UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934


                               (Amendment No. 1)*


                         Hawthorne Financial Corporation
                         -------------------------------
                                (Name of Issuer)


                                  Common Stock
                                  ------------
                         (Title of Class of Securities)


                                    420542102
                                    ---------
                                 (CUSIP Number)


                                December 31, 2002
                                -----------------
             (Date of Event Which Requires Filing of this Statement)


This Schedule is filed pursuant to Rule 13d-1(b).

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


                       [Continued on the following pages]

                                Page 1 of 4 Pages






Page 2 of 4 Pages                                             CUSIP #: 420542102
                                                                       ---------
--------------------------------------------------------------------------------
1. Name of Reporting Person:
   (I.R.S. Identification No. of above person):

   First Financial Fund, Inc.
   13-3341573

--------------------------------------------------------------------------------
2. Check the appropriate box if a member of a group:
   (a) (   )
   (b) (   )

--------------------------------------------------------------------------------
3. SEC use only:


--------------------------------------------------------------------------------
4. Citizenship or Place of Organization:

   Maryland

--------------------------------------------------------------------------------

                                          5.    Sole Voting Power

                                                286,400
                                          --------------------------------------
   Number of shares                       6.    Shared Voting Power

   beneficially owned by                        0
                                          --------------------------------------
                                          7.    Sole Dispositive Power
   each Reporting Person with
                                                0
                                          --------------------------------------
                                          8.    Shared Dispositive Power

                                                286,400
--------------------------------------------------------------------------------
9. Aggregate amount beneficially owned by each reporting person:

   286,400

--------------------------------------------------------------------------------
10.   Check if the aggregate amount in row (9) excludes certain shares:


--------------------------------------------------------------------------------
11.   Percent of class represented by amount in row (9):

   3.83%

--------------------------------------------------------------------------------
12.   Type of Reporting Person:

   IV




Page 3 of 4 Pages                                             CUSIP #: 420542102
                                                                       ---------
--------------------------------------------------------------------------------

                                  SCHEDULE 13G
                                  ------------

Item 1(a):  Name of Issuer:
---------------------------

           Hawthorne Financial Corporation

Item 1(b):  Address of Issuer's Principal Executive Offices:
------------------------------------------------------------

           2381 Rosecrans Avenue
           El Segundo, California 90245

Item 2(a):  Name of Person Filing:
----------------------------------

           First Financial Fund, Inc.

Item 2(b):  Address of Principal Business Office:
-------------------------------------------------

           Gateway Center Three
           100 Mulberry Street, 9th Floor
           Newark, New Jersey 07102-7503

Item 2(c):  Citizenship:
------------------------

           Maryland

Item 2(d):  Title of Class of Securities:
-----------------------------------------

           Common Stock

Item 2(e):  CUSIP Number:
-------------------------

           320228109

Item 3:  Type of Reporting Person:
----------------------------------

           IV

Item 4:  Ownership:
-------------------
           (a)   AMOUNT BENEFICIALLY OWNED:  First Financial Fund, Inc., a
                 registered closed-end investment company, may be deemed the
                 beneficial owner of 286,400 shares of common stock of the
                 Issuer.

           (b)   PERCENT OF CLASS:  3.83%

           (c)   VOTING AND DISPOSITIVE POWER:  First Financial Fund, Inc.
                 has sole power to vote or to direct the vote and shared
                 power to dispose or to direct the disposition of 286,400
                 shares of common stock of the Issuer.  First Financial
                 Fund, Inc. has shared power to vote or to direct the vote
                 and sole power to dispose or to direct the disposition of 0
                 shares of common stock of the Issuer.


Page 4 of 4 Pages                                             CUSIP #: 420542102
                                                                       ---------
--------------------------------------------------------------------------------


                                  SCHEDULE 13G
                                  ------------


Item 5:  Ownership of Five Percent or Less of a Class:
------------------------------------------------------

                  This statement is being filed to report the fact that, as of
           the date hereof, the reporting person has ceased to be the beneficial
           owner of more than five percent of common stock of the Issuer.

Item 6:  Ownership of More than Five Percent on Behalf of Another Person:
-------------------------------------------------------------------------

           Not Applicable

Item 7:  Identification and Classification of the Subsidiary which
-------------------------------------------------------------------------------
         Acquired the Security Being Reported on by the Parent Holding Company:
         ----------------------------------------------------------------------

           Not Applicable

Item 8:  Identification and Classification of Members of the Group:
-------------------------------------------------------------------

           Not Applicable

Item 9:  Notice of Dissolution of Group:
----------------------------------------

           Not Applicable

Item 10:  Certification:
------------------------

                  By signing below I certify that, to the best of my knowledge
           and belief, the securities referred to above were acquired and are
           held in the ordinary course of business and were not acquired and are
           not held for the purpose of or with the effect of changing or
           influencing the control of the issuer of the securities and were not
           acquired and are not held in connection with or as a participant in
           any transaction having that purpose or effect.

Signature:
----------

                  After reasonable inquiry and to the best of my knowledge and
           belief, I certify that the information set forth in this statement is
           true, complete, and correct.

                                          Date:  February 11, 2003


                                          Signature:  /s/ Arthur J. Brown
                                                      ------------------------
                                          Name/Title:  Arthur J. Brown
                                                       Secretary