EXHIBIT
      32.1
     
    Certification
      of Chief Executive Officer pursuant to 18 USC Section
      1350
as
      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002
     
    In
      connection with the Quarterly Report of Redwood Trust, Inc. (the “Company”) on
      Form 10-Q for the quarterly period ended September 30, 2008, as filed with
      the
      Securities and Exchange Commission on the date hereof (the “Report”), I, George
      E. Bull, III, Chief Executive Officer of the Company, certify, pursuant to
      18
      USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
      Act
      of 2002, that:
     
    (1)
      The
      Report fully complies with the requirements of Section 13(a) or 15(d) of the
      Securities Exchange Act of 1934; and
     
    (2)
      The
      information contained in the Report fairly presents, in all material respects,
      the financial condition and results of operations of the Company.
    
      
          
            |  |  |  | 
          
            |  |  | /s/
                GEORGE E.
                BULL,
                III | 
          
            |  | 
 George
                E. Bull, III | 
          
            |  | Chairman
                of the Board and Chief Executive
                Officer | 
      
     
     
    November
      5, 2008
     
    This
      Certification is made solely for the purpose of 18 USC Section 1350, subject
      to
      the knowledge standard contained therein, and not for any other
      purpose.