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Mortgage Meltdown Is History

By Jim Cramer

 About this article:
 Did anyone listen to Bill Isaac yesterday? Did anyone listen to the man that was instrumental in solving the banking crisis of 1987-1991 when he was on "Squawk Box?" I don't think they did. If they did, they wouldn't be nearly as fretful about housing or the bank stocks or the mortgage problem or the toxic bonds as they seem to be, because Isaac talked about 1,600 banks that had to be closed and about how there simply was no place to put the bad assets at all. He talked about major banks collapsing day after day after day, the largest banks in the most important regions in the country. He talked about how hardly a day went by when a bank that they were not prepared to deal with went under because of mortgage loans. Does that sound like today's situation at all? Does that sound like...

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