Oct 7th Presidential debate

Did I hear McCain suggest that all mortgages should be rewritten to reflect the current market value of the home?

How will that be paid for? or will the lenders just be expected to take a $25,000 to $75,000 loss

There are roughly 100 million homes owned in America, the avg home value is approximately 215,000 compared to 275,000 in 2005. If half of those homes have a mortgage $60,000 over the market value then McCain has just said we the tax payers will bail out 50 million homeowners to the tune of $3 TRILLION. These are rough estimates but you get the idea. I wonder what it will take for Americans to revolt?

Thomas Jefferson would be so proud of us.