Countrywide Credit Industries Inc. has formed a  previously announced joint venture with Woolwich PLC, to provide mortgage   services in Europe.   
The newly formed entity initially will provide services only through  Woolwich, a United Kingdom mortgage lender and servicer. 
  
Countrywide, which announced its alliance with Woolwich on Feb. 17, said  the partnership then will be marketed to other lenders throughout Europe   and will serve as a platform to support Countrywide's European operations.   
The two companies will each own about 50% of the joint venture and will  share in the initial capitalization of the newly formed company, which is   expected to begin operations in the second half of this year.   
  
Countrywide will provide systems and expertise through a new company  established to license mortgage technology to the partnership company and   to other companies worldwide.   
Woolwich will use the new company to provide services to its $40 billion  loan portfolio and to its mortgage origination business, which loaned about   $10 billion last year.   
Stanford L. Kurland, Countrywide's chief operating officer, said this  venture represents Countrywide's first step in implementing its global   expansion strategy.