Cramer Thinks Investors Should Look At Chimera Investments (CIM)

Last night on Mad Money, Jim Cramer said investors should look at Chimera Investment (NYSE: CIM). He said overexposed banks are trying to unload loans off their balance sheets and Chimera is feasting off the good paper and buying these notes for cents on the dollar.

Chimera is managed by Mike Farrell's Annaly Capital (NYSE: NLY), who has called the subprime mess for the past two years.

Chimera has not moved much since its November IPO and Cramer thinks this is a great time to buy (but, don't buy after the show, when the stock jumps). Cramer said investors should get in before Chimera executes its successful plan of buying smart undervalued notes.

Chimera Investment Corporation is a specialty finance company that will invest in residential mortgage loans, residential mortgage-backed securities (RMBS), real estate-related securities and various other asset classes.

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