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