Jim Cramer's Stop Trading! Ignore IndyMac - TheStreet

Jim Cramer's Stop Trading! Ignore IndyMac

Cramer says much, much worse is to come on housing.
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Don't listen to

IndyMac's

(IMB)

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)

, 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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