EXHIBIT 12

RADIAN GROUP INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except for ratio data)

STATEMENTS SETTING FORTH DETAILS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months Ended March 31 (unaudited)						COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
							FOR THE YEARS ENDED DECEMBER 31
	2003			2002			2002			2001			2000		1999		1998
Net earnings	$	104,772		$	103,933		$	427,169		$	360,419		$	248,938	$	148,138	$	142,237
Federal and state income taxes		41,801			42,517			174,107			145,112			103,532		71,328		55,676
Earnings before income taxes		146,573			146,450			601,276			505,531			352,470		219,466		197,913
Equity in net income of affiliates		(14,888	)		(18,620	)		(81,749	)		(41,309	)		0		0		0
Distributed income from equity investees		12,450			12,595			20,137			12,761			0		0		0
Net earnings		144,135			140,425			539,664			476,983			352,470		219,466		197,913
Fixed charges:
Interest		8,584			7,154			28,824			17,803			1,359		1,060		201
One-Third of all rentals		745			787			2,362			2,052			990		1,048		1,000
Fixed charges		9,329			7,941			31,186			19,855			2,349		2,108		1,201
Preferred dividends		0			825			5,478			3,300			3,300		3,300		3,300
Fixed charges and preferred dividends		9,329			8,766			36,664			23,155			5,649		5,408		4,501
Net earnings and fixed charges	$	153,464		$	148,366		$	570,850		$	496,838		$	354,819	$	221,574	$	199,114
Net earnings, fixed charges and preferred dividends	$	153,464		$	149,191		$	576,328		$	500,138		$	358,119	$	224,874	$	202,414
Ratio of net earnings and fixed charges to fixed charges		16.5x			18.7x			18.3x			25.0x			151.1x		105.1x		165.8x
Ratio of net earnings, fixed charges and preferred stock dividends to fixed charges and preferred stock dividends		16.5x			17.0x			15.7x			21.6x			63.4x		41.6x		45.0x