Jim Cramer's Wall Street Confidential Picks, March 15.

Recap of Jim Cramer’s comments on Wall Street Confidential, Thursday March 15. Click on a stock ticker for more analysis:

Goldman Sachs (GS), Bear Stearns (BSC), Lehman Brothers (LEH), Bear Stearns (BSC), Merrill Lynch (MER), Accredited Home Lenders (LEND), and IndyMac (NDE)

Cramer comments that companies are jumping onto the defaulted loan bandwagon, as Bear Stearns and other brokers “are moving mortgages to distressed debt, marking them up really big and giving you a better coupon ... having sold paper on the fly of defaulted, bankrupt and criminal savings and loans, I can tell you that's a lot better than selling paper that's involving people who own homes." When Gregg Greenberg asked Cramer to rate the top brokers in light of the subprime worries, he said Goldman Sachs is #1, and added people have yet to see the good in mortgages. GS is profiting from LEH and BSC reports, and Cramer predicts the stock will go back to $250 from $200. BSC earns the #2 position because it is "much more proactive than Lehman in terms of turning the mortgage morass into something really positive." For people who want a short play, Cramer suggests MER because it is just getting into mortgages and is not proactive. Cramer says the rally in LEND and NDE was short-covering. Concerning his dirty dozen list yesterday, Cramer emphasized that he is not saying that every company deserves to be on the list. In fact, Cramer says he is more likely to be long than short some of the listed stocks.

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