Can This Crazy Idea To Lower Mortgage Payments Work?

I have this crazy idea and I’m definitely no financial whiz or economist.  It is possible for the government to come in and buy up a bunch of mortgages from the banks and refinance everyone’s mortgage at market rate while financing this with low interest Treasury bonds sold to the Chinese?  At the same time, this would free up a bunch of cash for the banks to lend.

This way, the federal government can stimulate the economy because the banks would have more cash while homeowners would have more cash because of lower interest payments while the government  can make a few hundred billions on the side, say, maybe to cut federal deficit deficit?

I’m bringing this up because not a lot of homeowners can get the really low interest rates anyway.

Don’t know if this is plausible or not.  Would anyone out there shed some light on this?  Or maybe Beijing should lend money directly to the American consumers instead of the federal government - they'll probably get better interest rates than what they're getting from the Treasury bonds.

Chances are, any money freed from lower mortgage rates will end up buying Chinese goods anyway.