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With the inital reaction to the bailout bill being positive the Dow rose 300 points in early trading. But this did not last long as the unemployment figure confirmed we are heading into a deep recession. The Dow ended the session down 157. Overall this bailout package can only be seen as a positive development for the mortgage lending industry. Hopefully most of the major financial institutions consolidations are behind us. With the high levels of unemployment expected to continue and rise,  I expect the financial turmoil will be with us for some time. I believe mortgage rates may begin to trend downward, but credit conditions will remain tight even with the passage of this 700 Billion dollar package.