Jim Cramer's Stop Trading! Stock Picks and Comments, 7/31/07

Recap of Jim Cramer’s comments on Stop Trading! Tuesday July 31. Click on a stock ticker for more analysis:

Countrywide Financial (CFC) and IndyMac (IMB): Cramer suggested people should read or listen to CFC's conference call if they want to know what is going on in the market; "That was the most important conference call of the year." He doesn't think CFC will go much lower because it has been aggressive in taking the write-downs, and he would be long on CFC rather than on any other company in the sector. He was critical of IMB's sanguine comments and is concerned they might cut their dividend. In the end, Cramer is not very confident about housing; "I think that 50% of all loans that were made in 2006 are going to go bust... not prime, not sub-prime... It makes too much sense to walk away from your home."

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