LIST OF CONSOLIDATED ENTITIES
Published on April 18, 2000
Exhibit 21.1
Dynex Capital, Inc.
List of Consolidated Entities
As of December 31, 1999
MSC 1 L.P.
Merit Auto Finance Corporation
Dynex Healthcare Capital, Inc.
Issuer Holding Corp.
Commercial Capital Access One, Inc.
Resource Finance Co. One
Resource Finance Co. Two
ND Holding Co.
Merit Securities Corporation
GLS Capital, Inc.
GLS Capital Marlborough, Inc.
GLS Capital - Cuyahoga, Inc.
SHF Corp.
Dynex Holding, Inc.
Dynex Commercial, Inc.
Dynex Healthcare, Inc.
Dynex Commercial Services, Inc.
GLS Capital Services, Inc.
GLS Development, Inc.
SMFC Funding Corporation
Dynex Securities Corporation
Dynex Bank Holding Corporation
Dynex Home Loan, Inc.
Financial Asset Securitization, Inc.
NOTE: All companies were incorporated in Virginia except for Dynex Holding,
Inc. (Delaware).