Mortgage servicing rights can, be either a bonanza or a ticking time bomb. Thanks to its vigorous originations, Countrywide Credit is well on its way to having the biggest portfolio in the business. But the company has taken steps to defuse that time bomb.

As of the end of March, its portfolio stood at $59.5 billion, just $4 billion less than that of the No. 1 servicer, Fleet Mortgage Group of Columbia, S.C.

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