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Stop Trading!

After American Home Mortgage reopened this afternoon down a staggering 86%, it’s more evident that the mortgage mess has become “frightening to investors,” Cramer said today during Stop Trading!

Cramer likes Countrywide Financial versus any other company in the mortgage sector. Countrywide had “the most important conference call of the year,” Cramer said, and he doesn’t believe it will go much lower even as other lenders break down. (Listen to Countrywide’s call here or read the transcript here).

He is less optimistic about IndyMac . Half of that lender’s “Alt-A” loans could go bad and the only reason the stock is hanging on is because half the float is short, Cramer said.

Cramer believes the loan crisis is not just contained to subprime, either: “I think that 50% of all the loans that were made in 2006 are going to go bust."

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