Exhibit 23.1


                         Consent of Independent Auditors

We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-3) and related Prospectus of Newcastle
Investment Corp. for the registration of $750,000,000 of debt securities,
preferred stock, depositary shares, warrants, and common stock and to the
incorporation by reference therein of our report dated February 11, 2003, except
for note 12 as to which the date is February 28, 2003 with respect to the
consolidated financial statements of Newcastle Investment Corp. included in its
Annual Report (Form 10-K) for the year ended December 31, 2002, filed with the
Securities and Exchange Commission.


/s/ Ernst & Young LLP


New York, New York
October 9, 2003