|                                              |   | For      Years Ended December 31, |     |
|---------------------------------------------------|--------|-----------------------------------|----------|
| Computation      of Earnings to Fixed Charges     |   | 2009(1)                           |     |   | 2008(1) |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
| (in      thousands, except ratios)                |   |                              |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings                                          |   |                              |     |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) income      before assessments             |   | $                                 | (161,609 | ) |   | $ | (199,364 | ) |   | $ | 96,257 |   |   | $ | 35,087 |   |   | $ | 2,512 |   |
| Fixed      charges                                |   |                              | 663,954  |   |   |   | 2,068,518 |   |   |   | 2,835,663 |   |   |   | 2,456,559 |   |   |   | 1,865,428 |   |
| Earnings      available for fixed charges         |   | $                                 | 502,345  |   |   | $ | 1,869,154 |   |   | $ | 2,931,920 |   |   | $ | 2,491,646 |   |   | $ | 1,867,940 |   |
|                                              |   |                              |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed      Charges                                |   |                              |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense on consolidated obligations |   | $                                 | 662,129  |   |   | $ | 2,042,726 |   |   | $ | 2,786,847 |   |   | $ | 2,413,097 |   |   | $ | 1,822,266 |   |
| Interest      expense on deposits and borrowings  |   |                              | 922      |   |   |   | 25,074 |   |   |   | 48,267 |   |   |   | 42,876 |   |   |   | 41,863 |   |
| Interest      portion of rental expense      (2)  |   |                              | 903      |   |   |   | 718 |   |   |   | 549 |   |   |   | 586 |   |   |   | 1,299 |   |
| Fixed      charges                                |   | $                                 | 663,954  |   |   | $ | 2,068,518 |   |   | $ | 2,835,663 |   |   | $ | 2,456,559 |   |   | $ | 1,865,428 |   |
| Ratio of      earnings to fixed charges           |   |                              |     |   |   |   |   |   |   |   | 1.03 |   |   |   | 1.01 |   |   |   | 1.00 |   |

| (1) | Earnings were      inadequate to cover fixed charges by approximately $161.6 million and      $199.4 million for the years ended December 31, 2009 and    2008.                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The interest      portion of rental expense does not include $301,000, $193,000, $878,000,      and $1.0 million in recoveries in 2009, 2008, 2007, and 2006 of our 2005      lease abandonment costs due to adjustments in projected future rental      rates. |

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