Exhibit 23.1

                        Consent of Independent Auditors

We consent to the reference to our firm under the caption "Experts" and to the
use of our report dated February 11, 2003, except for note 12 as to which the
date is February 28, 2003, in the Registration Statement (Form S-11 No. 333-  )
and related prospectus of Newcastle Investment Corp. for the registration of
2,200,000 shares of    % Series B Cumulative Redeemable Preferred Stock.



                                                          /s/ Ernst & Young LLP

New York, New York

March 4, 2003