**Exhibit 12.1**

**COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES****EXHIBIT 12.1 — COMPUTATION OF THE RATIO OFEARNINGS TO FIXED CHARGES**

The followingtable sets forth the ratio of earnings to fixed charges of the Company for the sixmonths ended June 30, 2006 and 2005, the years ended December 31, 2005, 2004, 2003,2002, and the ten-month period ended December 31, 2001, computed by dividingnet fixed charges (interest expense on all debt plus the interest element(one-third) of operating leases) into earnings (earnings before income taxesand fixed charges).

 
| ** **                                       | ** ** | **Six Months  Ended  June 30,** | ** ** | **Years Ended  December 31,** | ** ** | **Ten Months  Ended  December 31,** | ** ** |
|--------------------------------------------------|------------|-------------------------------------------|------------|-----------------------------------------|------------|-----------------------------------------------|------------|
| **(dollar amounts in thousands)** | ** ** | **2006**                                  | ** ** | **2005**                                | ** ** | **2005**                                      | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** |
| Net earnings                                     |       | $                                         | 1,405,701  |                                    | $          | 1,255,310                                     |       | $ | 2,528,090 |   | $ | 2,197,574 |   | $ | 2,372,950 |   | $ | 841,779 |   | $ | 486,006 |   |
| Income tax  expense                              |       | 907,685                                   |       | 828,568                                 |       | 1,619,676                                     |       | 1,398,299 |   | 1,472,822 |   | 501,244 |   | 302,613 |   |
| Interest expense                                 |       | 4,054,429                                 |       | 2,225,171                               |       | 5,616,425                                     |       | 2,608,338 |   | 1,940,207 |   | 1,461,066 |   | 1,474,719 |   |
| Interest portion  of rental expense              |       | 36,271                                    |       | 28,938                                  |       | 62,104                                        |       | 53,562 |   | 36,565 |   | 26,671 |   | 16,201 |   |
| Earnings  available to cover fixed charges       |       | $                                         | 6,404,086  |                                    | $          | 4,337,987                                     |       | $ | 9,826,295 |   | $ | 6,257,773 |   | $ | 5,822,544 |   | $ | 2,830,760 |   | $ | 2,279,539 |   |
|                                             |       |                                      |       |                                    |       |                                          |       |   |   |   |   |   |   |   |   |
| Fixed charges:                                   |       |                                      |       |                                    |       |                                          |       |   |   |   |   |   |   |   |   |
| Interest expense                                 |       | $                                         | 4,054,429  |                                    | $          | 2,225,171                                     |       | $ | 5,616,425 |   | $ | 2,608,338 |   | $ | 1,940,207 |   | $ | 1,461,066 |   | $ | 1,474,719 |   |
| Interest portion of rental expense               |       | 36,271                                    |       | 28,938                                  |       | 62,104                                        |       | 53,562 |   | 36,565 |   | 26,671 |   | 16,201 |   |
| Total fixed charges                              |       | $                                         | 4,090,700  |                                    | $          | 2,254,109                                     |       | $ | 5,678,529 |   | $ | 2,661,900 |   | $ | 1,976,772 |   | $ | 1,487,737 |   | $ | 1,490,920 |   |
|                                             |       |                                      |       |                                    |       |                                          |       |   |   |   |   |   |   |   |   |
| Ratio of  earnings to fixed charges              |       | 1.57                                      |       | 1.92                                    |       | 1.73                                          |       | 2.35 |   | 2.95 |   | 1.90 |   | 1.53 |   |

 

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