                                                         | Bosque Leasing GP Corp.                               | 
|   |  |                                                                                                                                                                                                                                                  |               |                                                                         | Bosque Asset Corp.                                    | 
|2. |  | FirstCity Commercial Corporation. The following corporations, limited partnerships, limited liability companies and other entities are entities in which FirstCity Commercial Corporation or certain of its subsidiaries own an equity
interest.
|A. |  | Corporations and other Entities:                                                                                                                                                                                                                 |               |                                                                         |                                                       | 
|   |  | Name:                                                                                                                                                                                                                                            |               | FirstCity Holdings Corporation                                          |                                                       | 
|   |  |                                                                                                                                                                                                                                                  | Jurisdiction: |                                                                         | Texas, incorporated on October 16, 1998               | 
|   |  |                                                                                                                                                                                                                                                  | Shareholders: |                                                                         | FirstCity Commercial Corporation                      | 
|   |  | Name:                                                                                                                                                                                                                                            |               | FirstCity Europe Corporation                                            |                                                       | 
|   |  |                                                                                                                                                                                                                                                  | Jurisdiction: |                                                                         | Texas; incorporated on May 12, 2003                   | 
|   |  |                                                                                                                                                                                                                                                  | Shareholders: |                                                                         | FirstCity Commercial Corporation                      | 
|   |  | Name:                                                                                                                                                                                                                                            |               | Calibat Fund Limited Liability Company                                  |                                                       | 
|   |  |                                                                                                                                                                                                                                                  | Jurisdiction: |                                                                         | Minnesota                                             | 
|   |  |                                                                                                                                                                                                                                                  | Members:      |                                                                         | FirstCity Commercial Corporation                      | 
|   |  | Name:                                                                                                                                                                                                                                            |               | Community Development Investments, LLC                                  |                                                       | 
|   |  |                                                                                                                                                                                                                                                  | Jurisdiction: |                                                                         | Delaware, incorporated June 18, 1999                  | 
|   |  |                                                                                                                                                                                                                                                  | Manager:      |                                                                         | WAMCO XXIV, Ltd.                                      | 
|   |  |                                                                                                                                                                                                                                                  | Members:      |                                                                         | WAMCO XXIV, Ltd.                                      | 
|   |  | Name:                                                                                                                                                                                                                                            |               | FirstStreet Investment Corporation                                      |                                                       | 
|   |  |                                                                                                                                                                                                                                                  | Jurisdiction: |                                                                         | Delaware, incorporated on August 9, 1996              | 
|   |  |                                                                                                                                                                                                                                                  | Shareholders: |                                                                         | FirstCity Commercial Corporation                      | 
|   |  | Name:                                                                                                                                                                                                                                            |               | FirstStreet Investment L.L.C.                                           |                                                       | 
|   |  |                                                                                                                                                                                                                                                  | Jurisdiction: |                                                                         | Delaware, certificate filed on August 9, 1996         | 
|   |  |                                                                                                                                                                                                                                                  | Members:      |                                                                         | FirstStreet Investment Corporation and WAMCO IX, Ltd. | 
|   |  | Name:                                                                                                                                                                                                                                            |               | FC Funding Corp.                                                        |                                                       | 
|   |  |                                                                                                                                                                                                                                                  | Jurisdiction: |                                                                         | Texas, incorporated on March 26, 1996                 | 
|   |  |                                                                                                                                                                                                                                                  | Shareholders: |                                                                         | FirstCity Commercial Corporation                      | 
|   |  |                                                                                                                                                                                                                                                  |               |                                                                         |                                                       | 

