UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549





FORM 10-K

(Amendment No. 1)



|x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

For the fiscal year ended December 31, 2007

OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

For the transition period from              to

Commission file number 1-13664





THE PMI GROUP, INC.

(Exact name of registrant as specified in its charter)



|                         |  |                                              |  |                                    
|------------------------ |  | -------------------------------------------- |  | -----------------------------------
|Delaware                 |  | 3003 Oak Road Walnut Creek, California 94597 |  | 94-3199675                         
|(State of Incorporation) |  | (Address of principal executive offices)     |  | (I.R.S. EmployerIdentification No.)

(925) 658-7878

(Registrants telephone number, including area code)





Securities registered pursuant to
Section 12(b) of the Act:



|                                |  |                                          
|------------------------------- |  | -----------------------------------------
|Title of each class             |  | Name of each exchange on which registered
|Common Stock, $0.01 par value   |  | New York Stock Exchange                  
|Preferred Stock Purchase Rights |  | New York Stock Exchange                  

Securities registered pursuant to Section 12(g) of the Act:

None





Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  x    No   ̈

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act.    Yes   ̈    No  x

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No   ̈

Indicate by check mark if
disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K.  x

Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definition of large accelerated filer and accelerated filer and smaller
reporting company in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  x             Accelerated filer   ̈             Non-accelerated
filer   ̈            Smaller Reporting Company   ̈

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).    Yes   ̈    No  x

The aggregate market value of the voting stock (common stock) held by non-affiliates of the registrant as of the close of business on June 29, 2007 was approximately $2.9 billion based on the closing sale price
of the common stock on the New York Stock Exchange consolidated tape on that date. All executive officers and directors, and beneficial owners of 10% or more of the outstanding shares, of the registrant have been deemed, solely for the purpose of
the foregoing calculation, to be affiliates of the registrant.

Number of shares outstanding of registrants common stock,
as of close of business on February 29, 2008: 81,212,154.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Proxy Statement for registrants Annual Meeting of Stockholders to be held on May 15, 2008 are incorporated by reference into
Items 10 through 14 of Part III.









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Explanatory Note

This Amendment No. 1 on Form 10-K/A amends the Companys Annual Report on Form 10-K for the year ended December 31, 2007, as filed with the Securities and Exchange Commission on March 17, 2008 (the
Annual Report), to include in Item 15 the financial statements of FGIC Corporation as required by Regulation S-X Rule 3-09. This amendment is not intended to update any other information presented in the Annual Report as originally
filed.



|Item 15. | Exhibits and Financial Statements and Schedules.
|-------- | ------------------------------------------------

1. Financial Statements: The following financial statements are included in Item 8.

Managements Report on
Internal Control Over Financial Reporting

Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting

Consolidated Statements of Operations for the years ended December 31, 2007, 2006 and 2005

Consolidated Balance Sheets as of December 31, 2007 and 2006

Consolidated Statements of Shareholders Equity for the years ended December 31, 2007, 2006 and 2005

Consolidated Statements of Cash Flows for the years ended December 31, 2007, 2006 and 2005

Notes to Consolidated Financial
Statements

2. Financial Statement Schedules: The financial statement schedules listed below immediately precede the Index to
Exhibits and are filed as part of this Form 10-K. All other schedules are omitted because of the absence of conditions under which they are required or because the required information is included in the consolidated financial statements or notes
thereto.

Schedule II  Condensed Financial Information of Registrant

Schedule III  Supplementary Insurance Information

Schedule IV  Reinsurance

The following financial statements of FGIC Corporation are
filed as Exhibit 99.2 and as part of this Form 10-K:

Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of December 31, 2007 and 2006

Consolidated Statements of Income for the years ended December 31, 2007, 2006 and 2005

Consolidated
Statements of Stockholders Equity for the years ended December 31, 2007, 2006 and 2005

Consolidated Statements of Cash Flows for
the years ended December 31, 2007, 2006 and 2005

Notes to Consolidated Financial Statements

3. Exhibits: Exhibits listed in the accompanying Index to Exhibits are filed as part of this Form 10-K.



---

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of Walnut Creek, State of California, on the 31st day of March, 2008.



