ORI's mortgage obligations are in runoff whereas its insurance lines are generating new sales and renewals. Those new sales and renewals are not related to its mortgage insurance division.
Once it's apparent that its strategy is working, the stock price will move. They don't have to eliminate all their obligations, it just has to be clear that they are going away. That should happen no later than 2013.
I have no interest in Fannie or Freddie. Different business models.