2

---



|   |  | Name:                                               |               | W &B Property Management, Inc.      |                                             |            
|-- |  | --------------------------------------------------- | ------------- | ----------------------------------- | ------------------------------------------- | -----------
|   |  |                                                     | Jurisdiction: |                                     | Texas, incorporated on February 12, 1993    |            
|   |  |                                                     | Shareholders: |                                     | FC Properties One, Ltd.                     |            
|   |  | Name:                                               |               | F & C Texas Holdings Corporation    |                                             |            
|   |  |                                                     | Jurisdiction: |                                     | Texas, incorporated on November 23, 2005    |            
|   |  |                                                     | Shareholders: |                                     | FirstCity Commercial Corporation            |            
|   |  | Name:                                               |               | F & C Delaware Holdings Corporation |                                             |            
|   |  |                                                     | Jurisdiction: |                                     | Delaware, incorporated on November 22, 2005 |            
|   |  |                                                     | Shareholders: |                                     | F & C Texas Holdings Corporation            |            
|B. |  | Corporate General Partners of Limited Partnerships:
|   |  | Name:                                               |               | WAMCO IX of Texas, Inc.             |                                             |            
|   |  |                                                     | Jurisdiction: |                                     | Texas                                       |            
|   |  |                                                     | Shareholders: |                                     | FirstCity Commercial Corporation            |            
|   |  | Name:                                               |               | WAMCO XXIV of Texas, Inc.           |                                             |            
|   |  |                                                     | Jurisdiction: |                                     | Texas, incorporated on March 6, 1996        |            
|   |  |                                                     | Shareholders: |                                     | FirstCity Commercial Corporation            |            
|   |  | Name:                                               |               | WAMCO XXV of Texas, Inc.            |                                             |            
|   |  |                                                     | Jurisdiction: |                                     | Texas, incorporated on August 8, 1997       |            
|   |  |                                                     | Shareholders: |                                     | FirstCity Commercial Corporation            |            
|   |  | Name:                                               |               | WAMCO XXVI of Texas, Inc.           |                                             |            
|   |  |                                                     | Jurisdiction: |                                     | Texas, incorporated on September 22, 1998   |            
|   |  |                                                     | Shareholders: |                                     | FirstCity Commercial Corporation            |            
|   |  | Name:                                               |               | FH Asset Corp.                      |                                             |            
|   |  |                                                     | Jurisdiction: |                                     | Texas, incorporated on December 17, 1996    |            
|   |  |                                                     | Shareholders: |                                     | FirstCity Commercial Corporation            |            
|   |  |                                                     |               | FirstCity Holdings Corporation      |                                             | 9.53 Shares
|   |  | Name:                                               |               | FC Assets Corp.                     |                                             |            
|   |  |                                                     | Jurisdiction: |                                     | Texas, incorporated on February 27, 1998    |            
|   |  |                                                     | Shareholders: |                                     | FirstCity Commercial Corporation            |            
|   |  | Name:                                               |               | DFC Asset Corp.                     |                                             |            
|   |  |                                                     | Jurisdiction: |                                     | Texas, incorporated on July 26, 1995        |            
|   |  |                                                     | Shareholders: |                                     | FirstCity Commercial Corporation            |            
|   |  |                                                     |               |                                     |                                             |            

3

---



|   |  | Name:                 |               | First C Corp.        |                                                | 
|-- |  | --------------------- | ------------- | -------------------- | ---------------------------------------------- | 
|   |  |                       | Jurisdiction: |                      | Texas, incorporated on March 6, 1998           | 
|   |  |                       | Shareholders: |                      | FirstCity Commercial Corporation               | 
|   |  | Name:                 |               | First X Corp.        |                                                | 
|   |  |                       | Jurisdiction: |                      | Texas, incorporated on October 3, 1996         | 
|   |  |                       | Shareholders: |                      | FirstCity Commercial Corporation               | 
|   |  | Name:                 |               | First B Corp.        |                                                | 
|   |  |                       | Jurisdiction: |                      | Texas, incorporated on October 10, 1997        | 
|   |  |                       | Shareholders: |                      | FirstCity Commercial Corporation               | 
|   |  | Name:                 |               | FirstGreen GP LLC    |                                                | 
|   |  |                       | Jurisdiction: |                      | Delaware; formed on August 29, 2003            | 
|   |  |                       | Member:       |                      | FirstCity Commercial Corporation               | 
|   |  | Name:                 |               | FC Washington GP LLC |                                                | 
|   |  |                       | Jurisdiction: |                      | Texas; formed on April 20, 2005                | 
|   |  |                       | Member:       |                      | FirstCity Commercial Corporation               | 
|C. |  | Limited Partnerships: |               |                     
|   |  | Name:                 |               | WAMCO IX, Ltd.       |                                                | 
|   |  |                       | Jurisdiction: |                      | Texas                                          | 
|   |  |                       | Partners:     |                      | WAMCO IX of Texas, Inc.                        | 
|   |  |                       |               |                      | FirstCity Commercial Corporation               | 
|   |  | Name:                 |               | WAMCO XXIV, Ltd.     |                                                | 
|   |  |                       | Jurisdiction: |                      | Texas, certificate filed on March 6, 1996      | 
|   |  |                       | Partners:     |                      | WAMCO XXIV of Texas, Inc.                      | 
|   |  |                       |               |                      | FirstCity Commercial Corporation               | 
|   |  | Name:                 |               | WAMCO XXV, Ltd.      |                                                | 
|   |  |                       | Jurisdiction: |                      | Texas, certificate filed on August 8, 1997     | 
|   |  |                       | Partners:     |                      | WAMCO XXV of Texas, Inc.                       | 
|   |  |                       |               |                      | FirstCity Commercial Corporation               | 
|   |  | Name:                 |               | WAMCO XXVI, Ltd.     |                                                | 
|   |  |                       | Jurisdiction: |                      | Texas, certificate filed on September 22, 1998 | 
|   |  |                       | Partners:     |                      | WAMCO XXVI of Texas, Inc.                      | 
|   |  |                       |               |                      | FirstCity Commercial Corporation               | 
|   |  |                       |               |                      |                                                | 

