<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>18
<FILENAME>a88578exv21w1.txt
<DESCRIPTION>EXHIBIT 21.1
<TEXT>
<PAGE>
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                                                                               .
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                                  EXHIBIT 21.1
                           SUBSIDIARIES OF REGISTRANT

<Table>
<Caption>
                                                  HAWTHORNE FINANCIAL CORPORATION,
                                                       a Delaware corporation
<S>                        <C>                        <C>                       <C>                        <C>
   HFC Capital Trust I,       HFC Capital Trust II      HFC Capital Trust III   Hawthorne Savings, F.S.B.,   HFC Capital Trust IV,
a Delaware business trust  a Delaware business trust  a Delaware business trust  a federal savings bank    a Delaware business trust

                                                                                HS Financial Services Corp.
                                                                                 a California corporation
</Table>

</TEXT>
</DOCUMENT>