**Exhibit 12.1**

 

**GreenPoint FinancialCorp. and Subsidiaries**

**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 forth below:

 
|                                                                                  |   | **Quarter  Ended** |       |
|---------------------------------------------------------------------------------------|--------|--------------------|------------|
| **(In  millions)**                                                                    |   | **Mar. 31,  2004** | ** ** | **Dec. 31,  2003** | ** ** | **Sept. 30,  2003** | ** ** | **June 30,  2003** | ** ** | **Mar. 31,  2003** | ** ** |
| Income from continuing operations before  income taxes                                |   | $                  | 183        |   | $ | 181 |   | $ | 162 |   | $ | 207 |   | $ | 202 |   |
|                                                                                  |   |               |       |   |   |   |   |   |   |   |   |
| Combined fixed charges:                                                               |   |               |       |   |   |   |   |   |   |   |   |
| Interest expense on deposits                                                          |   | 50                 |       | 54 |   | 56 |   | 60 |   | 63 |   |
| Interest expense on senior notes                                                      |   | 1                  |       | 2 |   | 3 |   | 1 |   | — |   |
| Interest expense on subordinated bank notes                                           |   | 4                  |       | 4 |   | 4 |   | 3 |   | 4 |   |
| Interest expense on other long term debt                                              |   | 5                  |       | 5 |   | 5 |   | 4 |   | 5 |   |
| Appropriate portion (1/3) of rent expense                                             |   | 2                  |       | 2 |   | 3 |   | 2 |   | 2 |   |
| Total combined fixed charges                                                          |   | $                  | 62         |   | $ | 67 |   | $ | 71 |   | $ | 70 |   | $ | 74 |   |
|                                                                                  |   |               |       |   |   |   |   |   |   |   |   |
| Total combined fixed charges (excluding  interest expense on deposits)                |   | $                  | 12         |   | $ | 13 |   | $ | 15 |   | $ | 10 |   | $ | 11 |   |
|                                                                                  |   |               |       |   |   |   |   |   |   |   |   |
| Earnings before income taxes and combined  fixed charges                              |   | $                  | 245        |   | $ | 248 |   | $ | 233 |   | $ | 277 |   | $ | 276 |   |
|                                                                                  |   |               |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges  (including interest expense on deposits) |   | 4.33               | x          | 3.75 | x | 3.36 | x | 3.89 | x | 3.77 | x |
|                                                                                  |   |               |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges  (excluding interest expense on deposits) |   | 18.92              | x          | 15.77 | x | 13.25 | x | 19.66 | x | 20.67 | x |

 

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