James Cramer, host of CNBC's ‘Mad Money' and ‘Market Watch'
The Federal Housing Authority will put $300 billion to work to help homeowners with exotic loans and that will put a bottom in housing. James Cramer admits he was the first person to tell everyone not to buy, that thier house wouldn't be worth the insurance money. He is "now telling you that between now and the next six months you have to buy a house."
Cramer also says: "We saw quarters from Wells Fargo, from United Bank of Scotland. We saw a quarter from JPMorgan. We saw a quarter from Bank of America. And those guys had already put charges in that made it so that when housing does bottom, they will be overreserved. That's the ticket. That's what Wachovia did. They anticipated a housing bottom and they're going to be right."