EXHIBIT 21.1

THE PMI GROUP, INC.  SUBSIDIARIES



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|Subsidiary Name                                                    |  | Jurisdiction of Incorporation
|                                                                   | 
|PMI Mortgage Insurance Co.                                         |  | Arizona                      
|                                                                   | 
|PMI Capital Corporation                                            |  | Delaware                     
|                                                                   | 
|PMI Guaranty Co.                                                   |  | New Jersey                   
|                                                                   | 
|Residential Guaranty Co.                                           |  | Arizona                      
|                                                                   | 
|PMI Mortgage Guaranty Co.                                          |  | Arizona                      
|                                                                   | 
|Residential Insurance Co.                                          |  | Arizona                      
|                                                                   | 
|TPG Insurance Co.                                                  |  | Vermont                      
|                                                                   | 
|PMI Mortgage Insurance Australia (Holdings) Pty Limited            |  | Australia                    
|                                                                   | 
|PMI Mortgage Insurance Ltd                                         |  | Australia                    
|                                                                   | 
|PMI Mortgage Insurance Asia Limited                                |  | Hong Kong                    
|                                                                   | 
|PMI Mortgage Insurance Holdings Canada Inc.                        |  | Canada                       
|                                                                   | 
|PMI Indemnity Limited                                              |  | Australia                    
|                                                                   | 
|TPG Reinsurance Company Limited                                    |  | Ireland                      
|                                                                   | 
|PMI Mortgage Insurance Company Limited                             |  | Ireland                      
|                                                                   | 
|PMI Insurance Services Limited                                     |  | United Kingdom               
|                                                                   | 
|PMI Plaza LLC                                                      |  | Delaware                     
|                                                                   | 
|RAM Holdings Ltd (unconsolidated, partially owned)                 |  | Bermuda                      
|                                                                   | 
|CMG Mortgage Insurance Company (unconsolidated, partially owned)   |  | Wisconsin                    
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|CMG Mortgage Reinsurance Company (unconsolidated, partially owned) |  | Wisconsin                    
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|CMG Mortgage Assurance Company (unconsolidated, partially owned)   |  | Wisconsin                    
|                                                                   | 
|FGIC Corporation (unconsolidated, partially owned)                 |  | Delaware