Exhibit 21

Subsidiaries (direct and indirect) of The Bear Stearns Companies Inc.
---------------------------------------------------------------------

Jurisdiction of
Incorporation
or Organization
---------------

ABC Gestion France
ALIMAX Corp. New York
AMC Real Estate Inc. Texas
AURA Partners, L.P. Delaware
Ashdla Holdings LLC Delaware
Ashdla LLC Delaware
BBT 1995-I Corp. Delaware
BS Agency GP Capital Inc. Delaware
BS Fund America 1993-C GP Capital Inc. Delaware
BS Fund America 1993-D GP Capital Inc. Delaware
BSC Hotel Capital Corporation New York
BSC Securities Corp. New York
BSC Thanksgiving Partners, Ltd. Texas
BSCP Cayman Cayman Islands
BSCGP Inc. Delaware
BSMSI 1993-12 Reserve Fund Corp. Delaware
Battery Park Capital Corp. New York
Bear Hunter L. L. C. New York
Bear Specialist, Inc. New York
Bear, Stearns & Co. Inc. Delaware
Bear, Stearns & Co. L.P. New York
Bear Stearns Acquisition V, Inc. Delaware
Bear Stearns Acquisition XII, Inc. Delaware
Bear Stearns Acquisition XIV Delaware
Bear Stearns Acquisition XV Delaware
Bear Stearns Acquisition XVI Delaware
Bear Stearns Argentina Inc. Delaware
Bear Stearns Asia Limited Hong Kong
Bear Stearns Asset Backed Investors Corp. Delaware
Bear Stearns Asset Backed Securities, Inc. Delaware
Bear Stearns Asset Management Inc. New York
Bear Stearns Asset Management (Ireland) Limited Dublin
Bear Stearns Bank plc Ireland
Bear Stearns Benefits Planning Group New York
Bear, Stearns Benefits Planning Group Inc. Delaware
Bear Stearns Bridge Management Inc. Delaware
Bear Stearns Canada Holdings Corp. Delaware
Bear Stearns Capital Markets Inc. Delaware
Bear Stearns Commercial Mortgage, Inc. New York
Bear, Stearns Commercial Mortgage Securities Inc. Delaware
Bear Stearns do Brasil Ltda. Brazil
Bear Stearns Dublin Development Centre Limited Dublin
Bear Stearns FLLC Corp. Delaware
Bear Stearns Far East Limited Hong Kong
Bear Stearns Finance LLC Cayman Islands
Bear Stearns Finance S.A. France
Bear Stearns Financial Products Inc. Delaware
Bear Stearns Financial Technologies Inc. Delaware
Bear Stearns Forex Inc. Delaware
Bear, Stearns Funding, Inc. Delaware
Bear Stearns Funds Management Inc. Delaware
Bear Stearns GMBH Germany
Bear Stearns Global Asset Holdings, Ltd. Cayman Islands
Bear Stearns Global Asset Trading, Ltd. Cayman Islands
Bear Stearns Global Equity Derivatives Inc. Delaware
Bear Stearns Global Investors Inc. New York
Bear Stearns Global Lending Limited Cayman Islands
Bear Stearns Global Securitisation Limited United Kingdom
Bear Stearns Government Products Corp. Delaware
Bear Stearns Holdings Fund Limited Delaware
Bear Stearns Holdings Limited United Kingdom
Bear Stearns Hong Kong Limited Hong Kong
Bear, Stearns Insurance Agency Incorporated Massachusetts
Bear Stearns Insurance Agency of California, California Incorporated California
Bear, Stearns International Holdings Inc. New York
Bear, Stearns International Limited United Kingdom
Bear Stearns International Trading Limited United Kingdom
Bear Stearns Investment Advisors Inc. Delaware
Bear Stearns Investments Products Inc. New York
Bear Stearns Irish Holdings Inc. Delaware
Bear Stearns (Israel), Inc. Delaware
Bear Stearns (Japan), Ltd. Delaware
Bear Stearns Merchant Fund Corp. Delaware
Bear Stearns Mortgage Capital Corporation Delaware
