Cramer Said More Bank Failures To Come After IndyMac (IMB)
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On CNBC, Jim Cramer said now is not the time to buy bank stocks. He said you have to use the 1990 play-book, were many savings and loans went bust.
Cramer said it was not a surprise that IndyMac (NYSE: IMB) went down because of its non-performing assets. Cramer said Washington Mutual (NYSE: WM) and National City (NYSE: NCC) also have significant non-performing assets.
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National City
Susan on Jul 14, 2008 07:35 PMEveryone think's Nat City's problems were just about the mortgage industry. The truth is they have signfiicant risk in other underperforming assets and especially the construciton industry also. Frankly the more they come out and try to assure us that things are okay the move nervou I get.