December 31, 2011 Projected Default to Claim Rate Gross (1) Net (2) Cure % During the Quarter Reserve for Losses % of Reserve ($ in thousands) # % % % % $ % Missed payments: Three payments or less. . . . . . . 21,796 19.7% 23% 21% 24.1% $ 214,660 8.1% Four to eleven payments. . . . . . 28,149 25.4 47 42 11.6 582,637 21.9 Twelve payments or more. . . . . 44,505 40.1 57 46 4.7 1,149,631 43.2 Pending claims . . . . . . . . . . . . . 16,411 14.8 100 82 0.3 710,997 26.8 Total . . . . . . . . . . . . . . . . . . . . 110,861 100.0% 54% 45% 2,657,925 100.0% IBNR. . . . . . . . . . . . . . . . . . . . . 151,965 LAE and Other . . . . . . . . . . . . . 73,320 Total primary reserves. . . . . . $2,883,210 (1) Represents the weighted average default to claim rate before consideration of estimated rescissions and denials for each  category of defaulted loans.  (2) Net of estimate of rescissions and denials.  107