THE PMI GROUP, INC.By

/s/ L. Stephen SmithName: L. Stephen SmithTitle:   Chief Executive Officer




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INDEX TO EXHIBITS



|              |  |                                                                                                                                                                                                                                                                                                                                                                           
|------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNumber |  | Description of Exhibit                                                                                                                                                                                                                                                                                                                                                    
|              | 
|3.1           |  | Restated Certificate of Incorporation (incorporated by reference to exhibit 3.1 to Amendment No. 1 to the registrants Registration Statement on Form S-1 (No. 33-88542), filed on March 2,
1995).                                                                                                                                                                        
|              | 
|3.1a          |  | Certificate of Amendment of Certificate of Incorporation (incorporated by reference to exhibit 3.1 to the registrants quarterly report on Form 10-Q for the quarter ended June 30, 2002,
filed on August 14, 2002 (File No. 001-13664)).                                                                                                                                 
|              | 
|3.2           |  | Amended and Restated Bylaws (incorporated by reference to exhibit 3.2 to the registrants annual report on Form 10-K for the year ended December 31, 2002, filed on March 28, 2003 (File No.
001-13664)).                                                                                                                                                                 
|              | 
|4.1           |  | Specimen common stock certificate (incorporated by reference to exhibit 4.1 to Amendment No. 1 to the registrants Registration Statement on Form S-1 (No. 33-88542), filed on March 2,
1995).                                                                                                                                                                            
|              | 
|4.2           |  | Rights Agreement (including form of rights certificate and certificate of designation) dated as of January 26, 1998, between The PMI Group, Inc. and Mellon Investor Services LLC (formerly known
as ChaseMellon Shareholder Services, L.L.C. (incorporated by reference to exhibit 99.1 to the registrants Form 8-A12B, filed on February 2, 1998 (File No. 001-13664)).
|              | 
|4.2a          |  | Amendment to Rights Agreement, dated as of November 15, 2007, between The PMI Group, Inc. and American Stock Transfer & Trust Company.                                                                                                                                                                                                                                    
|              | 
|4.3           |  | Junior Subordinated Indenture, dated as of February 4, 1997, between The PMI Group, Inc. and The Bank of New York, Inc., as Trustee (incorporated by reference to exhibit 4.3 to the
registrants annual report on Form 10-K for the year ended December 31, 1996, filed on March 31, 1997 (File No. 001-13664)).                                                         
|              | 
|4.4           |  | Indenture, dated as of November 3, 2003, between The PMI Group, Inc. and The Bank of New York, as trustee (incorporated by reference to exhibit 10.30 to the registrants annual report on
Form 10-K for the year ended December 31, 2003, filed on March 15, 2004 (File No. 001-13664)).                                                                                 
|              | 
|4.5           |  | Supplemental Indenture No. 1, dated as of November 3, 2003, between The PMI Group, Inc. and The Bank of New York, as trustee (incorporated by reference to exhibit 10.31 to the registrants
annual report on Form 10-K for the year ended December 31, 2003, filed on March 15, 2004 (File No. 001-13664)).                                                              
|              | 
|10.1*         |  | The PMI Group, Inc. Amended and Restated Equity Incentive Plan (Amended September 19, 2007), incorporated by reference to exhibit 10.2 to the registrants current report on Form 8-K, filed
on September 25, 2007 (File No. 001-13664).                                                                                                                                  
|              | 
|10.1a*        |  | Amendment No. 1, effective November 14, 2007, to The PMI Group, Inc. Amended and Restated Equity Incentive Plan (Amended September 19, 2007).                                                                                                                                                                                                                             
|              | 
|10.2*         |  | The PMI Group, Inc. Directors Deferred Compensation Plan, amended and restated as of July 21, 1999 (incorporated by reference to exhibit 4.2 to the registrants Registration Statement
on Form S-8 (No. 333-32190), filed on March 10, 2000).                                                                                                                           
|              | 
|10.2a*        |  | Amendment No. 1 to The PMI Group, Inc. Directors Deferred Compensation Plan (incorporated by reference to exhibit 10.5A to the registrants current report on Form 8-K, filed on
December 20, 2004 (File No. 001-13664)).                                                                                                                                                
|              | 
|10.3*         |  | The PMI Group, Inc. 2005 Directors Deferred Compensation Plan (September 20, 2007 Restatement) (incorporated by reference to exhibit 10.6 to the registrants quarterly report on Form
10-Q for the quarter ended September 30, 2007, filed on November 7, 2007 (File No. 001-13664)).                                                                                   



