Cramer Said More Bank Failures To Come After IndyMac (IMB)

On CNBC, Jim Cramer said now is not the time to buy bank stocks. He said you have to use the 1990 play-book, were many savings and loans went bust.

Cramer said it was not a surprise that IndyMac (NYSE: IMB) went down because of its non-performing assets. Cramer said Washington Mutual (NYSE: WM) and National City (NYSE: NCC) also have significant non-performing assets.

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