Anticipating double-digit interest rates in 1995, Countrywide Credit Industries is offering a new product it hopes will be a big seller in a high-rate environment.

Last week the Pasadena, Calif.based mortgage banking giant rolled out a new adjustable-rate hybrid called a "10-Year Interest-Only ARM." As the name suggests, the loan features interest payments alone for the first 10 years, with full amortization in the remaining 20 years of its term.

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