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IMF Compares Ireland to Florida & California, Tells ICP of Faster Foreclosures

By Matthew Russell Lee

UNITED NATIONS, April 3 -- Amid reports that the International Monetary Fund is pushing Ireland to ease and speed up the repossession of homes for mortgage debt, Inner City Press on Wednesday asked the IMF's Ireland Mission Chief Craig Beaumont to compare the situation there to that in the United States.

Beaumont told Inner City Press that Ireland is “not too different from Florida, Nevada and California, where arrears rose quite high. There is something to be learned,” he said.

But what?

Beaumont said that the IMF “will be monitoring how the reform, removing an unintended barrier to repossession, how that impacts the actual number of cases moving forward and time taken to conclusion.”

Conclusion, it seems, is the loss of the home. Beaumont referred Inner City Press to the IMF's report under embargo until 11 am Wednesday, US East Coast time (4 pm in Dublin, from where Beaumont spoke). We'll have more on that. Watch this site.

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