PMI GROUP INC
EX-10.1
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<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>EXHIBIT 10.1</B></FONT>



<P align="center" style="font-size: 12pt"><B>AMENDMENT NO. 1 TO<BR>
THE PMI GROUP, INC.<BR>
2005 OFFICER DEFERRED COMPENSATION PLAN<BR>
(September&nbsp;19, 2007 Restatement)</B>



<P align="left" style="font-size: 12pt; text-indent: 4%">THE PMI GROUP, INC., having adopted The PMI Group, Inc. 2005 Officer Deferred Compensation
Plan (the &#147;Plan&#148;) effective as of January&nbsp;1, 2005, and having amended and restated the Plan
effective as of September&nbsp;19, 2007, hereby amends the restated Plan as follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">1.&nbsp;The first sentence of Section&nbsp;3.7 is amended by deleting the phrase &#147;Section&nbsp;3.5 and/or
Section&nbsp;3.6&#148; therefrom and substituting the phrase &#147;Sections&nbsp;3.5, 3.6 and/or 3.9 (as applicable)&#148;
therefor.

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    <TD valign="top">2.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">A new Section&nbsp;3.9 is added immediately after Section&nbsp;3.8 to read as follows:</TD>
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    <TD align="left" valign="top">&#147;3.9
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Special Payment Elections in 2008</B>.</TD>
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<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 8%">3.9.1 <B>Election Requirements</B>. In accordance with the transition relief provided
in Internal Revenue Service (&#147;IRS&#148;) Notice 2006-79, as modified by IRS Notice
2007-86, and notwithstanding any contrary Plan provision, a Participant may change
his or her election(s) under Sections&nbsp;3.5, 3.6 and/or 3.7 (as applicable) for
amounts credited to the Participant&#146;s Account(s) with respect to the 2005 through
2008 Plan Years, and make new election(s) regarding the form and/or time of payment
for the amounts credited to each such Account in accordance with the following
requirements:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 11%">(a)&nbsp; <B>General</B>. The Participant shall make such new election (the &#147;New
Election&#148;) by submitting a properly completed election form to the Committee, in the
form prescribed by the Committee, on or before the deadline established by the
Committee, which in no event may be later than December&nbsp;31, 2008.


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 11%">(b) <B>Form of Payment</B>. Subject to Sections&nbsp;5 and 9.4, the Participant shall
indicate on his or her New Election the form of payment for the Account. The
Participant may elect either (i)&nbsp;a single lump sum cash payment, or (ii)&nbsp;a fixed
number of substantially equal annual cash installment payments (not to exceed ten
(10)), as specified in the New Election. However, any vested Company Contributions
that are credited to the Account shall be paid in the form of whole Shares (with the
balance, if any, in cash), payable on the Payment Date that immediately follows the
end of the term of deferral elected by the Participant pursuant to his or her New
Election, provided that if the Participant receives installments, the Shares shall
be paid with the first such installment.


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 11%">(c) <B>Term of Deferral</B>. Subject to Sections&nbsp;5 and 9.4, the Participant shall
indicate on his or her New Election the time of payment for the Account. The
Participant may elect a term of deferral equal to any whole number of months or such
other period specified in the New Election; provided, however, that the New Election
may apply only to amounts that would not otherwise be payable to the Participant (or
his or her Beneficiary) in 2008 and may not cause an amount to be paid to the
Participant (or his or her Beneficiary) in 2008 that would not otherwise be payable
in 2008.


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 11%">(d) <B>Irrevocability</B>. Any election under this Section&nbsp;3.9 shall be
irrevocable, except to the limited extent provided in Section&nbsp;3.7.


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 8%">3.9.2 <B>Effect of New Election. A</B>ny election under this Section&nbsp;3.9 shall not
be treated as a change in the time or form of payment or an acceleration of a
payment under Section&nbsp;409A of the Code.&#148;


<P align="left" style="margin-right:4%; font-size: 12pt; text-indent: 4%">3. The first sentence of Section&nbsp;5.1 is amended in its entirety to read as follows:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">&#147;Subject to the other provisions of this Section&nbsp;5, a distribution of the vested
balance credited to a Participant&#146;s Account shall be made or commenced on the
Payment Date that immediately follows the end of the term(s) of deferral elected by
the Participant under Section&nbsp;3.6, 3.7 or 3.9 (as applicable) or as soon as
administratively practicable thereafter, and in the form elected by the Participant
under Section&nbsp;3.5, 3.7 or 3.9 (as applicable), in accordance with the following
rules.&#148;


<P align="left" style="margin-right:4%; font-size: 12pt; text-indent: 4%">4. This Amendment No.&nbsp;1 to the restated Plan will be effective as of February&nbsp;20,
2008.


<P align="left" style="margin-right:4%; font-size: 12pt; text-indent: 4%">IN WITNESS WHEREOF, The PMI Group, Inc., by its duly authorized officer, has executed
this Amendment No.&nbsp;1 to the restated Plan as of the date specified below.


<P align="left" style="font-size: 12pt; text-indent: 23%">THE PMI GROUP, INC.

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: February&nbsp;25, 2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By /s/ Charles Broom</TD>
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&nbsp;</DIV></TD>
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&nbsp;</DIV></TD>
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    <TD align="left" valign="top">Charles Broom<BR>
Senior Vice President, Human Resources</TD>
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