---

|       |  |                                                                                                                                                                                                                                                                                                                   
|------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       | 
|10.3a* |  | Amendment No. 1, effective February 20, 2008, to The PMI Group, Inc. 2005 Directors Deferred Compensation Plan (September 20, 2007 Restatement).                                                                                                                                                                 
|       | 
|10.4*  |  | The PMI Group, Inc. Officer Deferred Compensation Plan (effective July 1, 1997) (incorporated by reference to Appendix D to the registrants proxy statement filed on April 22, 2004 (File
No. 001-13664)).                                                                                                       
|       | 
|10.4a* |  | Amendment No. 1 to The PMI Group, Inc. Officer Deferred Compensation Plan, dated December 22, 2004 (incorporated by reference to exhibit 10.21a to the registrants current report on Form
8-K, filed on December 22, 2004 (File No. 001-13664)).                                                                 
|       | 
|10.4b* |  | Amendment No. 2 to The PMI Group, Inc. Officer Deferred Compensation Plan (incorporated by reference to exhibit 4.1 to the registrants Registration Statement on Form S-8, filed on December
2, 2005 (File No. 333-130103)).                                                                                     
|       | 
|10.5*  |  | The PMI Group, Inc. 2005 Officer Deferred Compensation Plan (September 19, 2007 Restatement), incorporated by reference to exhibit 10.1 to the registrants current report on Form 8-K, filed
on September 25, 2007 (File No. 001-13664).                                                                         
|       | 
|10.5a* |  | Amendment No. 1, effective February 20, 2008, to The PMI Group, Inc. The PMI Group, Inc. 2005 Officer Deferred Compensation Plan (September 19, 2007 Restatement) (incorporated herein by
reference to exhibit 10.1 the registrants current report on Form 8-K, filed on February 26, 2008 (File No. 001-13664)).
|       | 
|10.6*  |  | Form of Indemnification Agreement between The PMI Group, Inc. and certain of its officers and directors (incorporated by reference to exhibit 10.15 to the registrants quarterly report on
Form 10-Q for the quarter ended June 30, 2003, filed on August 14, 2003 (File No. 001-13664)).                        
|       | 
|10.7*  |  | Form of Change of Control Employment Agreement (incorporated by reference to exhibit 10.20 to the registrants annual report on Form 10-K for the year ended December 31, 2002, filed on
March 28, 2003 (File No. 001-13664)).                                                                                    
|       | 
|10.8*  |  | Form of Stock Option Agreement for Employees (incorporated by reference to exhibit 10.24 to the registrants report on Form 8-K, filed on February 23, 2005 (File No.
001-13664)).                                                                                                                                
|       | 
|10.8a* |  | Form of Amendment to Stock Option Agreement for Employees (incorporated by reference to exhibit 10.5 to the registrants quarterly report on Form 10-Q for the quarter ended June 30, 2005,
filed on August 5, 2005 (File No. 001-13664)).                                                                        
|       | 
|10.9*  |  | Form of Stock Option Agreement for Directors (incorporated by reference to exhibit 10.26 to the registrants quarterly report on Form 10-Q for the quarter ended June 30, 2003, filed on
August 14, 2003 (File No. 001-13664)).                                                                                   
|       | 
|10.10* |  | Form of Restricted Stock Agreement (incorporated by reference to exhibit 10.39 to the registrants current report on Form 8-K, filed on May 20, 2005 (File No. 001-13664)).                                                                                                                                       
|       | 
|10.11* |  | Form of Performance Share Agreement (incorporated by reference to exhibit 10.37 to the registrants annual report on Form 10-K for the year ended December 31, 2003, filed on March 15, 2004
(File No. 001-13664)).                                                                                               
|       | 
|10.12* |  | Form of Stock Unit Agreement for Non-Employee Directors (incorporated by reference to exhibit 10.39 to the registrants current report on Form 8-K, filed on October 15, 2004 (File No.
001-13664)).                                                                                                              
|       | 
|10.13* |  | Summary of Compensation Arrangements Applicable to The PMI Group, Inc. Directors, Effective May 18, 2007 (incorporated by reference to Exhibit 10.1 to the registrants quarterly report on
Form 10-Q for the second quarter of 2007, filed on August 6, 2007 (File No. 001-13664)).                              
|       | 
|10.14* |  | The PMI Group, Inc. Supplemental Employee Retirement Plan Effective April 1, 1995 (Amended and Restated as of September 1, 2007) (incorporated by reference to exhibit 10.4 to the
registrants current report on Form 8-K, filed on September 25, 2007 (File No. 001-13664)).                                    
|       | 
|10.15* |  | The PMI Group, Inc. Additional Benefits Plan (September 1, 2007 Restatement) (incorporated by reference to exhibit 10.5 to the registrants current report on Form 8-K, filed on September
25, 2007 (File No. 001-13664)).                                                                                        





