COUNTRYWIDE <CCR> SEES 3RD QTR NET OF 20 CTS
Countrywide Credit Industries Inc said
it expects fiscal third quarter earnings of 20 or 21 cents per
fully diluted share, based on 18 mln shares outstanding.
    The company posted net income of 31 cents per fully diluted
share in the previous third quarter ended November 30 last
year, based on 12 mln shares outstanding.
    Angelo Mozilo, vice chairman and executive vice president,
also told security analysts that that company should have a
total loan servicing portfolio of 11 billion or 12 billion dlrs
by the end of the current fiscal year, in February 1988.
    Countrywide Credit, a financial service company primarily
involved in mortgage banking, reported 4.5 billion dlrs in its
loan servicing portfolio for the last fiscal year.
    In addition, Mozilo said the company was continuing to
reduce expenses by one mln dlrs a month and should bring total
costs down by three mln dlrs at the end of the quarter.
    He said about 55 pct of the cost cuts were in personnel,
and that the company had reduced the number of its offices
nationwide by 11 in recent months.
 Reuter
