**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**  |   | **Six Months Ended** |   |
|---------------------------------------------------------------------------------------|--------|--------------------|--------|----------------------|--------|
| **(In millions)**                                                                     |   | **June 30,  2004** |   | **Mar. 31,  2004**   |   | **Dec. 31,  2003** |   | **Sept. 30,  2003** |   | **June 30,  2003** |   | **June 30,** |   |
| **2004**                                                                              |   | **2003**           |
| Income from continuing  operations before income taxes                                |   | $                  | 199    |                 | $      | 183 |   | $ | 181 |   | $ | 162 |   | $ | 207 |   | $ | 382 |   | $ | 409 |   |
|                                                                                  |   |               |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Combined fixed charges:                                                               |   |               |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense on deposits                                                          |   | 48                 |   | 50                   |   | 54 |   | 56 |   | 60 |   | 98 |   | 123 |   |
| Interest expense on senior  notes                                                     |   | 1                  |   | 1                    |   | 2 |   | 3 |   | 1 |   | 2 |   | 1 |   |
| Interest expense on  subordinated bank notes                                          |   | 3                  |   | 4                    |   | 4 |   | 4 |   | 3 |   | 7 |   | 7 |   |
| Interest expense on other  long term debt                                             |   | 4                  |   | 5                    |   | 5 |   | 5 |   | 4 |   | 9 |   | 9 |   |
| Appropriate portion (1/3) of  rent expense                                            |   | 2                  |   | 2                    |   | 2 |   | 3 |   | 2 |   | 4 |   | 4 |   |
| Total combined fixed charges                                                          |   | $                  | 58     |                 | $      | 62 |   | $ | 67 |   | $ | 71 |   | $ | 70 |   | $ | 120 |   | $ | 144 |   |
|                                                                                  |   |               |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Total combined fixed charges  (excluding interest expense on deposits)                |   | $                  | 10     |                 | $      | 12 |   | $ | 13 |   | $ | 15 |   | $ | 10 |   | $ | 22 |   | $ | 21 |   |
|                                                                                  |   |               |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Earnings before income taxes  and combined fixed charges                              |   | $                  | 257    |                 | $      | 245 |   | $ | 248 |   | $ | 233 |   | $ | 277 |   | $ | 502 |   | $ | 553 |   |
|                                                                                  |   |               |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined  fixed charges (including interest expense on deposits) |   | 4.33               | x      | 4.33                 | x      | 3.75 | x | 3.36 | x | 3.89 | x | 4.17 | x | 3.83 | x |
|                                                                                  |   |               |   |                 |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined  fixed charges (excluding interest expense on deposits) |   | 19.20              | x      | 18.92                | x      | 15.77 | x | 13.25 | x | 19.66 | x | 18.20 | x | 20.15 | x |

 

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