So McCain wants to spend an additional 300 billion for the government to buy bad mortgages?

So now the maverick basically wants to nationalize bad mortgages. Isn't this the kind of socialism conservatives denounce? I understand how he wants to cut the 17 billion in earmarks from the federal budget, but 17 billion is a drop in the bucket compared to an addtional 300 billion! On top of are 10 trillion dollar national debt! And who is going to pay for this considering he is going to cut taxes even more for the wealthiest and big corporations? I think its going to be the young people of the country who are going to get stuck with the bill when it comes due.