Cramer Quick Take: Bank Downgrade Was the Right Call

Check out Jim Cramer's latest trading recommendations on "Action Alerts Plus".

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NEW YORK (TheStreet) -- Is now the time to jump back into the bank stocks? Jim Cramer told Lindsey Bell at TheStreet.com Friday the recent downgrades of several international banks was the right call as their earnings power just isn't there.

Cramer said some investors are attracted to the low book value of the big international banks, but he likes to see earnings growth and these banks remain challenged in that department.

What banks would Cramer buy? He said anything levered to housing or autos is attractive, such as Wells Fargo (WFC) , which he owns for his charitable trust, Action Alerts PLUS. Wells Fargo now controls 30% of the U.S. mortgage market.

Watch the full Cramer interview here.

--Written by Scott Rutt in Washington, D.C.

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