Exhibit 12

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

	Year ended December 31,
	2008			2007			2006		2005		2004
(Loss) income before taxes and equity investees	$	(937,729	)	$	(2,234,654	)	$	525,328	$	656,493	$	591,777
Distributions from equity investees		22,204			51,512			150,549		144,161		82,300
Net (loss) earnings		(915,525	)		(2,183,142	)		675,877		800,654		674,077
Fixed charges:
Interest expense		65,660			41,130			38,473		39,905		40,046
Amortization of debt expense		5,504			856			875		1,186		1,085
Rent expense (1/3) (reasonable approximation of the interest factor)		4,074			3,888			3,624		3,694		3,911
Total fixed charges		75,238			45,874			42,972		44,785		45,042
Net (loss) earnings and fixed charges	$	(840,287	)	$	(2,137,268	)	$	718,849	$	845,439	$	719,119
Ratio of net (loss) earnings and fixed charges to fixed charges		(1	)		(1	)		16.7		18.9		16.0

(1) Total earnings were insufficient to cover fixed charges by $915.5 million and $2.2 billion in 2008 and 2007, respectively. 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, approximately $1.2 billion associated with establishing a premium deficiency reserve on our Wall Street bulk transactions, $466 million for the impairment of our entire interests in C-BASS and $50 million for the impairment of a note from C-BASS.