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|       |  |                                                                                                                                                                                                                                                                                                                                                                                                 
|------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       | 
|10.16* |  | The PMI Group, Inc. Bonus Incentive Plan (September 19, 2007 Amendment and Restatement) (incorporated by reference to exhibit 10.3 to the registrants current report on Form 8-K, filed on
September 25, 2007 (File No. 001-13664)).                                                                                                                                                           
|       | 
|10.17* |  | The PMI Group, Inc. Retirement Plan (September 1, 2007 Restatement) (incorporated by reference to exhibit 10.7 to the registrants quarterly report on Form 10-Q for the quarter ended
September 30, 2007, filed on November 7, 2007 (File No. 001-13664)).                                                                                                                                     
|       | 
|10.18  |  | Form of 1984 Master Policy of PMI Mortgage Insurance Co. (incorporated by reference to exhibit 10.5 to the registrants Registration Statement on Form S-1 (No. 33-88542), filed on January
17, 1995).                                                                                                                                                                                          
|       | 
|10.19  |  | Form of 1994 Master Policy of PMI Mortgage Insurance Co. (incorporated by reference to exhibit 10.6 to the registrants Registration Statement on Form S-1 (No. 33-88542), filed on January
17, 1995).                                                                                                                                                                                          
|       | 
|10.20  |  | Amended CMG Shareholders Agreement, dated as of June 1, 2003, between CUNA Mutual Investment Corporation and PMI Mortgage Insurance Co. (incorporated by reference to exhibit 10.8 the
registrants annual report on Form 10-K for the year ended December 31, 2003, filed on March 15, 2004 (File No. 001-13664)).                                                                             
|       | 
|10.21  |  | Runoff Support Agreement, dated October 28, 1994, between Allstate Insurance Company, The PMI Group, Inc. and PMI Mortgage Insurance Co. (incorporated by reference to exhibit 10.8 to Amendment
No. 1 to the registrants Registration Statement on Form S-1 (No. 33-88542), filed on March 2, 1995).                                                                                          
|       | 
|10.22  |  | Form of Tax Sharing Agreement among The PMI Group, Inc., The PMI Group, Inc.s subsidiaries, The Allstate Corporation, Allstate Insurance Company and Sears, Roebuck and Co. (incorporated by
reference to exhibit 10.17 to Amendment No. 1 to the registrants Registration Statement on Form S-1 (No. 33-88542), filed on March 2, 1995).                                                     
|       | 
|10.23  |  | Mortgage Insurance Variable Quota Share Reinsurance Treaty effective January 1, 1991 issued to PMI Mortgage Insurance Co. by Hannover Ruckversicherungs-Aktiengesellschaft (Hannover)
(incorporated by reference to exhibit 10.18 to the registrants Registration Statement on Form S-1 (No. 33-88542), filed on January 17, 1995).                                                          
|       | 
|10.23a |  | First Amendment to Mortgage Insurance Variable Quota Share Reinsurance Treaty made as of January 1, 1992 between Hannover and PMI Mortgage Insurance Co. (incorporated by reference to the exhibit
10.19 to registrants Registration Statement on Form S-1 (No. 33-88542), filed on January 17, 1995).                                                                                         
|       | 
|10.24  |  | First Amendment to the Quota Share Primary Mortgage Reinsurance Agreement (No. 15031-940) made as of October 1, 1994 between PMI Mortgage Insurance Co. and Capital Mortgage Reinsurance Company
(incorporated by reference to exhibit 10.22 to the registrants Registration Statement on Form S-1 (No. 33-88542), filed on January 17, 1995).                                                 
|       | 
|10.25  |  | Per Mortgage Excess of Loss Reinsurance Treaty effective January 1, 1994 issued to PMI Mortgage Insurance Co. by Hannover (incorporated by reference to exhibit 10.25 to the registrants
Registration Statement on Form S-1 (No. 33-88542), filed on January 17, 1995).                                                                                                                        
|       | 
|10.26  |  | The Guarantee Agreement, dated February 4, 1997, between The PMI Group, Inc. (as Guarantor) and The Bank of New York (as Trustee) (incorporated by reference to exhibit 10.29 to the
registrants annual report on Form 10-K for the year ended December 31, 1996, filed on March 31, 1997 (File No. 001-13664)).                                                                               
|       | 
|10.27  |  | Amended and Restated Trust Agreement, dated as of February 4, 1997, among The PMI Group, Inc., as Depositor, The Bank of New York, as Property Trustee, and The Bank of New York (Delaware), as
Delaware Trustee (incorporated by reference to exhibit 10.30 to the registrants annual report on Form 10-K for the year ended December 31, 1996, filed on March 31, 1997 (File No. 001-13664)).



