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Don't Believe the Latest Doomsayer's Housing Hype

By Jim Cramer

 About this article:
 Until last night when I thought of Amherst I thought of a school that my eldest daughter debated applying to. Not anymore. Nope. Now there's a new Amherst in town -- Amherst Securities. Last night this firm, which trades mortgage-backed securities, became the new expert on housing when it issued a report saying that we were going to have another leg down because the market is about to get hit by 7 million foreclosed homes. Downbeat. Horrible. Sell the homebuilders. Sell the banks. Huge wave of foreclosures coming. Yeah. Got it. Now look, I don't have a bone to pick with Amherst. For all I know they are fabulous. They have Laurie Goodman who the public relations people say is a big power in mortgage -- she's leading. They have a trading desk. Good for them. What bothers me though is that out of the blue this firm issues...

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