Tom PSU

Jim Cramer's Mad Money Lightning Round, 3/25/08: Fly Like Agnico Eagle

WM is going lower. Worst management in the industry is right. I wouldn't be surprised if they were interviewing the management team over at Bear Stearns to bring them on board for their fed buyout! The keen management team decided they would be king of the Jumbo Option Arm mortgage market. This poor choice was compounded by their choice a year ago to stop doing government FHA lending. Now what will happen to their clients that have income and credit and are actually paying their jumbo loan when they call up looking for one of those nice 6% fixed 30 year FHA super jumbo government backed $724,500 Refinances? We'll they can't help them they don't do government loans anymore. This mortgage super blunder will cause their current good credit option arm clients to run for the great fixed rates, available for a limited time only, Super Jumbo FHA 30 year fixed government backed Refinances somewhere other than WM. Oops I guess that just leaves the non-performing, stated income and overextended bad credit Jumbo Option Arm loans in their portfolio. Can you say déjà vu. Loved the hat the other night Go Lions.