**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 thethree months ended March 31, 2007 and 2006 and the years ended December 31,2006, 2005, 2004, 2003, and 2002, computed by dividing net fixed charges(interest expense on all debt plus the interest element (one-third) ofoperating leases) into earnings (earnings before income taxes and fixedcharges).
| ** **                                         | ** ** | **Quarters Ended  March 31,** | ** ** | **Years Ended  December 31,** | ** ** |
|----------------------------------------------------|------------|-----------------------------------------|------------|-----------------------------------------|------------|
| ***(dollar amounts in thousands)*** | ** ** | **2007**                                | ** ** | **2006**                                | ** ** | **2006** | ** ** | **2005** | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** |
| Net earnings                                       |       | $                                       | 433,981    |                                    | $          | 683,511 |   | $ | 2,674,846 |   | $ | 2,528,090 |   | $ | 2,197,574 |   | $ | 2,372,950 |   | $ | 841,779 |   |
| Income tax expense                                 |       | 266,814                                 |       | 435,852                                 |       | 1,659,289 |   | 1,619,676 |   | 1,398,299 |   | 1,472,822 |   | 501,244 |   |
| Interest expense                                   |       | 2,621,045                               |       | 1,899,323                               |       | 9,133,682 |   | 5,616,425 |   | 2,608,338 |   | 1,940,207 |   | 1,461,066 |   |
| Interest portion of  rental expense                |       | 21,919                                  |       | 17,749                                  |       | 77,055 |   | 62,104 |   | 53,562 |   | 36,565 |   | 26,671 |   |
| Earnings available to  cover fixed charges         |       | $                                       | 3,343,759  |                                    | $          | 3,036,435 |   | $ | 13,544,872 |   | $ | 9,826,295 |   | $ | 6,257,773 |   | $ | 5,822,544 |   | $ | 2,830,760 |   |
|                                               |       |                                    |       |                                    |       |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                     |       |                                    |       |                                    |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                   |       | $                                       | 2,621,045  |                                    | $          | 1,899,323 |   | $ | 9,133,682 |   | $ | 5,616,425 |   | $ | 2,608,338 |   | $ | 1,940,207 |   | $ | 1,461,066 |   |
| Interest portion  of rental expense                |       | 21,919                                  |       | 17,749                                  |       | 77,055 |   | 62,104 |   | 53,562 |   | 36,565 |   | 26,671 |   |
| Total fixed  charges                               |       | $                                       | 2,642,964  |                                    | $          | 1,917,072 |   | $ | 9,210,737 |   | $ | 5,678,529 |   | $ | 2,661,900 |   | $ | 1,976,772 |   | $ | 1,487,737 |   |
|                                               |       |                                    |       |                                    |       |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges                 |       | 1.27                                    |       | 1.58                                    |       | 1.47 |   | 1.73 |   | 2.35 |   | 2.95 |   | 1.90 |   |

 

----