Jim Cramer's Stop Trading! Ignore IndyMac

07/31/07 - 02:53 PM EDT

TheStreet.com Staff

Don't listen to IndyMac's (IMB Quote - Cramer on IMB - Stock Picks) positive spin on the housing meltdown, Jim Cramer said Tuesday on CNBC's Stop Trading! segment.

Cramer shrugged off comments by the big Alt-A lender, which told investors on a conference call Tuesday it believes troublesome mortgages should move through its financials in coming years "very quickly."

Cramer said he would instead be long Countrywide (CFC Quote - Cramer on CFC - Stock Picks), which warned last week that it doesn't see any upside in housing till at least 2009.

Cramer said he believes shares in IndyMac have held their ground Tuesday only because half the stock is sold short.

At the time of publication, Cramer had no position in stocks mentioned.

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