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|       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|------ |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       | 
|10.28  |  | Stockholders Agreement, dated as of August 3, 2003, among Falcons Acquisition Corp., The PMI Group, Inc., Blackstone Capital Partners IV L.P., Blackstone Capital Partners IV-A L.P.
and Blackstone Family Investment Partnership IV-A L.P., Cypress Merchant Banking Partners II L.P., Cypress Merchant Banking II C.V., Cypress Side-by-Side LLC, 55th Street Partners II L.P., CIVC/FGIC Investment Company LLC, CIVC Partners Fund III,
L.P., CIVC Partners Fund IIIA, L.P., and the management investors listed therein and any other management investors who subsequently become a party to the agreement (Stockholders Agreement) (incorporated by reference to exhibit
99.1 to the registrants current report on Form 8-K, filed on August 6, 2003 (File No. 001-13664)).
|       | 
|10.28a |  | First Amendment to Stockholders Agreement, dated as of December 18, 2003 (incorporated by reference to exhibit 10.26a to the registrants annual report on Form 10-K for the year ended
December 31, 2004, filed on March 11, 2005 (File No. 001-13664)).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|       | 
|10.28b |  | Second Amendment to Stockholders Agreement, dated as of February 24, 2004 (incorporated by reference to exhibit 10.26b to the registrants annual report on Form 10-K for the year
ended December 31, 2004, filed on March 11, 2005 (File No. 001-13664)).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|       | 
|10.28c |  | Third Amendment to Stockholders Agreement, dated as of July 14, 2004 (incorporated by reference to exhibit 10.26c to the registrants annual report on Form 10-K for the year ended
December 31, 2004, filed on March 11, 2005 (File No. 001-13664)).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       | 
|10.28d |  | Fourth Amendment to Stockholders Agreement, dated as of October 25, 2005 (incorporated by reference to exhibit 10.26d to the registrants annual report on Form 10-K for the year ended
December 31, 2005, filed on March 14, 2006 (File No. 001-13664)).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|       | 
|10.28e |  | Fifth Amendment to Stockholders Agreement, dated as of January 31, 2006 (incorporated by reference to exhibit 10.26e to the registrants annual report on Form 10-K for the year ended
December 31, 2005, filed on March 14, 2006 (File No. 001-13664)).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|       | 
|10.29  |  | Equity Commitment Letter, dated as of August 3, 2003, signed by The PMI Group, Inc, Falcons Acquisition Corp., FGIC Holdings, Inc. and General Electric Capital Corporation (incorporated by
reference to exhibit 99.2 to the registrants current report on Form 8-K, filed on August 6, 2003 (File No. 001-13664)).`                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       | 
|10.30  |  | Form of Note (included in Exhibit 4.5).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|       | 
|10.31  |  | Form of 6.000% Senior Note due 2016 (incorporated by reference to exhibit 10.2 to the registrants quarterly report on Form 10-Q for the quarter ended September 30, 2006, filed on November
7, 2006 (File No. 001-13664)).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|       | 
|10.32  |  | Form of 6.25% Senior Note due 2036 (incorporated by reference to exhibit 10.3 to the registrants quarterly report on Form 10-Q for the quarter ended September 30, 2006, filed on November
7, 2006 (File No. 001-13664)).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|       | 
|10.33  |  | Option Agreement and Contingent Payment Agreement, dated August 12, 2005 among The PMI Group, Inc., Credit Suisse First Boston (USA), Inc., FSA Portfolio Management, Inc., SPS Holding Corp.,
Select Portfolio Servicing, Inc. and Greenrange Partners LLC (incorporated by reference to exhibits 10.1 and 10.2 to the registrants current report on Form 8-K, filed on August 16, 2005 (File No. 001-13664)).                                                                                                                                                                                                                                                                                                                                                                       
|       | 
|10.33a |  | First Amendment to the Option Agreement and Contingent Payment Agreement, dated as of October 4, 2005 among The PMI Group, Inc., Credit Suisse First Boston (USA), Inc., FSA Portfolio Management,
Inc., SPS Holding Corp., Select Portfolio Servicing, Inc. and Greenrange Partners LLC (incorporated by reference to exhibit 10.1 to the registrants current report on Form 8-K, filed on October 11, 2005 (File No. 001-13664)).                                                                                                                                                                                                                                                                                                                                                   
|       | 
|10.34  |  | Revolving Credit Agreement, dated as of October 24, 2006, among The PMI Group, Inc., as Borrower, Bank of America, N.A., as Administrative Agent, and the Lenders Party thereto (Revolving
Credit Agreement) (incorporated by reference to exhibit 10.10.1 to the registrants current report on Form 8-K, filed on October 30, 2006 (File No. 001-13664)).                                                                                                                                                                                                                                                                                                                                                                                                                          
|       | 
|10.35* |  | Form of Stock Unit Agreement for Employees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|       | 
|10.36  |  | Amendment No. 1, dated as of March 16, 2008, to Revolving Credit Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|       | 
|11.1   |  | Statement re: Computation of Net Income Per Share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|       | 
|12.1   |  | Statement re: Computation of Ratio of Earnings to Fixed Charges.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       





