Most of the nation's bank regulators don't have an adequate understanding that their role as public servants involves protecting the public, not merely serving the interests of regulated banks. Over at the Federal Deposit Insurance Corporation (FDIC), Chair Sheila Bair and Vice-Chair Marty Gruenberg have a different plan. They're public servants who try and make safe and sound regulatory policy as if people mattered. In today's New York Times, Bair's op-ed column Fix Rates to Save Loans says that subprime servicers and lenders should work with borrowers to restructure costly and dangerous 2/28 and similar mortgages into fixed rate loans, as she proposes an effort to save homes, and neighborhoods: "Subprime borrowers need a better deal -- one that they can afford."