Exhibit 12.1



THE PMI GROUP, INC. AND SUBSIDIARIES



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)



|                                                                                                           |  |                                   |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|---------------------------------------------------------------------------------------------------------- |  | --------------------------------- | -------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                                                           |  | Year Ended December 31,           |         
|                                                                                                           |  | 2006                              |          |   | 2005 |   |         | 2004 |  |   | 2003    |   |  | 2002 |        
|                                                                                                           |  | (In thousands, except for ratios) |         
|Earnings                                                                                                   |  |                                   |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Income from continuing operations before income taxes                                                      |  | $                                 | 559,715  |   |      | $ | 540,831 |      |  | $ | 478,991 |   |  | $    | 393,122 |   |  | $ | 450,162 |  
|Less: Equity in earnings from unconsolidated subsidiaries                                                  |  |                                   | (127,309 | ) |      |   | (97,885 | )    |  |   | (83,554 | ) |  |      | (4,597  | ) |  |   | (44,225 | )
|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                                     |  |                                   | 17,439   |   |      |   | 7,190   |      |  |   | 1,007   |   |  |      | 157     |   |  |   | 5,798   |  
|Less: Interest capitalized, net of amortization expense                                                    |  |                                   | 482      |   |      |   | (3,296  | )    |  |   |        |   |  |      |        |   |  |   |        |  
|Fixed charges                                                                                              |  |                                   | 43,315   |   |      |   | 47,177  |      |  |   | 49,701  |   |  |      | 40,414  |   |  |   | 30,599  |  
|                                                                                                           |  |                                   |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total earnings                                                                                             |  | $                                 | 493,642  |   |      | $ | 493,075 |      |  | $ | 446,909 |   |  | $    | 398,000 |   |  | $ | 465,705 |  
|                                                                                                           |  |                                   |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed charges                                                                                              |  |                                   |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest expense, distributions on mandatorily redeemable preferred securities and capitalized interest(1) |  | $                                 | 40,359   |   |      | $ | 34,927  |      |  | $ | 34,626  |   |  | $    | 24,491  |   |  | $ | 21,684  |  
|Interest expense of unconsolidated subsidiaries with greater than 50% ownership                            |  |                                   |         |   |      |   | 9,781   |      |  |   | 12,744  |   |  |      | 12,389  |   |  |   | 5,493   |  
|Interest component of rent expense(2)                                                                      |  |                                   | 2,956    |   |      |   | 2,469   |      |  |   | 2,331   |   |  |      | 3,534   |   |  |   | 3,422   |  
|                                                                                                           |  |                                   |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total fixed charges                                                                                        |  | $                                 | 43,315   |   |      | $ | 47,177  |      |  | $ | 49,701  |   |  | $    | 40,414  |   |  | $ | 30,599  |  
|                                                                                                           |  |                                   |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of earnings to fixed charges                                                                         |  |                                   | 11.40    |   |      |   | 10.45   |      |  |   | 8.99    |   |  |      | 9.85    |   |  |   | 15.22   |  
|                                                                                                           |  |                                   |          |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  

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(1) 2006 includes
net costs to exchange and extinguish long-term debt

(2) Represents an estimated interest factor