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Bad news from Downey Financial will most likely ripple through some of the other financials, Cramer said during Friday’s Stop Trading!.
Downey [DSL
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] reported a nine-fold rise in bad loans today, saying that one-seventh of the company’s assets were non-performing. Wachovia [WB
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], a bank similar to Downey thanks to the recent acquisition of Golden West, could be in much the same trouble.
The continuing problems in the mortgage market have Cramer doubting Bank of America’s [BAC
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] decision to take over of Countrywide Financial [CFC
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].
"I think that this was a big mistake," he said.
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