**Exhibit 12.1**

 

**GreenPoint Financial Corp. and SubsidiariesRatios of Earnings to Fixed Charges – Continuing Operations**

 

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

 

 
| **(In millions)**                                                                                              |                | **Quarter Ended** |               | **Nine Months Ended  September 30,** |               |
|----------------------------------------------------------------------------------------------------------------|---------------------|-------------------|--------------------|--------------------------------------|--------------------|
|                                                                                                           | **Sept. 30,  2003** |              | **June 30,  2003** |                                 | **Mar. 31,  2003** |   | **Dec. 31,  2002** |   | **Sept. 30,  2002** |   |   |
|                                                                                                           |                |              |               |                                 |               | **2003** |   | **2002** |   |
| Income from continuing operations before  income taxes                                                         |                | $                 | 162                |                                 | $                  | 207 |   | $ | 202 |   | $ | 202 |   | $ | 199 |   | $ | 571 |   | $ | 584 |   |
|                                                                                                           |                |              |               |                                 |               |   |   |   |   |   |   |   |   |   |   |
| Combined fixed charges:                                                                                        |                |              |               |                                 |               |   |   |   |   |   |   |   |   |   |   |
| Interest expense on deposits                                                                                   |                | 56                |               | 60                                   |               | 63 |   | 68 |   | 69 |   | 179 |   | 220 |   |
| Interest expense on senior bank notes                                                                          |                | —            |               | —                               |               | — |   | — |   | — |   | — |   | 5 |   |
| Interest expense on senior notes                                                                               |                | 3                 |               | 1                                    |               | — |   | — |   | — |   | 4 |   | — |   |
| Interest expense on subordinated bank notes                                                                    |                | 4                 |               | 3                                    |               | 4 |   | 4 |   | 4 |   | 11 |   | 11 |   |
| Interest expense on guaranteed preferred  beneficial interest in Company’s junior subordinated debentures |                | 5                 |               | 4                                    |               | 5 |   | 5 |   | 5 |   | 14 |   | 14 |   |
| Appropriate portion (1/3) of rent expense                                                                      |                | 3                 |               | 2                                    |               | 2 |   | 2 |   | 2 |   | 7 |   | 6 |   |
| Total combined fixed charges                                                                                   |                | $                 | 71                 |                                 | $                  | 70 |   | $ | 74 |   | $ | 79 |   | $ | 80 |   | $ | 215 |   | $ | 256 |   |
|                                                                                                           |                |              |               |                                 |               |   |   |   |   |   |   |   |   |   |   |
| Total combined fixed charges (excluding  interest expense on deposits)                                         |                | $                 | 15                 |                                 | $                  | 10 |   | $ | 11 |   | $ | 11 |   | $ | 11 |   | $ | 36 |   | $ | 36 |   |
|                                                                                                           |                |              |               |                                 |               |   |   |   |   |   |   |   |   |   |   |
| Earnings before income taxes and combined  fixed charges                                                       |                | $                 | 233                |                                 | $                  | 277 |   | $ | 276 |   | $ | 281 |   | $ | 279 |   | $ | 786 |   | $ | 840 |   |
|                                                                                                           |                |              |               |                                 |               |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges  (including interest expense on deposits)                          |                | 3.36              | x                  | 3.89                                 | x                  | 3.77 | x | 3.58 | x | 3.49 | x | 3.68 | x | 3.28 | x |
|                                                                                                           |                |              |               |                                 |               |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to combined fixed charges  (excluding interest expense on deposits)                          |                | 13.25             | x                  | 19.66                                | x                  | 20.67 | x | 20.61 | x | 19.09 | x | 17.51 | x | 17.22 | x |

 

----