According to statistics on the White House's web site there are about 75M homeowners in the US. Instead of sending the $700B to the organizations that, as Ollie would say "got us into this mess" why don't we split the funds up amongst these US homeowners? The math comes to about $10K per home which in turn represents about 6 months of payment on the average mortgage. The money could be directly deposited into homeowner's mortgage accounts which in turn would save the banks and give the economy a kick start in re-energizing.
Now I don't have one of them fancy economics degree but this seems to be a win-win to me, unless you're a Wall Street type looking to get off scot-free that is.