Cramer: Underwater on your house? Walk away [Oh, and plow under the Inland Empire] Home » Real Estate News » Cramer: Underwater on your house? Walk away [Oh, and plow under the Inland Empire] Cramer gets religion- You’ll love this one: Edit: Updated to use a new source.Did I hear CRAMER say TOTAL CRISIS? 17 Responses to Cramer: Underwater on your house? Walk away [Oh, and plow under the Inland Empire] metroplexual July 30, 2007 Is he serious? twist July 30, 2007 Metro- This one is unbelievable- it doesn’t sound like the man who not so long ago was bullish on homebuilders and preaching subprime containment. metroplexual July 30, 2007 I can’t believe this guy. He was just saying no bubble and so forth, now this? I don’t know what is in the water in my neck of Jersey but I got Cramer in my one neighboring county and Lou Dobbs in the other. twist July 30, 2007 Metro- Are there problems with crosswinds in New Jersey? It seems like the wind blows Cramer one way one day, and then another the next. John M. July 30, 2007 “One of the most important things a shutdown corner has is a short memory.” … walks away shaking head (Igor’s spam-word … flippers) twist July 30, 2007 John- Speaking of short memories- Cramer seems to have a different view of subprime here: metroplexual July 30, 2007 Yeah Twist crosswinds are pretty bad here, mostly from hot air though. (Especially form politicians!) John M. July 30, 2007 twist – CRisk gave us a nice plug here (there’s a long discussion thread on the haloscan). Maybe that’s part of the reason Admin was tearing her hair out with the load today 😉 twist July 30, 2007 John- This one has been picked up all over the Yahoo Gossip Boards, and quite a few fellow housing blogs and some financial boards. Cramer as a bear is quite a novelty. TemekuT July 30, 2007 I’m having a difficult time here emotionally, imagining my (Inland Empire) Temecula home plowed under, especially this evening when surveying the backyard slope burgeoning with the second crop of diverse and multi-colored flowers this year, and anticipating the bumper crop of tuberose that is within a month of blossoming and scenting the yard. And oh, the gardenias and the jasmine! But seriously, Cramer is fulminating on his fungibles fantasy today. twist July 30, 2007 TemekuT- I think there’s a certain lack of practicality, shall we say, in Cramer’s recommendations? I’m accustomed to “buy,” “hold,” or “sell,” but this is the first I’ve heard “level.” I’m wondering if he’s giving a “level” recommendation to other bubble markets. twist July 30, 2007 For those of you who were wondering if the YouTube version of this was dubbed, doctored, sliced or diced, here’s the original from The Street. You will note they are the same. Asset Hunter July 30, 2007 I’ve never watched his “Mad Money” show before, but I did tonight after seeing this video. Wow! The presentation is like a frantic circus! I didn’t quite follow the whole one man shouting match, but my ears DID perk up when he said something to the effect of: “If I owned a house in the Inland Empire, I’d make sure my insurance was in place and burn it down.” It caught my attention because I know someone who’s finishing up 10 years in prison (away from his wife & young children) for just such a stunt…. so it didn’t seem so funny to me after watching how those kids have grown up without a dad around. Anyway, it was… interesting. Asset Hunter July 31, 2007 Oh… and everything would be peachy if the Fed would just cut interest rates by 1%?!?!? Houses could then start going UP in value again, homebuilders could get their stucco boxes sold, everyone with a toxic mortgage could refinace into another (more) toxic mortgage, and all would be great with the world? If the Fed doesn’t cut the rate, then maybe other countries will buy our stuff because the dollar has tanked and that keeps the party going a bit longer? WWWHHAAATTTTT??????????? Again I emphasize that I’ve never seen this program before, so I ask the people here for their experience & input on Mr. Cramer. Is this normal? (Yes, I did watch the entire show to see him “cover” the first segment later on) What say ye? jan-martin feddersen July 31, 2007 Moin, is this the same Cramer who called Panic Over Option ARMS Is Just Noise Everyone who uses a Option ARM is an idiot and will lose his house when rates go higher. There. There’s a constant theme in the drumbeat of the press that the housing market is the Achilles heel of the economy. What a joke. OK, so 12% of borrowers have taken out these unique loans that allow you to call your own shots, up from 8% a year ago. You get to have a teaser low rate that is much below what you would have without it. Sorry, that’s just stupid. I am sure some of the borrowers are speculative, but you know what? Funny thing. The borrowers are not morons. They can read the papers, too. They recognize that homes aren’t selling I would bet that most of these borrowers are simply younger people with new jobs who are correctly taking advantage of a low rate. People who have taken this rate have been very right. The long end hasn’t gone up. It seems like it won’t go up now. So while they build up some savings with the low rate, they get stronger down the road and then can take the higher rate. The media call it dangerous. I call it prudence. ! bearmaster July 31, 2007 When I saw this video I wondered if perhaps we are being invaded by body snatchers and Jim Cramer had been taken over by a pod bear. I’ve never heard him this bearish before. Now that I’ve heard it, I’m worried about the “recovery” from hell. twist July 31, 2007 Bearmaster- I thought maybe he’d put up a more moderate retraction today- but no… I just put up today’s clarification- he says he’s dead serious about walking away. I’m speechless….