Cramer Launches "Cramer's Mortgage Madness Index"

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On tonight’s MAD MONEY on CNBC, Jim Cramer said that today and this week proves sometimes you can’t be too bullish.  You need a measure for an ‘all-clear’ signal to see when the market is safe to go back into.  Cramer thinks Bernanke should cut rates, particularly with more spending in Iraq than helping here for those about to lose their homes.  Here are the tickers for his news "CRAMER’S MORTGAGE MADNESS INDEX":

MGIC Investment (MTG), Countrywide (CFC), Bear Stearns (BSC), KB Home (KBH), Centex (CTX), Citigroup (C), Goldman Sachs (GS), Blackstone (BX), MBIA (MBI), Thornburg (TMA), Beazer (BZH), and Washington Mutual (WM).

Cramer said he’s not saying these are buys and aren’t sells, not yet anyway.  This index is just representative of the names that you have to watch because if these are still falling then it means there isn’t a stabilizing market or group.

Jon C. Ogg
August 3, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.