**Exhibit 12.1**

**COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIESEXHIBIT 12.1 – COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES**

Thefollowing table sets forth the ratio of earnings to fixed charges of theCompany for the six months ended June 30, 2007 and 2006 and the years endedDecember 31, 2006, 2005, 2004, 2003, and 2002, computed by dividing net fixedcharges (interest expense on all debt plus the interest element (one-third) ofoperating leases) into earnings (earnings before income taxes and fixedcharges).
|                                                  | ** ** | **Six Months Ended  June 30,** | ** ** | **Years Ended  December 31,** | ** ** |
|--------------------------------------------------|------------|-----------------------------------------------|------------|-----------------------------------------|------------|
| **(dollar amounts in thousands)** | ** ** | **2007**                                      | ** ** | **2006**                                | ** ** | **2006** | ** ** | **2005** | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** |
| Net earnings                                     |       | $                                             | 919,049    |                                    | $          | 1,405,701 |   | $ | 2,674,846 |   | $ | 2,528,090 |   | $ | 2,197,574 |   | $ | 2,372,950 |   | $ | 841,779 |   |
| Income tax expense                               |       | 446,444                                       |       | 907,685                                 |       | 1,659,289 |   | 1,619,676 |   | 1,398,299 |   | 1,472,822 |   | 501,244 |   |
| Interest expense                                 |       | 5,392,693                                     |       | 4,054,429                               |       | 9,133,682 |   | 5,616,425 |   | 2,608,338 |   | 1,940,207 |   | 1,461,066 |   |
| Interest portion of  rental expense              |       | 43,218                                        |       | 36,272                                  |       | 77,055 |   | 62,104 |   | 53,562 |   | 36,565 |   | 26,671 |   |
| Earnings available to  cover fixed charges       |       | $                                             | 6,801,404  |                                    | $          | 6,404,087 |   | $ | 13,544,872 |   | $ | 9,826,295 |   | $ | 6,257,773 |   | $ | 5,822,544 |   | $ | 2,830,760 |   |
|                                             |       |                                          |       |                                    |       |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                   |       |                                          |       |                                    |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                 |       | $                                             | 5,392,693  |                                    | $          | 4,054,429 |   | $ | 9,133,682 |   | $ | 5,616,425 |   | $ | 2,608,338 |   | $ | 1,940,207 |   | $ | 1,461,066 |   |
| Interest portion  of rental expense              |       | 43,218                                        |       | 36,272                                  |       | 77,055 |   | 62,104 |   | 53,562 |   | 36,565 |   | 26,671 |   |
| Total fixed  charges                             |       | $                                             | 5,435,911  |                                    | $          | 4,090,701 |   | $ | 9,210,737 |   | $ | 5,678,529 |   | $ | 2,661,900 |   | $ | 1,976,772 |   | $ | 1,487,737 |   |
|                                             |       |                                          |       |                                    |       |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to  fixed charges              |       | 1.25                                          |       | 1.57                                    |       | 1.47 |   | 1.73 |   | 2.35 |   | 2.95 |   | 1.90 |   |

 

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