Form: 10-K

Annual report pursuant to Section 13 and 15(d)

February 13, 2009


Exhibit 12.1


Computation of Ratio of Debt-to-Equity





   
At
December 31, 2008
 
(Dollars in Thousands)
     
Repurchase agreements
  $ 9,038,836  
Mortgages payable on real estate
    9,309  
  Total Debt
  $ 9,048,145  
         
Stockholders' Equity
    1,257,077  
         
Ratio of Debt-to-Equity
 
7.2:1
 
Or
    7.2 x