Jim Cramer's Wall Street Confidential Picks, 9/18/07

Recap of Jim Cramer’s comments on Wall Street Confidential,Wednesday September 18. Click on a stock ticker for more analysis:

E*Trade (ETFC) and Manhattan Mortgage

Cramer would buy E*Trade at $13, and said of Mitch Caplan; “He’s an incredibly honest man, and he’s got a great franchise.” Caplan played like the other guys and got hurt, but Cramer added, “Your money’s safe at E*Trade.”

Concerning other homebuilders, Cramer said, "I don't know if I'm a buyer of the homebuilders because they might be in violation of their covenants as they mark down their properties, but E*Trade is not in violation.”

Moving on to New York Real Estate, Cramer says business is booming and recommends private player Manhattan Mortgage, which is for those who need a mortgage over $1 million. The New York Market is different from that of the rest of the country because "You have a tight bid-ask, you have foreign buyers who are the marginal buyers, and you have no new construction,” while in other cities, there is excessive construction, no new buyers and buyers paying half of what the property is actually worth. "It's unfathomable how much different Manhattan is from the rest of the country," Cramer said. "It's a tale of two cities. It's New York City and then it's the rest of the country."

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