EXHIBIT 12.1

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES

EXHIBIT 12.1 — COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)

The following table sets forth the ratio of earnings to fixed charges of the Company for the six months ended June 30, 2005 and 2004, the years ended December 31, 2004, 2003, and 2002, ten-month period ended December 31, 2001, and the fiscal year ended February 28, 2001 computed by dividing net fixed charges (interest expense on all debt plus the interest element (one-third) of operating leases) into earnings (earnings before income taxes and fixed charges).

	Six Months Ended				Year Ended						Ten Months Ended		Fiscal Year Ended
	June 30,				December 31,						December 31,		February 28,
(Dollars are in thousands)	2005		2004		2004		2003		2002		2001		2001
Net earnings	$	1,255,310	$	1,329,668	$	2,197,574	$	2,372,950	$	841,779	$	486,006	$	374,153
Income tax expense		828,568		837,491		1,398,299		1,472,822		501,244		302,613		211,882
Interest expense		2,225,171		1,093,333		2,608,338		1,940,207		1,461,066		1,474,719		1,330,724
Interest portion of rental expense		47,308		26,540		53,562		36,565		26,671		16,201		17,745
Earnings available to cover fixed charges	$	4,356,357	$	3,287,032	$	6,257,773	$	5,822,544	$	2,830,760	$	2,279,539	$	1,934,504
Fixed charges:
Interest expense	$	2,225,171	$	1,093,333	$	2,608,338	$	1,940,207	$	1,461,066	$	1,474,719	$	1,330,724
Interest portion of rental expense		47,308		26,540		53,562		36,565		26,671		16,201		17,745
Total fixed charges	$	2,272,479	$	1,119,873	$	2,661,900	$	1,976,772	$	1,487,737	$	1,490,920	$	1,348,469
Ratio of earnings to fixed charges		1.92		2.94		2.35		2.95		1.90		1.53		1.43