EXHIBIT 12

Radian Group Inc.

Ratio of Earnings to Fixed Charges and to Combined Fixed Charges and Preferred Stock Dividends

	FOR THE YEARS ENDED DECEMBER 31
	2006			2005			2004			2003			2002
Net earnings	$	582,172		$	522,854		$	518,653		$	385,901		$	427,169
Federal and state income taxes		231,097			217,485			206,939			145,578			174,107
Earnings before income taxes		813,269			740,339			725,592			531,479			601,276
Equity in net income of affiliates		(256,993	)		(217,692	)		(180,550	)		(105,476	)		(81,749	)
Distributed income from equity investees		150,609			144,161			82,300			27,450			20,137
Net earnings		706,885			666,808			627,342			453,453			539,664
Fixed charges:
Interest		48,149			43,043			34,660			37,542			28,824
One-Third of all rentals		3,255			2,852			2,669			3,162			2,362
Fixed charges		51,404			45,895			37,329			40,704			31,186
Preferred dividends		0			0			0			0			5,478
Fixed charges and preferred dividends		51,404			45,895			37,329			40,704			36,664
Net earnings and fixed charges	$	758,289		$	712,703		$	664,671		$	494,157		$	570,850
Net earnings, fixed charges and preferred dividends	$	758,289		$	712,703		$	664,671		$	494,157		$	576,328
		14.8	x		15.5	x		17.8	x		12.1	x		18.3	x
Ratio of net earnings and fixed charges to fixed charges
Ratio of net earnings, fixed charges and preferred stock dividends to fixed charges and preferred stock dividends		14.8	x		15.5	x		17.8	x		12.1	x		15.7	x