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|      |  |                                                                                                                                                                                                   
|----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      | 
|21.1  |  | Subsidiaries of the Registrant.                                                                                                                                                                   
|      | 
|23.1  |  | Consents of Ernst & Young LLP.                                                                                                                                                                    
|      | 
|23.1b |  | Consent of Ernst & Young LLP relating to FGIC Corporation.                                                                                                                                        
|      | 
|31.1  |  | Certificate of Chief Executive Officer.                                                                                                                                                           
|      | 
|31.2  |  | Certificate of Chief Financial Officer.                                                                                                                                                           
|      | 
|32.1  |  | Certificate of Chief Executive Officer.                                                                                                                                                           
|      | 
|32.2  |  | Certificate of Chief Financial Officer.                                                                                                                                                           
|      | 
|99.1  |  | PMI Mortgage Insurance Ltd and Subsidiaries Consolidated Financial Statements for the years ended December 31, 2007, 2006 and 2005 (with Report of Independent Registered Public Accounting
Firm).
|      | 
|99.2  |  | FGIC Corporation and Subsidiaries Consolidated Financial Statements for the years ended December 31, 2007, 2006 and 2005 (with Report of Independent Registered Public Accounting
Firm).          



|* | Management or director contract or compensatory plan or arrangement
|- | -------------------------------------------------------------------