Exhibit 12

MGIC INVESTMENT CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except for ratio data)

	Year ended December 31,
	2009			2008			2007			2006		2005
(Loss) income before taxes and equity investees	$	(1,765,053	)	$	(947,639	)	$	(2,234,654	)	$	525,328	$	656,493
Distributions from equity investees		—			22,204			51,512			150,549		144,161
Net (loss) earnings		(1,765,053	)		(925,435	)		(2,183,142	)		675,877		800,654
Fixed charges:
Interest expense (2)		65,485			65,659			41,130			38,473		39,905
Amortization of debt expense		23,781			15,415			856			875		1,186
Rent expense (1/3) (reasonable approximation of the interest factor)		3,531			4,074			3,888			3,624		3,694
Total fixed charges		92,797			85,148			45,874			42,972		44,785
Net (loss) earnings and fixed charges	$	(1,672,256	)	$	(840,287	)	$	(2,137,268	)	$	718,849	$	845,439
Ratio of net (loss) earnings and fixed charges to fixed charges			(1)			(1)			(1)		16.7		18.9

(1)

Total earnings were insufficient to cover fixed charges by $1.8 billion, $925.4 million and $2.2 billion in 2009, 2008 and 2007, respectively. Total losses for 2009 included an approximately $1.8 billion increase in net loss reserves. Total losses for 2008 included an approximately $1.9 billion increase in net loss reserves. Total losses for 2007 included an approximately $1.5 billion increase in net loss reserves and approximately $1.2 billion associated with establishing a premium deficiency reserve on our Wall Street bulk transactions. The loss before taxes and equity investees for 2007 excludes a $466 million impairment of our entire interests in C-BASS.

(2)

Interest expense excludes interest on uncertain tax positions.