Enter multiple symbols separated by commas

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."

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

Contact Mad Money

  • Showtimes

    Monday - Friday 6p ET
    Saturday 8a, 1p, 7p SYD
    Sunday 12a, 1a, 8a, 7p SYD
    New Zealand
    Saturday 10a, 3p, 9p NZ
    Sunday 2a, 3a, 10a, 9p NZ
  • Jim Cramer

    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

Mad Money Features

  • Grab the latest CNBC gear from the NBCUniversal Store!

  • Get a behind-the-scenes look at how Cramer formulates his investment advice. "Inside the Madness" is a column, which features e-mails and more with Cramer and his researcher Nicole Urken.

  • You’ve always wanted to hit the “Hallelujah!” button. Here’s your chance.

Mad Money Moments

Cramer's New Book