**EXHIBIT 12.1**

** **

**COUNTRYWIDE FINANCIAL CORPORATIONAND SUBSIDIARIES**

**COMPUTATION OF THE RATIO OFEARNINGS TO FIXED CHARGES**

**(Dollar amounts in thousands)**

 

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

 
| ** **                                    | ** ** | **Years Ended December 31,** | ** ** | **Ten Months Ended  December 31,** | ** ** |
|-----------------------------------------------|------------|------------------------------|------------|------------------------------------|------------|
| **(Dollars are in thousands)** | ** ** | **2005**                     | ** ** | **2004**                           | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** |
| Net earnings                                  |       | $                            | 2,528,090  |                               | $          | 2,197,574 |   | $ | 2,372,950 |   | $ | 841,779 |   | $ | 486,006 |   |
| Income tax expense                            |       | 1,619,676                    |       | 1,398,299                          |       | 1,472,822 |   | 501,244 |   | 302,613 |   |
| Interest expense                              |       | 5,616,425                    |       | 2,608,338                          |       | 1,940,207 |   | 1,461,066 |   | 1,474,719 |   |
| Interest portion of rental expense            |       | 62,104                       |       | 53,562                             |       | 36,565 |   | 26,671 |   | 16,201 |   |
| Earnings available to cover fixed charges     |       | $                            | 9,826,295  |                               | $          | 6,257,773 |   | $ | 5,822,544 |   | $ | 2,830,760 |   | $ | 2,279,539 |   |
|                                          |       |                         |       |                               |       |   |   |   |   |   |   |
| Fixed charges:                                |       |                         |       |                               |       |   |   |   |   |   |   |
| Interest expense                              |       | $                            | 5,616,425  |                               | $          | 2,608,338 |   | $ | 1,940,207 |   | $ | 1,461,066 |   | $ | 1,474,719 |   |
| Interest portion  of rental expense           |       | 62,104                       |       | 53,562                             |       | 36,565 |   | 26,671 |   | 16,201 |   |
| Total fixed  charges                          |       | $                            | 5,678,529  |                               | $          | 2,661,900 |   | $ | 1,976,772 |   | $ | 1,487,737 |   | $ | 1,490,920 |   |
|                                          |       |                         |       |                               |       |   |   |   |   |   |   |
| Ratio of earnings to fixed charges            |       | 1.73                         |       | 2.35                               |       | 2.95 |   | 1.90 |   | 1.53 |   |

 

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