COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
EXHIBIT 12.1—COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth the ratio of earnings to fixed charges of the Company for the six months ended June 30, 2008 and 2007 and the years ended December 31, 2007, 2006, 2005, 2004 and 2003, 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 June 30,					Years Ended December 31,

(dollar amounts in thousands)			2008			2007		2007			2006		2005		2004		2003
Net (loss) earnings			$	(3,223,152	)	$	919,049	$	(703,538	)	$	2,674,846	$	2,528,090	$	2,197,574	$	2,372,950
Income tax (benefit) expense				(2,084,911	)		446,444		(606,736	)		1,659,289		1,619,676		1,398,299		1,472,822
Interest expense				3,881,834			5,392,693		10,287,800			9,133,682		5,616,425		2,608,338		1,940,207
Interest portion of rental				43,976			43,218		85,528			77,055		62,104		53,562		36,565

Earnings available to cover fixed charges			$	(1,382,253	)	$	6,801,404	$	9,063,054		$	13,544,872	$	9,826,295	$	6,257,773	$	5,822,544

Fixed charges:
	Interest expense		$	3,881,834		$	5,392,693	$	10,287,800		$	9,133,682	$	5,616,425	$	2,608,338	$	1,940,207
	Interest portion of rental expense			43,976			43,218		85,528			77,055		62,104		53,562		36,565

		Total fixed charges	$	3,925,810		$	5,435,911	$	10,373,328		$	9,210,737	$	5,678,529	$	2,661,900	$	1,976,772

Ratio of earnings to fixed charges				(0.35	)		1.25		0.87			1.47		1.73		2.35		2.95