uncertainty

Uncertainty in Madrid as court nixes partial virus lockdown

MADRID (AP) — A court in Madrid on Thursday struck down a national government order that imposed a partial lockdown in the Spanish capital and its suburbs, siding with regional officials who had resisted stricter measures against one of Europe’s most worrying virus clusters.

The judges said that travel restrictions in and out of the cities and other limitations might be necessary to fight the spread of the virus, but that under the current legal form they were violating residents’ “fundamental rights.”

Thursday’s decision means that police won’t be able to fine people for leaving their municipalities without a justification. It also leaves 4.8 million residents in Madrid and nine suburban towns wondering whether they can travel to other parts of Spain over a long weekend extended by Monday’s national day celebration.

Other restrictions not affected by the ruling include a six-person cap on gatherings and limits to restaurant, bar and shop capacity and opening hours.

Madrid has been at the center of a political impasse between Spain’s national and regional authorities that has irked many people, who see more partisan strategy taking place than real action against the pandemic. The two sides were meeting later Thursday.


The region has a 14-day infection rate of 591 coronavirus cases per 100,000 residents, more than twice Spain’s national average of 257 and five times the European average rate of 113 for the week ending Sept. 27.

Speaking at a parliamentary commission, Health Minister Salvador Illa pledged to “take the judicial decisions that better protect health.”

Madrid’s high population density and the fact that it attracts workers from many surrounding areas, Illa said, “make necessary to maintain a reinforced cooperation.”

The regional chief, Isabel Díaz Ayuso, has argued that milder measures are already flattening the region’s sharp infection curve and that the partial

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How one mortgage servicing company is prioritizing home retention during economic uncertainty

Nearly two years ago, Ocwen acquired PHH Corporation, and Glen Messina became the president and CEO of the newly combined companies. Today, Ocwen Financial Corporation is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. HousingWire spoke with Messina on the progress that’s been made in reshaping the mortgage servicer and originator, its evolving business model and its progress in turning around the company.

HousingWire: How does the Ocwen of today compare to the companies that merged two years ago?

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Glen Messina: The Ocwen of today is a different organization, and I believe we are stronger, more efficient and more diversified. We’ve transformed the business to be both a lender and servicer, and our originations business is growing at a very fast clip to keep up with demand.

In servicing, we are one of the largest and most experienced special servicers, managing more than 1.3 million borrowers, thousands of investors and more than 100 subservicing clients. At the end of Q2, we serviced more than $206 billion in UPB.

On the originations side, we’ve built a scalable, multi-channel lending platform that has grown volume by 16X in just the past year. In August, we originated more than $2.5 billion in loans and flow MSRs, which puts us at an annual run-rate of $30 billion.

One thing that hasn’t changed is our commitment to our customers – helping homeowners is one of our guiding principles and our mission is focused on creating positive outcomes for homeowners, communities and investors.

Financially, we are in the final stages of arguably the most significant turnaround in the mortgage industry – our profitability is improving, our originations business is rapidly growing and our strong subservicing and special servicing capabilities position us very well to continue

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