Those are some of the many details still to be worked out in the deal. The overall idea right now is to separate the wheat from the chaff so the wheat can hold its value. Then the fallout from the chaff can be dealt with after the credit market starts working again.
Eventually the bad loans and foreclosed houses will be dealt with by banks and the goverment, but first they have to be removed from the industry's books because they can't be properly valued at the current time. This uncertainty is freezing up credit as no one knows what any particular group of loans is worth (what percentage is bad, what percentage is good). All these loans need to be scooped up and reorganized into coherent groups with similar risks. That's the first priority, and the rest is still up for discussion for probably weeks (months, years) to come.
Someone does own all those houses, and if it wasn't so expensive to acquire them that way, and try to resell them in a down market, they could be rich. As it is, everybody is trying to say it's not their houses, including the purchasers in many instances. Eventually someone is going to have to take or share the loss on these houses and loans, but the longer we put that off, the more time the people whose greed got us into this mess have to run for cover.
