EXHIBIT 21
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LIST OF MATERIAL SUBSIDIARIES OF THE COMPANY
Name of Subsidiary (1) Jurisdiction of Incorporation
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Destiny Industries, Inc. Georgia
Golden Circle Financial Services California
Golden West Homes California
Homes by Oakwood, Inc. North Carolina
Marlette Homes, Inc. Indiana
Oakwood Acceptance Corporation (2) North Carolina
Oakwood Capital Corporation Nevada
Oakwood Financial Corporation Nevada
Oakwood Mobile Homes, Inc. (3) North Carolina
Oakwood Mortgage Investors, Inc. Nevada
Oakwood Realty Services, Inc. North Carolina
OFC, LLC Nevada
Schult Homes Corporation Indiana
Schult Operating Company (4) Indiana
Suburban Homes Sales, Inc. Michigan
Tarheel Insurance Company, Ltd. Bermuda
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(1) Each subsidiary does business under its corporate name.
(2) Also does business under the names "Nationwide Mortgage" and
"Golden Circle Financial Services."
(3) Also does business under the names "Freedom Homes," "Victory
Homes," "Golden West Homes" and "Schult Homes."
(4) Also does business under the name "Crest Homes."