On today’s STOP TRADING segment on CNBC, Jim Cramer noted how recent news out of the mortgage environment is a help but not necessarily an all-clear sign. He still thinks rate cuts would help, even though some Fed officials are dead wrong because they’d like to actually hike rates. Here was his winning pick in mortgages:
The winner is Annaly Capital (NYSE:NLY) because they just started a company to capitalize off of the mortgage woes last week. We covered this one ourselves last week as we covered Chimera as being the FIRST VULTURE FUND filing out there to take advantage of the disparity and weakness in the mortgage markets to buy assets.
We noted how the Chimera in mythology is a creature made of multiple creatures. “And it’s a mean one.” But all jokes aside, we’d expect this Chimera IPO to be one of the fastest IPO’s to make it to market.
Jon C. Ogg
August 23, 2007
Jon Ogg can be reached at email@example.com; he does not own securities in the companies he covers.