Countrywide Credit Industries is well on its way to opening more than 70 branches this year and expects to open 60 in each of the next five years, its chief executive said.

At a secondary market conference here, Angelo R. Mozilo also said he expects significant growth in the company's servicing portfolio. He said Countrywide's macro-hedge strategy would permit it to expand servicing safely; the company maintains a long position in government bonds, which rise in value as rates fall and borrowers prepay.

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