EXHIBIT 12.2

WASHINGTON MUTUAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS

|  | Year Ended December 31, |
|  | 2006 |  | 2005 |  | 2004 |  | 2003 |  | 2002 |
|  | (dollars in millions) |
Earnings, including interest on deposits(1): |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes |  | $ | 4,770 |  | $ | 5,379 |  | $ | 3,931 |  | $ | 5,993 |  | $ | 5,977 |
Fixed charges |  | 11,967 |  | 7,871 |  | 4,403 |  | 4,687 |  | 5,842 |
|  | $ | 16,737 |  | $ | 13,250 |  | $ | 8,334 |  | $ | 10,680 |  | $ | 11,819 |
Preferred dividend requirement |  | $ | 8 |  | $ | – |  | $ | – |  | $ | – |  | $ | 5 |
Ratio of income from continuing operations before income taxes to net income from continuing operations |  | 1.53 |  | 1.58 |  | 1.61 |  | 1.59 |  | 1.59 |
Preferred dividends(2) |  | $ | 12 |  | $ | – |  | $ | – |  | $ | – |  | $ | 8 |
Fixed charges(1): |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 11,786 |  | $ | 7,702 |  | $ | 4,234 |  | $ | 4,534 |  | $ | 5,726 |
Estimated interest component of net rental expense |  | 181 |  | 169 |  | 169 |  | 153 |  | 116 |
|  | 11,967 |  | 7,871 |  | 4,403 |  | 4,687 |  | 5,842 |
Fixed charges and preferred dividends |  | $ | 11,979 |  | $ | 7,871 |  | $ | 4,403 |  | $ | 4,687 |  | $ | 5,850 |
Ratio of earnings to fixed charges and preferred dividends |  | 1.40 |  | 1.68 |  | 1.89 |  | 2.28 |  | 2.02 |
Earnings, excluding interest on deposits(1): |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes |  | $ | 4,770 |  | $ | 5,379 |  | $ | 3,931 |  | $ | 5,993 |  | $ | 5,977 |
Fixed charges |  | 5,704 |  | 4,143 |  | 2,360 |  | 2,522 |  | 3,181 |
|  | $ | 10,474 |  | $ | 9,522 |  | $ | 6,291 |  | $ | 8,515 |  | $ | 9,158 |
Preferred dividends(2) |  | $ | 12 |  | $ | – |  | $ | – |  | $ | – |  | $ | 8 |
Fixed charges(1) |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 11,786 |  | $ | 7,702 |  | $ | 4,234 |  | $ | 4,534 |  | $ | 5,726 |
Less: interest on deposits |  | (6,263 | ) | (3,728 | ) | (2,043 | ) | (2,165 | ) | (2,661 | )
Estimated interest component of net rental expense |  | 181 |  | 169 |  | 169 |  | 153 |  | 116 |
|  | 5,704 |  | 4,143 |  | 2,360 |  | 2,522 |  | 3,181 |
Fixed charges and preferred dividends |  | $ | 5,716 |  | $ | 4,143 |  | $ | 2,360 |  | $ | 2,522 |  | $ | 3,189 |
Ratio of earnings to fixed charges and preferred dividends |  | 1.83 |  | 2.30 |  | 2.67 |  | 3.38 |  | 2.87 |

(1) As defined in Item 503(d) of Regulation S-K.

(2) The preferred dividends were increased to amounts representing the pretax earnings that would be required to cover such dividend requirements.