$700 Billion Alternative

Here's an idea that should spark some debate:

Take $700 Billion and distribute among every American homeowner - effectively paying down up to 10% or so of every homeowner's outstanding mortgage balance.  Couple this taxpayer/homeowner payout with a lender requirement to modify all 1st mortgage notes carrying an interest rate of 8% or higher to a lower rate.  This provides instant equity and affordability for existing homeowners, stops the foreclosure process in its tracks and would offer immediate relief to our heavily depressed real estate market.

Bill Gates, Cindy McCain, Warren Buffet, Ted Turner, and the Bush Family can pool their vast resources with Exxon and Shell to bail the banks out.