I agree Jim Cramer is a fruitcake (along with his nut case pal Larry Kudlow), but in this instance he may be innovative. Instead of prolonging the Chinese water torture, a mortgage company a day folding down, middle class (and lower) folks holding high LTV assets draining what little cash they have to feed fat and lazy investors who greedily bought way over rated bonds, if a majority of such borrowers follow his advice and repudiate their loans, it will precipitate whatever is going to happen in next few years and blow up the credit system at once. Once the excess faux liquidity, wealth and leverage have been squeezed out, a recovery based on affordable housing can start. I can’t think of a good reason why slow death is preferable to quick death.