4

---



|   |  | Name:                                                             |               | FH Partners, L.P.                   |                                               | 
|-- |  | ----------------------------------------------------------------- | ------------- | ----------------------------------- | --------------------------------------------- | 
|   |  |                                                                   | Jurisdiction: |                                     | Texas, certificate filed on December 17, 1996 | 
|   |  |                                                                   | Partners:     |                                     | FH Asset Corp.                                | 
|   |  |                                                                   |               |                                     | FirstCity Commercial Corporation              | 
|   |  |                                                                   |               |                                     | FirstCity Holdings Corporation                | 
|   |  | Name:                                                             |               | First C Partners, L.P.              |                                               | 
|   |  |                                                                   | Jurisdiction: |                                     | Texas, certificate filed on March 6, 1998     | 
|   |  |                                                                   | Partners:     |                                     | First C Corp.                                 | 
|   |  |                                                                   |               |                                     | FirstCity Commercial Corporation              | 
|   |  | Name:                                                             |               | First X Realty, L.P.                |                                               | 
|   |  |                                                                   | Jurisdiction: |                                     | Texas, certificate filed on October 3, 1996   | 
|   |  |                                                                   | Partners:     |                                     | First X Corp.                                 | 
|   |  |                                                                   |               |                                     | FirstCity Commercial Corporation              | 
|   |  | Name:                                                             |               | First B Realty, L.P.                |                                               | 
|   |  |                                                                   | Jurisdiction: |                                     | Texas, certificate filed on October 10, 1997  | 
|   |  |                                                                   | Partners:     |                                     | First B Corp.                                 | 
|   |  |                                                                   |               |                                     | FirstCity Commercial Corporation              | 
|   |  | Name:                                                             |               | FC Properties, Ltd.                 |                                               | 
|   |  |                                                                   | Jurisdiction: |                                     | Texas, certificate filed on February 27, 1998 | 
|   |  |                                                                   | Partners:     |                                     | FC Assets Corp.                               | 
|   |  |                                                                   |               |                                     | FirstCity Commercial Corporation              | 
|   |  | Name:                                                             |               | Diversified Financial Systems, L.P. |                                               | 
|   |  |                                                                   | Jurisdiction: |                                     | Texas, certificate filed on April 19, 1999    | 
|   |  |                                                                   | Partners:     |                                     | DFC Asset Corp.                               | 
|   |  |                                                                   |               |                                     | FirstCity Commercial Corporation              | 
|   |  | Name:                                                             |               | FirstGreen LP                       |                                               | 
|   |  |                                                                   | Jurisdiction: |                                     | Delaware, August 29, 2003                     | 
|   |  |                                                                   | Partners:     |                                     | FirstGreen GP LLC                             | 
|   |  |                                                                   |               |                                     | FirstCity Commercial Corporation              | 
|   |  | Name:                                                             |               | FC Washington I LP                  |                                               | 
|   |  |                                                                   | Jurisdiction: |                                     | Texas, April 20, 2005                         | 
|   |  |                                                                   | Partners:     |                                     | FC Washington GP LLC                          | 
|   |  |                                                                   |               |                                     | FirstCity Commercial Corporation              | 
|D. |  | Corporate General Partners of REO Affiliate Limited Partnerships:
|   |  |                                                                   |               |                                     |                                               | 

