Jim Cramer said last week was difficult because a lot of earnings came out at the same time and people didn't have a chance to catch their breath.

" State Street ( STT) refuted once and for all the bear case that they have a lot of bad exposure to mortgages," he said. Northern Trust ( NTRS) and the Bank of New York ( BK) did the same thing, Cramer said on TheStreet.com TV's Wall Street Confidential Web video Monday.

" PNC Financial Services ( PNC) turned out to be a more conservative lender than I thought," Cramer continued. "That's another good situation to be in."

The "distinguishing characteristics of the week," however, were in Bank of America ( BAC), Washington Mutual ( WM) and Wachovia ( WB), he said.

Concerning Wachovia, Cramer said the bank had been telling people not to worry. But people should have been worried about Wachovia because "rather dramatically, they upped their loan-loss division."

"Bank of America had given a lot of assurances both through their buyback and dividend that things were OK, not great," he went on. "It turns out things were not OK." Their home-equity loan and investment banking divisions were "very bad."

"Washington Mutual is now in a fight for its life and they have to fire the CEO," Cramer said. Despite having "a very big deposit base," Washington Mutual has a management and balance sheet issue.

"I was struck that Washington Mutual, which had said that they wouldn't need to overreserve, seems to have not only lost its way, but I think it's very questionable whether this will not be the focal name for the Fed and why they have to cut 100 basis points," he said. "They don't want Washington Mutual to fail."

Washington Mutual was "the quintessential bad lender in this country," Cramer said. It "is an institution that will have to take multiple charges. They boosted their dividend lots of times. They bought back a lot of stock -- these buybacks are now looking foolish.

"It's in a lot of trouble," he said. "It's Countrywide ( CFC)-like."
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