Exhibit 12.1

THE PMI GROUP, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

	Year Ended December 31,
	2005			2004			2003			2002			2001
	(In thousands, except for ratios)
Earnings
Income from continuing operations before income taxes	$	540,831		$	478,991		$	393,122		$	450,162		$	432,272
Less: Equity in earnings from unconsolidated subsidiaries		(97,885	)		(83,554	)		(4,597	)		(44,225	)		(18,788	)
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		7,190			1,007			157			5,798			—
Less: Interest capitalized, net of amortization expense		(3,296	)		—			—			—			—
Fixed charges		47,177			49,701			40,414			30,599			27,173
Total earnings	$	493,075		$	446,909		$	398,000		$	465,705		$	440,657
Fixed charges
Interest expense, distributions on mandatorily redeemable preferred securities and capitalized interest	$	34,927		$	34,626		$	24,491		$	21,684		$	22,822
Interest expense of unconsolidated subsidiaries with greater than 50% ownership		9,781			12,744			12,389			5,493			—
Interest component of rent expense (1)		2,469			2,331			3,534			3,422			4,351
Total fixed charges	$	47,177		$	49,701		$	40,414		$	30,599		$	27,173
Ratio of earnings to fixed charges		10.45			8.99			9.85			15.22			16.22

(1) Represents an estimated interest factor