I don't understand the House Republicans' "plan"

The most I've seen of it is a one-page PDF over at Marc Ambinder's blog. How is insurance supposed to keep the costs off the taxpayer? Either we buy it, and if it's worthless we lose the money, or we insure it, and if it's worthless we lose the money. The other details of their program are laughable nibbles around the edges of the problem.

They shouldn't be getting any credit from the angry American people who don't want to bail out Wall Street. Either plan is ultimately a bailout paid by the taxpayers.