"This is just a huge positive," Jim Cramer said on Tuesday's "Stop Trading!" segment on CNBC, referring to Federal Housing Finance Agency Director John Lockhart's announcement that Fannie Mae (FNM) and Freddie Mac (FRE) will work to refinance mortgages.

"If we keep people in their homes, then we stop house price depreciation," Cramer said. If people can't keep their homes and their jobs, he said, "we're going to have another meltdown."

"We have to keep the Great Depression off the table," he said. "I don't care how we do it. I don't care if we have to give every man, woman and child $5,000!"

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

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