New delinquincies are about 3% per quarter. When they are 2%, MTG will break even. When they are below 2%, MTG will be profitable. The new delinquincies are decreasing about 22% per year.
Break even is 2014 to 2015. Profits will be shortly thereafter.
The company has cash to pay off 2015 debt. The GSEs appear to be patient. No other new debt is due until 2017.
Buy as much MTG as you feel comfortable owning and go work or go play golf for two years.
This is probably going to be a $30 stock in a few years, but not tomorrow.