EXHIBIT 12.1



THE PMI GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)



|                                                                                                         |  |                                   |            |   |      |   |            |      |  |   |            |   |  |      |          |   |  |   |         |  
|-------------------------------------------------------------------------------------------------------- |  | --------------------------------- | ---------- | - | ---- | - | ---------- | ---- |  | - | ---------- | - |  | ---- | -------- | - |  | - | ------- | -
|                                                                                                         |  | Year Ended December 31,           |           
|                                                                                                         |  | 2009                              |            |   | 2008 |   |            | 2007 |  |   | 2006       |   |  | 2005 |         
|                                                                                                         |  | (In thousands, except for ratios) |           
|Earnings                                                                                                 |  |                                   |            |   |      |   |            |      |  |   |            |   |  |      |          |   |  |   |         |  
|(Loss) income from continuing operations before income taxes                                             |  | $                                 | (1,060,870 | ) |      | $ | (1,321,154 | )    |  | $ | (1,255,204 | ) |  | $    | 432,378  |   |  | $ | 415,501 |  
|Less: Equity in losses (earnings) from unconsolidated subsidiaries                                       |  |                                   | 12,019     |   |      |   | 51,802     |      |  |   | 741,500    |   |  |      | (127,309 | ) |  |   | (97,885 | )
|Add: Equity in losses from unconsolidated subsidiaries with greater than 50% ownership                   |  |                                   |           |   |      |   |           |      |  |   |           |   |  |      |         |   |  |   | (942    | )
|Add: Distributed earnings of subsidiaries with less than 50% ownership                                   |  |                                   | 10         |   |      |   | 100        |      |  |   | 18,317     |   |  |      | 17,439   |   |  |   | 7,190   |  
|Less: Interest capitalized, net of amortization expense                                                  |  |                                   | 553        |   |      |   | 520        |      |  |   | 558        |   |  |      | 482      |   |  |   | (3,296  | )
|Add: Fixed charges                                                                                       |  |                                   | 43,162     |   |      |   | 42,281     |      |  |   | 34,520     |   |  |      | 42,738   |   |  |   | 46,666  |  
|                                                                                                         |  |                                   |            |   |      |   |            |      |  |   |            |   |  |      |          |   |  |   |         |  
|Total (losses) earnings                                                                                  |  | $                                 | (1,005,126 | ) |      | $ | (1,226,451 | )    |  | $ | (460,309   | ) |  | $    | 365,728  |   |  | $ | 367,234 |  
|                                                                                                         |  |                                   |            |   |      |   |            |      |  |   |            |   |  |      |          |   |  |   |         |  
|Fixed charges                                                                                            |  |                                   |            |   |      |   |            |      |  |   |            |   |  |      |          |   |  |   |         |  
|Interest expense, distributions on mandatorily redeemable preferred securities and capitalized interest* |  | $                                 | 43,013     |   |      | $ | 41,007     |      |  | $ | 33,391     |   |  | $    | 40,234   |   |  | $ | 34,919  |  
|Interest expense of unconsolidated subsidiaries with greater than 50% ownership                          |  |                                   |           |   |      |   |           |      |  |   |           |   |  |      |         |   |  |   | 9,781   |  
|Interest component of rent expense**                                                                     |  |                                   | 149        |   |      |   | 1,274      |      |  |   | 1,129      |   |  |      | 2,504    |   |  |   | 1,966   |  
|                                                                                                         |  |                                   |            |   |      |   |            |      |  |   |            |   |  |      |          |   |  |   |         |  
|Total fixed charges                                                                                      |  | $                                 | 43,162     |   |      | $ | 42,281     |      |  | $ | 34,520     |   |  | $    | 42,738   |   |  | $ | 46,666  |  
|                                                                                                         |  |                                   |            |   |      |   |            |      |  |   |            |   |  |      |          |   |  |   |         |  
|Ratio of earnings to fixed charges                                                                       |  |                                   | ***        |   |      |   | ***        |      |  |   | ***        |   |  |      | 8.56     |   |  |   | 7.87    |  
|                                                                                                         |  |                                   |            |   |      |   |            |      |  |   |            |   |  |      |          |   |  |   |         |  



|* |  | 2006 includes net costs to exchange and extinguish long-term debt.
|- |  | ------------------------------------------------------------------

|** |  | Represents an estimated interest factor.
|-- |  | ----------------------------------------

|*** |  | As the results were net losses, total earnings were insufficient to cover fixed charges for the years ended December 31, 2009, 2008 and 2007. Total losses for 2009
included approximately $319.9 million of an increase in net loss reserves.Totallosses for 2008included approximately $1.1billionof anincrease in net loss reserves and a
$103.6million impairment of the investment in FGIC. Total losses for 2007 included approximately $795 million of increase in net loss reserves, $763.3 million in equity losses from FGIC, a $39 million partial impairment of the
investment in RAM Re and $36 million impairment of deferred policy acquisition costs.
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