5

---



|   |  | Name:                               |               | SOWAMCO XX of Texas, Inc.    |                                          | 
|-- |  | ----------------------------------- | ------------- | ---------------------------- | ---------------------------------------- | 
|   |  |                                     | Jurisdiction: |                              | Texas                                    | 
|   |  |                                     | Shareholders: |                              | FirstCity Commercial Corporation         | 
|   |  | Name:                               |               | SOWAMCO XXIV of Texas, Inc.  |                                          | 
|   |  |                                     | Jurisdiction: |                              | Texas, incorporated on December 15, 1993 | 
|   |  |                                     | Shareholders: |                              | FirstCity Commercial Corporation         | 
|   |  | Name:                               |               | SOWAMCO XXV of Texas, Inc.   |                                          | 
|   |  |                                     | Jurisdiction: |                              | Texas, incorporated on May 26, 1995      | 
|   |  |                                     | Shareholders: |                              | FirstCity Commercial Corporation         | 
|   |  | Name:                               |               | FH Properties of Texas, Inc. |                                          | 
|   |  |                                     | Jurisdiction: |                              | Texas, incorporated on November 19, 1997 | 
|   |  |                                     | Shareholders: |                              | FirstCity Commercial Corporation         | 
|   |  | Name:                               |               | Paloma Asset Corp.           |                                          | 
|   |  |                                     | Jurisdiction: |                              | Texas, incorporated on November 26, 1996 | 
|   |  |                                     | Shareholders: |                              | FirstCity Commercial Corporation         | 
|   |  | Name:                               |               | SVD Realty Asset Corp.       |                                          | 
|   |  |                                     | Jurisdiction: |                              | Texas, incorporated on June 6, 1997      | 
|   |  |                                     | Shareholders: |                              | FirstCity Commercial Corporation         | 
|   |  | Name:                               |               | FC Assets One Corp.          |                                          | 
|   |  |                                     | Jurisdiction: |                              | Texas, incorporated on March 17, 1998    | 
|   |  |                                     | Shareholders: |                              | FC Assets Corp.                          | 
|   |  | Name:                               |               | FC Assets Three Corp.        |                                          | 
|   |  |                                     | Jurisdiction: |                              | Texas, incorporated on March 17, 1998    | 
|   |  |                                     | Shareholders: |                              | FC Assets Corp.                          | 
|   |  | Name:                               |               | FC Assets Four Corp.         |                                          | 
|   |  |                                     | Jurisdiction: |                              | Texas, incorporated on March 17, 1998    | 
|   |  |                                     | Shareholders: |                              | FC Assets Corp.                          | 
|   |  | Name:                               |               | FC Assets Five Corp.         |                                          | 
|   |  |                                     | Jurisdiction: |                              | Texas, incorporated on March 17, 1998    | 
|   |  |                                     | Shareholders: |                              | FC Assets Corp.                          | 
|   |  | Name:                               |               | FC Assets Six Corp.          |                                          | 
|   |  |                                     | Jurisdiction: |                              | Texas, incorporated on March 17, 1998    | 
|   |  |                                     | Shareholders: |                              | FC Assets Corp.                          | 
|   |  | Name:                               |               | EuroTex Partners GP Corp.    |                                          | 
|   |  |                                     | Jurisdiction: |                              | Texas, incorporated on June 18, 2004     | 
|   |  |                                     | Shareholders: |                              | FirstCity Commercial Corporation         | 
|E. |  | REO Affiliate Limited Partnerships:
|   |  |                                     |               |                              |                                          | 

