Housing Remains a House of Cards

I would rather buy Monsanto(MON Quote) off a few pennies, or ConocoPhillips(COP Quote) hardly down, than anything financial or housing down big.

Meanwhile, the Office of Federal Housing Enterprise Oversight announces that housing is healthy and prices are going up. I guess that's more reason for OFHEO to keep the chokehold on Fannie Mae(FNM Quote). But what the heck does OFHEO know that Bob Toll of Toll Brothers(TOL Quote) doesn't? Toll tells the truth and has no agenda. OFHEO has a real agenda. Says something when you would trust a homebuilder to be more honest than a regulator, but then again, the regulators in the mortgage business have proven to be a very untrustworthy lot.

What to do? Go back and bid for the winners again. The will come back harder and faster even after the redemptions.

At the time of publication, Cramer was long ConocoPhillips.