Countrywide Credit Industries Inc. reported Tuesday that its second-quarter earnings were up 12%, to $106.5 million, calming fears that rising rates would clobber the mortgage banking company's results.

The Calabasas, Calif., company reported that its loan production revenue slipped 14% from the same quarter last year, to about $281 million, but that its 18% gain in loan servicing revenue, to $281 million, more than offset the effects of lost loan volume.

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