**Exhibit 12.1**

** **

**GREENPOINT FINANCIAL CORP. AND SUBSIDIARIES**

**Ratios of Earnings toFixed Charges - Continuing Operations**

 

The Company’s consolidatedratios of earnings to fixed charges - continuing operations for each of theperiods indicated are set fourth below:

 
|                                                                                                           |   | **Quarter Ended**  |   | **Six Months Ended** |   |
|----------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|----------------------|--------|
| **(In millions)**                                                                                              |   | **June 30,  2002** |   | **Mar. 31,  2002**   |   | **Dec. 31,  2001** |   | **Sept. 31,  2001** |   | **June 30,  2001** |   | **June 30,  2002** |   | **June 30,  2001** |   |
| Income from continuing operations before  income taxes                                                         |   | $                  | 194    |                 | $      | 191 |   | $ | 188 |   | $ | 183 |   | $ | 175 |   | $ | 385 |   | $ | 297 |   |
|                                                                                                           |   |               |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Combined fixed charges:                                                                                        |   |               |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense on deposits                                                                                   |   | 72                 |   | 79                   |   | 93 |   | 109 |   | 118 |   | 151 |   | 242 |   |
| Interest expense on senior bank notes                                                                          |   | 3                  |   | 2                    |   | 2 |   | 3 |   | 3 |   | 5 |   | 5 |   |
| Interest expense on subordinated bank notes                                                                    |   | 4                  |   | 3                    |   | 3 |   | 4 |   | 4 |   | 9 |   | 9 |   |
| Interest expense on guaranteed preferred  beneficial interest in Company’s junior subordinated debentures |   | 4                  |   | 5                    |   | 5 |   | 4 |   | 4 |   | 7 |   | 7 |   |
| Appropriate portion (1/3) of rent expense                                                                      |   | 2                  |   | 2                    |   | 2 |   | 2 |   | 2 |   | 4 |   | 5 |   |
| Total combined fixed charges                                                                                   |   | $                  | 85     |                 | $      | 91 |   | $ | 105 |   | $ | 122 |   | $ | 131 |   | $ | 176 |   | $ | 268 |   |
|                                                                                                           |   |               |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Total combined fixed charges (excluding  interest expense on deposits)                                         |   | $                  | 13     |                 | $      | 12 |   | $ | 12 |   | $ | 13 |   | $ | 13 |   | $ | 25 |   | $ | 26 |   |
|                                                                                                           |   |               |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Earnings before income taxes and combined  fixed charges                                                       |   | $                  | 279    |                 | $      | 282 |   | $ | 293 |   | $ | 305 |   | $ | 306 |   | $ | 561 |   | $ | 565 |   |
|                                                                                                           |   |               |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges  (including interest expense on deposits)                          |   | 3.28               | x      | 3.09                 | x      | 2.79 | x | 2.52 | x | 2.34 | x | 3.19 | x | 2.11 | x |
|                                                                                                           |   |               |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges  (excluding interest expense on deposits)                          |   | 15.92              | x      | 16.52                | x      | 16.41 | x | 15.64 | x | 14.46 | x | 16.40 | x | 12.42 | x |

 

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