McCain's Relief Plan

I watched the second debate last night between presidential contenders John McCain and Barack Obama. McCain adumbrated his relief package for homeowners and I don't think I like it. Unless I'm mistaken, he advocated buying outstanding home loans and issuing new ones based on the current, depressed home values. So the government is going to step in, buy up the $350,000 loan that I can't afford payments on, and give me a new one based on the reappraised value of, say, $200,000? Wouldn't everyone in America want to sign up for that? Haven't home values been falling in every market across the country? Is the federal government going to buy up every single outstanding loan and issue new lower ones for everyone? Is the federal government going to be the only lender in the nation? Or are they (prudently) going to extend this offer only to certain people? Who gets the relief? The idiots who signed up for these loans, knowing that they couldn't afford them? Fuck those guys. The only people who should be able to qualify are those in extenuating circumstances and I don't know how the government is going to decide what those are. And in 5 years when home values rise again, all these people can sell their homes for a huge profit. Why should people who borrowed money at rates they couldn't afford get that kind of a bonus? Unless the government can recuperate some of that money when home values go back up. But I don't know how that would work.