**GreenPoint Financial Corp. and Subsidiaries**

**Exhibit 12.1**

**Ratios of Earnings to Fixed Charges – Continuing Operations**

 

TheCompany’s consolidated ratios of earnings to fixed charges – continuingoperations for each of the periods indicated are set fourth below:

 
|                                                                                                            |   | **Quarter  Ended** |   | **Six Months  Ended** |   |
|-----------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|-----------------------|--------|
|                                                                                                            |   | **June 30,**       |   | **Mar. 31,**          |   | **Dec. 31,** |   | **Sept. 30,** |   | **June 30,** |   | **June 30,** |   |
| **(In millions)**                                                                                               |   | **2003**           |   | **2003**              |   | **2002** |   | **2002** |   | **2002** |   | **2003** |   | **2002** |   |
|                                                                                                            |   |               |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Income  from continuing operations before income taxes                                                          |   | $                  | 207    |                  | $      | 202 |   | $ | 202 |   | $ | 199 |   | $ | 194 |   | $ | 409 |   | $ | 385 |   |
|                                                                                                            |   |               |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined fixed charges:                                                                                         |   |               |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense on deposits                                                                                    |   | 60                 |   | 63                    |   | 68 |   | 69 |   | 72 |   | 123 |   | 151 |   |
| Interest expense on senior  bank notes                                                                          |   | —             |   | —                |   | — |   | — |   | 3 |   | — |   | 5 |   |
| Interest expense on senior  notes                                                                               |   | 1                  |   | —                |   | — |   | — |   | — |   | 1 |   | — |   |
| Interest expense on  subordinated bank notes                                                                    |   | 3                  |   | 4                     |   | 4 |   | 4 |   | 4 |   | 7 |   | 9 |   |
| Interest expense on  guaranteed preferred beneficial interest in Company’s junior subordinated  debentures |   | 4                  |   | 5                     |   | 5 |   | 5 |   | 4 |   | 9 |   | 7 |   |
| Appropriate portion (1/3) of  rent expense                                                                      |   | 2                  |   | 2                     |   | 2 |   | 2 |   | 2 |   | 4 |   | 4 |   |
| Total combined fixed charges                                                                                    |   | $                  | 70     |                  | $      | 74 |   | $ | 79 |   | $ | 80 |   | $ | 85 |   | $ | 144 |   | $ | 176 |   |
|                                                                                                            |   |               |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Total combined fixed charges  (excluding interest expense on deposits)                                          |   | $                  | 10     |                  | $      | 11 |   | $ | 11 |   | $ | 11 |   | $ | 13 |   | $ | 21 |   | $ | 25 |   |
|                                                                                                            |   |               |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Earnings before income taxes  and combined fixed charges                                                        |   | $                  | 277    |                  | $      | 276 |   | $ | 281 |   | $ | 279 |   | $ | 279 |   | $ | 553 |   | $ | 561 |   |
|                                                                                                            |   |               |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined  fixed charges (including interest expense on deposits)                           |   | 3.89               | x      | 3.77                  | x      | 3.58 | x | 3.49 | x | 3.28 | x | 3.83 | x | 3.19 | x |
|                                                                                                            |   |               |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined  fixed charges (excluding interest expense on deposits)                           |   | 19.66              | x      | 20.67                 | x      | 20.61 | x | 19.09 | x | 15.92 | x | 20.15 | x | 16.40 | x |

 

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