Foreclosures: President says some families will lose homes

Foreclosures are inevitable for some families, President Obama told a Wisconsin crowd Wednesday. Even with increased government spending, foreclosures will occur, he said.

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    Some US homeowners will lose their homes, regardless of government spending on the housing market, President Obama said Wednesday. Foreclosures continue to be a problem for a rebounding US economy. The President answers a question at a town-hall style event on the economy Wednesday at Racine Memorial Hall in Racine, Wis.
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President Barack Obama says that no matter how much the government spends, some people still won't be able to afford their mortgages and will lose their homes.

There are still underlying problems in the housing market, the president said, in part because "some people just got too much house for their salary."

Obama made his comments in response to a question Wednesday at a town hall event.

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He said that Wall Street overhaul legislation pending in Congress would help with regulations to ensure that people don't get "tricked" into buying homes they can't afford.

Said the president: "We don't want to go through anything like this again."

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