6

---



| |  | Name: |               | SOWAMCO XX, Ltd.          |                                                                      | 
| |  | ----- | ------------- | ------------------------- | -------------------------------------------------------------------- | 
| |  |       | Jurisdiction: |                           | Texas                                                                | 
| |  |       | Partners:     |                           | SOWAMCO XX of Texas, Inc.                                            | 
| |  |       |               |                           | WAMCO IX, Ltd.                                                       | 
| |  | Name: |               | SOWAMCO XXIV, Ltd.        |                                                                      | 
| |  |       | Jurisdiction: |                           | Texas, filed Certificate of Limited Partnership on December 15, 1993 | 
| |  |       | Partners:     |                           | SOWAMCO XXIV of Texas, Inc.                                          | 
| |  |       |               |                           | WAMCO IX, Ltd.                                                       | 
| |  | Name: |               | SOWAMCO XXV, Ltd.         |                                                                      | 
| |  |       | Jurisdiction: |                           | Texas, filed Certificate of Limited Partnership on May 26, 1995      | 
| |  |       | Partners:     |                           | SOWAMCO XXV of Texas, Inc.                                           | 
| |  |       |               |                           | WAMCO XXV, Ltd.                                                      | 
| |  | Name: |               | FH Properties, L.P.       |                                                                      | 
| |  |       | Jurisdiction: |                           | Texas, certificate filed on November 19, 1997                        | 
| |  |       | Partners:     |                           | FH Properties of Texas, Inc.                                         | 
| |  |       |               |                           | FH Partners, L.P.                                                    | 
| |  | Name: |               | Paloma Realty, Ltd.       |                                                                      | 
| |  |       | Jurisdiction: |                           | Texas, certificate filed on November 26, 1996                        | 
| |  |       | Partners:     |                           | Paloma Asset Corp.                                                   | 
| |  |       |               |                           | WAMCO XXV Ltd.                                                       | 
| |  | Name: |               | SVD Realty, L.P.          |                                                                      | 
| |  |       | Jurisdiction: |                           | Texas, certificate filed on June 6, 1997                             | 
| |  |       | Partners:     |                           | SVD Realty Asset Corp.                                               | 
| |  |       |               |                           | FirstCity Commercial Corporation                                     | 
| |  | Name: |               | FC Properties One, Ltd.   |                                                                      | 
| |  |       | Jurisdiction: |                           | Texas, certificate filed on March 17, 1998                           | 
| |  |       | Partners:     |                           | FC Assets One Corp.                                                  | 
| |  |       |               |                           | FC Properties, Ltd.                                                  | 
| |  | Name: |               | FC Properties Three, Ltd. |                                                                      | 
| |  |       | Jurisdiction: |                           | Texas, certificate filed on March 17, 1998                           | 
| |  |       | Partners:     |                           | FC Assets Three Corp.                                                | 
| |  |       |               |                           | FC Properties, Ltd.                                                  | 
| |  | Name: |               | FC Properties Four, Ltd.  |                                                                      | 
| |  |       | Jurisdiction: |                           | Texas, certificate filed on March 17, 1998                           | 
| |  |       | Partners:     |                           | FC Assets Four Corp.                                                 | 
| |  |       |               |                           | FC Properties, Ltd.                                                  | 
| |  |       |               |                           |                                                                      | 

7

---



| |  | Name: |               | FC Properties Five, Ltd. |                                            | 
| |  | ----- | ------------- | ------------------------ | ------------------------------------------ | 
| |  |       | Jurisdiction: |                          | Texas, certificate filed on March 17, 1998 | 
| |  |       | Partners:     |                          | FC Assets Five Corp.                       | 
| |  |       |               |                          | FC Properties, Ltd.                        | 
| |  | Name: |               | FC Properties Six, Ltd.  |                                            | 
| |  |       | Jurisdiction: |                          | Texas, certificate filed on March 17, 1998 | 
| |  |       | Partners:     |                          | FC Assets Six Corp.                        | 
| |  |       |               |                          | FC Properties, Ltd.                        | 
| |  | Name: |               | EuroTex Partners, Ltd.   |                                            | 
| |  |       | Jurisdiction: |                          | Texas, certificate filed on June 18, 2004  | 
| |  |       | Partners:     |                          | EuroTex Partners GP Corp.                  | 
| |  |       |               |                          | FirstCity Commercial Corporation           | 

8

---



QuickLinks