Not Bush, Democrats in Congress
Bush tried to head off the loan collapse by requesting changes to loaning rules, but Barney Frank (backed up by Obama and Chris "low rate personal loans" Dodd wanted to "roll the dice some more."
Now as for the banks, it depends on exactly which ones you're talking about. Many have already repaid the Treasury, with interest. The ones who are pretty much Democrat subsidiaries, not so much. The catch is, The Big 0 hasn't put the money back into the General Fund he's kept in the TARP fund (aka The Big 0's slush fund) to loan out to "financial" institutions like GM. That's money were never going to see back again. Sort of like all the stock in the same company we now "own."
As for whether or not we can avoid total collapse, that depends pretty much on the fall elections. If conservative Republicans don't take back at least one branch of Congress, those chances will be diminishing.