Exhibit 12.1

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 quarters ended March 31, 2006 and 2005, the years ended December 31, 2005, 2004, 2003, 2002, and the ten-month period ended December 31, 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).

	Quarters Ended March 31,				Years Ended December 31,								Ten Months Ended December 31,
	2006		2005		2005		2004		2003		2002		2001
	(dollar amounts in thousands)
Net earnings	$	683,511	$	688,852	$	2,528,090	$	2,197,574	$	2,372,950	$	841,779		$	486,006
Income tax expense	435,852		460,145		1,619,676		1,398,299		1,472,822		501,244			302,613
Interest expense	1,899,323		995,937		5,616,425		2,608,338		1,940,207		1,461,066			1,474,719
Interest portion of rental expense	17,749		14,197		62,104		53,562		36,565		26,671			16,201
Earnings available to cover fixed charges	$	3,036,435	$	2,159,131	$	9,826,295	$	6,257,773	$	5,822,544	$	2,830,760		$	2,279,539
Fixed charges:
Interest expense	$	1,899,323	$	995,937	$	5,616,425	$	2,608,338	$	1,940,207	$	1,461,066		$	1,474,719
Interest portion of rental expense	17,749		14,197		62,104		53,562		36,565		26,671			16,201
Total fixed charges	$	1,917,072	$	1,010,134	$	5,678,529	$	2,661,900	$	1,976,772	$	1,487,737		$	1,490,920
Ratio of earnings to fixed charges	1.58		2.14		1.73		2.35		2.95		1.90			1.53