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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 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).

			Years Ended December 31,
(dollar amounts in thousands)
			2007			2006		2005		2004		2003
Net (loss) earnings			$	(703,538	)	$	2,674,846	$	2,528,090	$	2,197,574	$	2,372,950
Income tax (benefit) expense				(606,736	)		1,659,289		1,619,676		1,398,299		1,472,822
Interest expense				10,287,800			9,133,682		5,616,425		2,608,338		1,940,207
Interest portion of rental expense				85,528			77,055		62,104		53,562		36,565
Earnings available to cover fixed charges			$	9,063,054		$	13,544,872	$	9,826,295	$	6,257,773	$	5,822,544
Fixed charges:
	Interest expense		$	10,287,800		$	9,133,682	$	5,616,425	$	2,608,338	$	1,940,207
	Interest portion of rental expense			85,528			77,055		62,104		53,562		36,565
		Total fixed charges	$	10,373,328		$	9,210,737	$	5,678,529	$	2,661,900	$	1,976,772
Ratio of earnings to fixed charges				0.87			1.47		1.73		2.35		2.95

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Exhibit 12.1

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