a) The major (FHFA) hurdles seem to have been cleared, but on the last earnings call, I heard something about "State Approvals", so not sure where that stands. So far, it's still "Q4".
I had not considered the time value
b) I think that the uncertainty/time value of $$$ is what's causing the price difference, since COOP fell in sync with RKT when the FHFA news and limits came out...
I think that is very inciteful. It might even be a signal as to when things are imminent.