Form: POS AM

Post-effective amendment to a registration statement that is not immediately effective upon filing

July 21, 2004

Published on July 21, 2004


EXHIBIT 12.1


MFA Mortgage Investments, Inc.
Ratio of Earnings to Fixed Charges



Three Months Year Year
Ended Ended Ended
3/31/2004* Dec. 31, 2003 Dec. 31, 2002
---------- ------------- -------------

Earnings (In Thousands)
Net income 87,620 57,848 56,093,753 K
Less: minority interest - -
interest capilalized
preferered dividend of cons subsidiaries
income/loss from equity investees see below (1,276) (80,916)K
------------ ------------ ------------
Income from cont. ops 87,620 56,572 56,012,837
Plus:
Fixed charges 66,268 57,694 63,795,216 K
Amortization of capitalized interest
Pre tax losses of equity investees
Distributed income of equity investees* see below 2,446 * 248,777

------------ ------------ ------------
Total Earnings 153,888 116,712 120,056,830
============ ============ ============

Ratio of Earnings to Fixed Charges 2.32 2.02 1.88

Fixed Charges
Interest expenses and Capitalized (repo & cap) 64,564 56,592 63,795,216
Mtge Interest 1,704 1,102
amort prem and disc and capitalized exps related to debt
estimate of interest within rental expense
preference security divi requirements of consol subs
------------ ------------ ------------
Total 66,268 57,694 63,795,216

Income from equity investees**
RCC Consolidated since 10/01/02 4 135,135
Cameron (169) (67,973)
Lealand Consolidated since 10/01/02 (11,393)
Laurel Park (25) 25,148
Harmony (231)
Morrowood
Owings Chase
Gains on sales of equity interests/properties 1,697

------------ ------------
1,276 80,916
============ ============

Distributions from equity investees
RCC 0 237,500
Cameron 0 -
Lealand 0 11,277
Laurel Park gains distrib 1,100 -
Harmony gains distrib 1,175 -
Morrowood gains distrib 171 -
Owings Chase
------------ ------------
2,446 248,777
============ ============

*Annualized
**Consolidated all equity investees from 1/1/04.

Earnings


Year Year Year
Ended Ended Ended
Dec. 31, 2001 Dec. 31, 2000 Dec. 31, 1999
------------- ------------- -------------

Earnings (In Thousands)
Net income 3,784,811 K 7,866,116 K 7,599,880 K
Less: minority interest - - (4,218)K
interest capilalized
preferered dividend of cons subsidiaries
income/loss from equity investees see below (3,137,004)K (3,670,199)K (2,809,184)
------------ ------------ ------------
Income from cont. ops 647,807 4,195,917 4,786,478
Plus:
Fixed charges 35,073,543 K 30,103,076 K 18,465,529 K
Amortization of capitalized interest
Pre tax losses of equity investees
Distributed income of equity investees* see below 586,538 853,100 768,280

------------ ------------ ------------
Total Earnings 36,307,888 35,152,093 24,020,287
============ ============ ============

Ratio of Earnings to Fixed Charges 1.04 1.17 1.30

Fixed Charges
Interest expenses and Capitalized (repo & cap) 35,073,543 30,103,076 18,465,529
Mtge Interest
amort prem and disc and capitalized exps related to debt
estimate of interest within rental expense
preference security divi requirements of consol subs
------------ ------------ ------------
Total 35,073,543 30,103,076 18,465,529

Income from equity investees**
RCC Consolidated since 10/01/02 2,741,276 TB 249,001 2,254,654 TB
Cameron (41,493)TB 101,465
Lealand Consolidated since 10/01/02 6,168 TB
Laurel Park 309,000 TB 209,340
Harmony 82,208 TB 140,000 180,000 TB
Morrowood 50,000 TB 380,000 350,000 TB
Owings Chase 2,590,393 24,530
Gains on sales of equity interests/properties

(10,155)
------------ ------------ ------------
3,137,004 K 3,670,199 K 2,809,184
============ ============ ============

Distributions from equity investees
RCC - 98,800 TB 213,750 TB
Cameron 153,955 TB - -
Lealand 33,583 TB - -
Laurel Park gains distrib 309,000 TB 209,340 TB
Harmony gains distrib 40,000 TB 140,000 TB 180,000 TB
Morrowood gains distrib 50,000 TB 380,000 TB 350,000 TB
Owings Chase 24,960 TB-- 24,530
------------ ------------ | ------------
586,538 853,100 | 768,280
============ ============ | ============
V
*Annualized 24,960 cash distribution 3/31
**Consolidated all equity investees from 1/1/04. 2,565,433 gain on sale
------------
2,590,393

Earnings