Federal Reserve Bank of Chicago president Charles Evans suggested Tuesday that the U.S. economy and the housing market have “a good ways” to go to recover from the financial crisis.

Evans, who will be a voting member of the Fed’s policymaking Federal Open Market Committee next year, said job losses are driving mortgage defaults and foreclosures. Despite government efforts to modify mortgage loans and limit foreclosures, millions of Americans are still losing their homes. He spoke at a meeting of the Indianapolis Neighborhood Housing Partnership.

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