Publish date: TV Recap: Mortgage Malaise

Cramer says this group can't be trusted.

Things look awful for the mortgage companies, Jim Cramer said on TV's Wall Street Confidential Friday.

"There is a lot of panic" because of the idea that all of the mortgages behind the CDOs are insured by

PMI Group




(MBI) - Get Report


MGIC Investment

(MTG) - Get Report


"I decided this morning from now on I am going to presume that PMI, MBIA, MGIC and

Washington Mutual

(WM) - Get Report

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are not going to make it," he said. "I say that because I cannot be a conservative investor and believe that those companies can make it."

People shouldn't believe anything Merrill Lynch or any of these insurers or

Countrywide Financial


has to say, Cramer said. "You just can't trust them."

Cramer: What I'm Doing About Merrill's Panic Attack

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

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