EXHIBIT 21.1



SUBSIDIARIES OF THE REGISTRANT



NovaStar Financial, Inc., a Maryland corporation, and its subsidiaries



| |  | NovaStar Assets Corporation, a Delaware corporation
|- |  | ---------------------------------------------------



| |  | NovaStar Certificates Financing Corporation, a Delaware corporation
|- |  | -------------------------------------------------------------------



| |  | NovaStar Capital Access Corporation, a Delaware corporation
|- |  | -----------------------------------------------------------



| |  | NFI Repurchase Corporation, a Delaware corporation
|- |  | --------------------------------------------------



| |  | NovaStar ABS CDO 1, Ltd., a Cayman Islands corporation, and its subsidiary
|- |  | --------------------------------------------------------------------------



| | a. | NovaStar ABS CDO 1, Inc., a Delaware corporation
| | -- | ------------------------------------------------



| |  | NFI Holding Corporation, a Delaware corporation, and its subsidiaries
|- |  | ---------------------------------------------------------------------



| | a. | WarehouseUSA Capital Corporation, a Delaware corporation
| | -- | --------------------------------------------------------



| | b. | Ampro Financial Services, Inc., a Delaware corporation
| | -- | ------------------------------------------------------



| | c. | Acceleron Lending, Inc., a Delaware corporation
| | -- | -----------------------------------------------



| | d. | NovaStar Real Estate Holdings, Inc., a Delaware corporation
| | -- | -----------------------------------------------------------



| | e. | Homeview Lending, Inc. a Delaware corporation, and its subsidiaries
| | -- | -------------------------------------------------------------------



| | 1. | HVL Repurchase Corporation, a Delaware corporation
| | -- | --------------------------------------------------



| | 2. | HVL Repurchase Corporation II, a Delaware corporation
| | -- | -----------------------------------------------------



| | f. | NovaStar Credit Services, Inc., a Delaware corporation
| | -- | ------------------------------------------------------



| | g. | NovaStar Mortgage, Inc., a Virginia corporation, and its subsidiaries
| | -- | ---------------------------------------------------------------------



| | 1. | NovaStar Mortgage Funding Corporation, a Delaware corporation
| | -- | -------------------------------------------------------------



| | 2. | NovaStar Mortgage Funding Corporation II, a Delaware corporation
| | -- | ----------------------------------------------------------------



| | 3. | NovaStar Mortgage Funding Corporation III, a Delaware corporation
| | -- | -----------------------------------------------------------------



| | 4. | NovaStar REMIC Financing Corporation, a Delaware corporation
| | -- | ------------------------------------------------------------



| | 5. | NMI Repurchase Corporation, a Delaware corporation
| | -- | --------------------------------------------------



| | 6. | NMI Repurchase Corporation II, a Delaware corporation
| | -- | -----------------------------------------------------



| | 7. | NovaStar Mortgage Financing Corporation, a Delaware corporation
| | -- | ---------------------------------------------------------------



| | 8. | NovaStar Certificates Financing LLC, a Delaware corporation
| | -- | -----------------------------------------------------------



| | 9. | NovaStar Capital Trust I
| | -- | ------------------------



| | 10. | NovaStar Capital Trust II
| | --- | -------------------------



| | 11. | NovaStar Mortgage SPV I
| | --- | -----------------------



| | 12. | NMI Property Financing, Inc., a Delaware corporation
| | --- | ----------------------------------------------------



| | 13. | NMI REO Financing, Inc., a Delaware corporation
| | --- | -----------------------------------------------



| | h. | NovaStar Home Mortgage, Inc., a Delaware corporation, and its subsidiary
| | -- | ------------------------------------------------------------------------



| | 1. | NovaStar Home Mortgage of South Carolina, Inc., a Delaware corporation
| | -- | ----------------------------------------------------------------------



| | i. | NovaStar CDO Holdings, Inc., a Delaware corporation
| | -- | ---------------------------------------------------