Exhibit 12.1

THE PMI GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)



|                                                                                                        |  |                                   |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|------------------------------------------------------------------------------------------------------- |  | --------------------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                                                        |  | Year Ended December 31,           |        
|                                                                                                        |  | 2005                              |         |   | 2004 |   |         | 2003 |  |   | 2002    |   |  | 2001 |        
|                                                                                                        |  | (In thousands, except for ratios) |        
|Earnings                                                                                                |  |                                   |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Income from continuing operations before income taxes                                                   |  | $                                 | 540,831 |   |      | $ | 478,991 |      |  | $ | 393,122 |   |  | $    | 450,162 |   |  | $ | 432,272 |  
|Less: Equity in earnings from unconsolidated subsidiaries                                               |  |                                   | (97,885 | ) |      |   | (83,554 | )    |  |   | (4,597  | ) |  |      | (44,225 | ) |  |   | (18,788 | )
|Add: Equity (losses) earnings from unconsolidated subsidiaries with greater than 50% ownership          |  |                                   | (942    | ) |      |   | 764     |      |  |   | (31,096 | ) |  |      | 23,371  |   |  |   |        |  
|Add: Distributed earnings of subsidiaries with less than 50% ownership                                  |  |                                   | 7,190   |   |      |   | 1,007   |      |  |   | 157     |   |  |      | 5,798   |   |  |   |        |  
|Less: Interest capitalized, net of amortization expense                                                 |  |                                   | (3,296  | ) |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Fixed charges                                                                                           |  |                                   | 47,177  |   |      |   | 49,701  |      |  |   | 40,414  |   |  |      | 30,599  |   |  |   | 27,173  |  
|                                                                                                        |  |                                   |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total earnings                                                                                          |  | $                                 | 493,075 |   |      | $ | 446,909 |      |  | $ | 398,000 |   |  | $    | 465,705 |   |  | $ | 440,657 |  
|                                                                                                        |  |                                   |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed charges                                                                                           |  |                                   |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest expense, distributions on mandatorily redeemable preferred securities and capitalized interest |  | $                                 | 34,927  |   |      | $ | 34,626  |      |  | $ | 24,491  |   |  | $    | 21,684  |   |  | $ | 22,822  |  
|Interest expense of unconsolidated subsidiaries with greater than 50% ownership                         |  |                                   | 9,781   |   |      |   | 12,744  |      |  |   | 12,389  |   |  |      | 5,493   |   |  |   |        |  
|Interest component of rent expense(1)                                                                   |  |                                   | 2,469   |   |      |   | 2,331   |      |  |   | 3,534   |   |  |      | 3,422   |   |  |   | 4,351   |  
|                                                                                                        |  |                                   |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total fixed charges                                                                                     |  | $                                 | 47,177  |   |      | $ | 49,701  |      |  | $ | 40,414  |   |  | $    | 30,599  |   |  | $ | 27,173  |  
|                                                                                                        |  |                                   |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of earnings to fixed charges                                                                      |  |                                   | 10.45   |   |      |   | 8.99    |      |  |   | 9.85    |   |  |      | 15.22   |   |  |   | 16.22   |  
|                                                                                                        |  |                                   |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  

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|(1) | Represents an estimated interest factor
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