Instead of bailing out greedy financial institutions, why didn't the US just buy all the nonperforming loans?

That would be work and the crooks could not make money the money would go to the people and and homes would not be appraised at ridiculous untouchable amounts of monies to sleep in since you need to work 60 hours to afford rent mortgages or whatever...Pitch a tent. shower at a gym....Do you think these people are interested in The American population or money????