**GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES**

**Exhibit 12.1**

**Ratios of Earnings toFixed 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**   |    | **Nine Months Ended** |   |
|-----------------------------------------------------------------------------------------------------------------|--------|---------------------|---------|-----------------------|--------|
| ***(In millions)***                                                                                             |   | **Sept. 30,  2002** |    | **June 30,  2002**    |   | **Mar. 31,  2002** |   | **Dec. 31,  2001** |   | **Sept. 30,  2001** |   | **Sept. 30,  2002** |   | **Sept. 30,  2001** |   |
| Income from continuing  operations before income taxes                                                          |   | $                   | 199     |                  | $      | 194 |   | $ | 191 |   | $ | 188 |   | $ | 183 |   | $ | 584 |   | $ | 480 |   |
|                                                                                                            |   |                |    |                  |   |   |   |   |   |   |   |   |   |   |   |
| Combined fixed charges:                                                                                         |   |                |    |                  |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense on deposits                                                                                    |   | 69                  |    | 72                    |   | 79 |   | 93 |   | 109 |   | 220 |   | 349 |   |
| Interest expense on senior  bank notes                                                                          |   | —              |    | 3                     |   | 2 |   | 2 |   | 3 |   | 5 |   | 7 |   |
| Interest expense on subordinated  bank notes                                                                    |   | 4                   |    | 4                     |   | 3 |   | 3 |   | 4 |   | 11 |   | 11 |   |
| Interest expense on  guaranteed preferred beneficial interest in Company’s junior subordinated  debentures |   | 5                   |    | 4                     |   | 5 |   | 5 |   | 4 |   | 14 |   | 14 |   |
| Appropriate portion (1/3) of  rent expense                                                                      |   | 2                   |    | 2                     |   | 2 |   | 2 |   | 2 |   | 6 |   | 7 |   |
| Total combined fixed charges                                                                                    |   | $                   | 80      |                  | $      | 85 |   | $ | 91 |   | $ | 105 |   | $ | 122 |   | $ | 256 |   | $ | 388 |   |
|                                                                                                            |   |                |    |                  |   |   |   |   |   |   |   |   |   |   |   |
| Total combined fixed charges  (excluding interest expense on deposits)                                          |   | $                   | 11      |                  | $      | 13 |   | $ | 12 |   | $ | 12 |   | $ | 13 |   | $ | 36 |   | $ | 39 |   |
|                                                                                                            |   |                |    |                  |   |   |   |   |   |   |   |   |   |   |   |
| Earnings before income taxes  and combined fixed charges                                                        |   | $                   | 279     |                  | $      | 279 |   | $ | 282 |   | $ | 293 |   | $ | 305 |   | $ | 840 |   | $ | 868 |   |
|                                                                                                            |   |                |    |                  |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined  fixed charges (including interest expense on deposits)                           |   | 3.49                | x  | 3.28                  | x      | 3.09 | x | 2.79 | x | 2.52 | x | 3.28 | x | 2.24 | x |
|                                                                                                            |   |                |    |                  |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined  fixed charges (excluding interest expense on deposits)                           |   | 19.09               | x       | 15.92                 | x      | 16.52 | x | 16.41 | x | 15.64 | x | 17.22 | x | 13.31 | x |

 

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