FDIC Chair Bair Wants Bailout of All Mortgages

FDIC Chairman Sheila Bair, rumored to be vying for an appointment to Treasury Secretary in an Obama Administration, seems to be vying for the job based on her statements about mortgage bailouts.

Bair has criticized the latest efforts by Fannie and Freddie to restructure hundreds of thousands of mortgages as "insufficient." What is sufficient, you might ask? It appears that Bair would like to see the federal government bail out every underwater mortgage owner in the country.

Hey, let's give everyone $1 million cash while we're at it.