On the TV Confidential segment today Cramer talked of the subprime mess. He turned positive on Monday with Abu Dhabi putting money into Citigroup Inc. (C), and he saw a 1990 situation. Rates were discussed a bit. Then he turned to big servicers and named Countrywide Financial Corporation (CFC) and Wells Fargo & Company (WFC) in that they have to hire hundreds of thousands of people to service all the mortgages when people are not paying them. He told us to take that off the table. During the bottom all move up from sell to hold like in Washington Mutual Inc.’s (WM) case or sell to buys as in CFC, WFC, C and Bank of America Corporation (BAC) cases.
TV CONFIDENTIAL VIDEO