Bear Stearns N. Y., Inc. New York
Bear, Stearns Netherlands Holding B.V. Netherlands & Delaware
Bear Stearns Oil Trading Limited United Kingdom
Bear Stearns Overseas Ltd. Cayman Islands
Bear Stearns Partners Apartment Fund I LP Delaware
Bear Stearns Philippines Ltd. Delaware
Bear Stearns Real Estate Group Inc. New York
Bear, Stearns Realty Investors, Inc. Delaware
Bear, Stearns Realty Partners Apt. Fund Delaware
Bear Stearns Realty Partners Corporation Delaware
Bear Stearns S. A. Delaware
Bear Stearns Secured Investors Inc. Delaware
Bear Stearns Secured Investors Inc. II Delaware
Bear Stearns Securities Administration Corporation Delaware
Bear, Stearns Securities Corp. New York
Bear Stearns Singapore Asset Holdings Pte Ltd. Singapore
Bear Stearns Singapore Pte Limited Singapore
Bear Stearns Spanish Securitization Corp. Delaware
Bear Stearns State Asia, Inc. Philippines
Bear Stearns Structured Securities Inc. Delaware
Bear Stearns Trading Risk Management Inc. Delaware
Bear Stearns U.K. United Kingdom
Bear TEL Corp. Delaware
Blaylock & Partners, L.P. Delaware
CTC Services, Inc. New York
Commercial Asset Structured Securities Inc. Delaware
Commercial Principal Guaranteed Investors Inc. Delaware
Constellation Venture Capital Offshore, L.P. Cayman Islands
Constellation Ventures, L. P. Cayman Islands
Constellation Ventures Management LLC New York
Custodial Trust Company New Jersey
Custrust New Jersey
DHYNO 1998-1 LLC Delaware
EMC Funding Corporation Delaware
EMC Funding Corporation Two Delaware
EMC GP Capital Inc. Delaware
EMC Mortgage Corporation Delaware
EMC Residential Mortgage Corporation Delaware
FAST 1996-2 GP, Inc. Delaware
FAST 1996-2, L.P. Delaware
Final Four LLC Delaware
Fund America Structured Transactions, Inc. Delaware
Fund America Structured Transactions, L.P. Delaware
Genesis Acquisition Corp. Delaware
Gregory/Madison Avenue Inc. Delaware
Gregory/Madison Avenue LLC Delaware
Gregory Properties Inc. Delaware
HI&G Acquisition Corp. Delaware
Hill Street Funding III Inc. Delaware
Hill Street Funding III L.P. Delaware
ISB Real Estate Corporation Delaware
LIBOR Asset Securities, Inc. Delaware
MAX Flow Corp. Delaware
MAX Recovery Inc. Delaware
MAX Recovery Inc. II Delaware
MSS Acquisition Corp. II Delaware
Managed Income Securities Plus Fund, Inc. Delaware
Motor City Four L.L.C. Delaware
New Castle Holding, Inc. Delaware
New Castle Partners LLC Cayman Islands
Nice-Pak Acquisition Corp. Delaware
Oxford Acquisition Corp. Delaware
Principal Guaranteed Investors Inc. Delaware
Priton Capital, L.P. Delaware
Priton Holding, Inc. Delaware
Prometheus Funding Corp. Delaware
Quatro Finale L L C Delaware
Quatro Finale II LLC Delaware
RC Acquisition Corp. Delaware
Research Conversion Corp. Delaware
RSD Hanover Company Inc. Delaware
SACO I Inc. Delaware
Safety Acquisition Corp. Delaware
Standard Acquisition Corp. Delaware
Status Securities Inc. New York
Street Pricing Service New York
Strike Technologies LLC Delaware
Structured Asset Mortgage Investments Inc. Delaware
Structured Mortgage Asset Corp. Delaware
Sun Apparel Acquisition Corp. Delaware
Thanksgiving Properties, Inc. Delaware
Thanksgiving Tower Partners Texas
Uniscribe Acquisition Corp. Delaware
VHC Acquisition Corp. Delaware
White River Securities Corp. New York