Cramer's 'Mad Money' Recap: Mortgage Morass Index

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The lesson of this week's game plan is that people can't get super-bullish until the mortgage madness has ended, Jim Cramer said on his "Mad Money" TV show Friday.

To measure this and to get through these confusing times Cramer said he has come up with his own "Mad Money Index," made up of the following stocks: MGIC Investment (MTG Quote), Countrywide Financial (CFC Quote), Bear Stearns (BSC Quote), KB Home (KBH Quote), Centex (CTX Quote), MBIA (MBI Quote), Blackstone (BX Quote), Thornburg Mortgage (TMA Quote), Beazer Homes (BZH Quote), Washington Mutual (WM Quote), Goldman Sachs (GS Quote) and Citigroup (C Quote), the last two of which he owns for his charitable trust, Action Alerts PLUS,

When this Index stabilizes, and the Fed cuts rates, we'll be in the clear, Cramer said. Until then keep an eye on these stocks as a measure of the mortgage madness, which has taken over the market.

"Mr. Bernanke, cut the rates now," he said, reaching out to the Federal Reserve chairman. "Many people could be about to lose their homes because you're not listening!"