EXHIBIT 23

                       CONSENT OF INDEPENDENT ACCOUNTANTS


We  hereby  consent  to the  incorporation  by  reference  in  the  Registration
Statements on Forms S-3 (Nos. 33-97398,  333-25643,  and 333-98861) and on Forms
S-8 (Nos. 333-20253, 333-90592, 333-89302, and 333-89300) of Redwood Trust, Inc.
of our report dated February 19, 2003,  relating to the  consolidated  financial
statements, which appear in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

San Francisco, California
March 31, 2003