Exhibit 12.1

New Century Financial Corporation

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Six months ended June 30, 2004		Years ended December 31,
			2003		2002		2001		2000			1999
Earnings available to cover fixed charges:
Pre-tax income (loss) from continuous operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	318,853	$	423,252	$	306,336	$	83,484	$	(36,781	)	$	66,886
Plus: Fixed charges		126,800		123,505		55,733		60,090		79,529			58,895
Earnings available to cover fixed charges		445,653		546,757		362,069		143,574		42,748			125,781
Fixed charges:
Interest expense		123,270		117,575		50,588		54,127		72,126			53,193
Estimate of interest within rental expense(1)		3,570		5,930		5,145		5,963		7,403			5,702
Total fixed charges		126,800		123,505		55,733		60,090		79,529			58,895
Ratio of Earnings to Fixed Charges		3.51		4.43		6.50		2.39		0.54			2.14

(1) Office rent and equipment rental expense per gl.