Exhibit 12.1

Doral Financial Corporation
Computation of Ratio of Earnings to Fixed Charges

	For the year ended December 31,
	2005		2004		2003		2002		2001
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	32,283	$	129,303	$	166,054	$	180,230	$	88,394
Plus:
Fixed Charges (excluding capitalized interest)		670,137		387,675		322,657		318,172		339,312
Total Earnings	$	702,420	$	516,978	$	488,711	$	498,402	$	427,706
Fixed Charges:
Interest expensed and capitalized	$	665,313	$	383,613	$	318,715	$	314,224	$	339,980
Amortized premiums, discounts, and capitalized expenses related to indebtedness		1,869		1,473		1,531		1,351		1,717
An estimate of the interest component within rental expense		2,955		2,589		2,411		2,597		2,515
Total Fixed Charges	$	670,137	$	387,675	$	322,657	$	318,172	$	344,212
Ratio of Earnings to Fixed Charges		1.05		1.33		1.51		1.57		1.24
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	32,283	$	129,303	$	166,054	$	180,230	$	88,394
Plus:
Fixed Charges (excluding capitalized interest)		563,973		306,992		251,248		250,194		270,300
Total Earnings	$	596,256	$	436,295	$	417,302	$	430,424	$	358,694
Fixed Charges:
Interest expensed and capitalized	$	559,149	$	302,930	$	247,306	$	246,246	$	270,968
Amortized premiums, discounts, and capitalized expenses related to indebtedness		1,869		1,473		1,531		1,351		1,717
An estimate of the interest component within rental expense		2,955		2,589		2,411		2,597		2,515
Total Fixed Charges	$	563,973	$	306,992	$	251,248	$	250,194	$	275,200
Ratio of Earnings to Fixed Charges		1.06		1.42		1.66		1.72		1.30