**Exhibit 12.1**

** **

**GreenPoint Financial Corp. and Subsidiaries**

**Ratios ofEarnings to Fixed Charges – Continuing Operations**

 

The Company’s consolidated ratios of earningsto fixed charges – continuing operations for each of the periods indicated areset fourth below:

 
|                                                                                                            |   | **Quarter Ended**  | ** ** |
|-----------------------------------------------------------------------------------------------------------------|--------|--------------------|------------|
| **(In millions)**                                                                                               |   | **Mar. 31,  2003** | ** ** | **Dec. 31,  2002** | ** ** | **Sept. 30,  2002** | ** ** | **June 30,  2002** | ** ** | **Mar. 31,  2002** | ** ** |
| Income  from continuing operations before income taxes                                                          |   | $                  | 202        |   | $ | 202 |   | $ | 199 |   | $ | 194 |   | $ | 191 |   |
|                                                                                                            |   |               |       |   |   |   |   |   |   |   |   |
| Combined  fixed charges:                                                                                        |   |               |       |   |   |   |   |   |   |   |   |
| Interest  expense on deposits                                                                                   |   | 63                 |       | 68 |   | 69 |   | 72 |   | 79 |   |
| Interest  expense on senior bank notes                                                                          |   | —             |       | — |   | — |   | 3 |   | 2 |   |
| Interest  expense on subordinated bank notes                                                                    |   | 4                  |       | 4 |   | 4 |   | 4 |   | 3 |   |
| Interest  expense on guaranteed preferred beneficial interest in Company’s junior  subordinated debentures |   | 5                  |       | 5 |   | 5 |   | 4 |   | 5 |   |
| Appropriate  portion (1/3) of rent expense                                                                      |   | 2                  |       | 2 |   | 2 |   | 2 |   | 2 |   |
| Total  combined fixed charges                                                                                   |   | $                  | 74         |   | $ | 79 |   | $ | 80 |   | $ | 85 |   | $ | 91 |   |
|                                                                                                            |   |               |       |   |   |   |   |   |   |   |   |
| Total  combined fixed charges (excluding interest expense on deposits)                                          |   | $                  | 11         |   | $ | 11 |   | $ | 11 |   | $ | 13 |   | $ | 12 |   |
|                                                                                                            |   |               |       |   |   |   |   |   |   |   |   |
| Earnings  before income taxes and combined fixed charges                                                        |   | $                  | 276        |   | $ | 281 |   | $ | 279 |   | $ | 279 |   | $ | 282 |   |
|                                                                                                            |   |               |       |   |   |   |   |   |   |   |   |
| Ratio of  earnings to combined fixed charges (including interest expense on deposits)                           |   | 3.77               | x          | 3.58 | x | 3.49 | x | 3.28 | x | 3.09 | x |
|                                                                                                            |   |               |       |   |   |   |   |   |   |   |   |
| Ratio of  earnings to combined fixed charges (excluding interest expense on deposits)                           |   | 20.67              | x          | 20.61 | x | 19.09 | x | 15.92 | x | 16.52 | x |

 

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