SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Porter Lloyd Anthony (Last) (First) (Middle) THE PMI GROUP, INC. 3003 OAK ROAD (Street) WALNUT CREEK CA 94597 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol PMI GROUP INC [ PMI ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Executive Vice President
	3. Date of Earliest Transaction (Month/Day/Year) 05/23/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/23/2007		M		2,271	A	$42.59	0(1)	D
Common Stock	05/23/2007		S		2,271	D	$49.72(2)	29,986(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option	$42.59	05/23/2007		M			2,271	09/07/2004(4)	02/12/2008	Common Stock	2,271	$0.00(5)	0	D
Phantom Stock	$0.00(6)	05/23/2007		I			1,215	05/22/2007(7)	05/22/2007(8)	Common Stock	1,215	$49.84	15,471	D

Explanation of Responses:

1. See last row of Table I for total.

2. Shares were sold at the following prices: $49.70, $49.71, $49.72, $49.74.

3. Reporting person's direct holdings include 25,000 shares of restricted common stock. Indirect holdings consist of 657 shares of Common Stock under The PMI Group, Inc. Savings and Profit-Sharing Plan.

4. Granted under The PMI Group, Inc. Equity Incentive Plan, exempt under Rule 16b-3. Stock options are immediately exercisable on the date of the grant.

5. Not applicable. Granted under The PMI Group, Inc. Equity Incentive Plan, exempt under Rule 16b-3.

6. 1-for-1 conversion.

7. Immediately exercisable.

8. Phantom stock units are to be settled on the payment date determined under The PMI Group, Inc. Officer Deferred Compensation Plan and may be transferred by the reporting person into an alternative investment account (subject to vesting requirements for company-match units).

Remarks:

	/s/ Lloyd A. Porter	05/25/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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