We needed a new player in this game. Neither Wells (NYSE: WFC) (Cramer's Take) nor JPMorgan (NYSE: JPM) (Cramer's Take) nor U.S. Bank (NYSE: USB) (Cramer's Take) is in shape to step up here, as they are all digesting Wachovia, Washington Mutual and Downey and can't add another underperformer to the mix. IndyMac is particularly bad for its high percentage of liar loans, but as I have said for almost a year now, residential real estate will bottom in 2009, and there are ample signs that the hardest-hit real estate in California -- the Inland Empire -- has started to go back up after 40% declines.

When you add in that rates are headed to 4.50% for conforming loans -- we don't know how many IndyMac has in those for refinance, but we do know that buyers will be flushed from the sidelines -- you might want to get into the banking business, too.

There has been plenty of intervention by the federal government to try to make the credit markets work again, none of which has produced much lending to speak of, although, bizarrely, the great data from The Federal Reserve Bank of St. Louis -- repository of the facts and figures of lending -- indicate no real downturn. The big knock on the government, though, is that it is taking over everything.

It is nice to see it return something to private capital, even if it is doing so at a big loss to the taxpayer. Mnuchin -- teamed up with a lot of other guys, including noted real estate short-seller John Paulson (another great sign given how negative he's been) -- is the best sign yet that the terms have gotten so sweet that others are jumping in.

I don't think that the banks are going back to pre-Lehman levels anytime soon. I do think that new banks have a better shot, as they are not burdened with expensive preferreds and can float equity rather fast as "clean banks."

This Mnuchin solution is a good one for the economy, which, alas, will end up being great for the taxpayer down the road, even though the outrage seems spot-on, not misplaced, at the moment.

Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer was long Wells Fargo, Goldman Sachs and JPMorgan.