Rule 424(b)(3)
File Nos. 33-59559, 33-59559-01,
333-3835 and 333-3835-01
PRICING SUPPLEMENT NO. 1 DATED AUGUST 5, 1996
(To Prospectus Dated July 26, 1996, as Supplemented August 2, 1996)
COUNTRYWIDE HOME LOANS, INC.
Medium-Term Notes, Series E
Due Nine Months or More From Date of Issue
Payment of Principal, Premium, if any,
and Interest Fully and Unconditionally Guaranteed by
COUNTRYWIDE CREDIT INDUSTRIES, INC.
Floating Rate Notes
Trade Date: August 5, 1996 Book Entry: /x/
Issue Price: 100% Certificated: / /
Original Issue Date: August 8, 1996 Principal Amount: $51,000,000
Stated Maturity Date: August 8, 2000 Net Proceeds: $50,770,500
Specified Currency: U.S. Dollars
Base / / Commercial /x/ LIBOR / / Certificate
Rate(s): Paper Rate / / Telerate of Deposit
Page 3750 Rate
/ / Treasury Rate / / Federal / / Prime Rate
Funds Rate
/ / CMT Rate / / Eleventh / / Other
District
Cost of
Funds Rate
Exchange Rate Agent: N/A
Minimum Denomination: $1,000 Maximum Interest Rate: N/A
Initial Interest Rate: Minimum Interest Rate: N/A
5.71906%
Interest Determination Dates: Interest Factor Convention:
Two Business Days prior to each N/A
Interest Payment Date
Index Maturity: Three months
Interest Reset Dates: Same as Spread (plus or minus): plus
Interest Payment Dates 18 basis points
Interest Payment Dates: Every Spread Multiplier: N/A
February 8, May 8, August 8 and
November 8, commencing November
8, 1996
Fixed Rate Commencement Date:
N/A
Fixed Interest Rate: N/A
Agent: Lehman Brothers Inc.
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite applicable Check box opposite applicable
paragraph: paragraph.
/x/ The Notes cannot be /x/ The Notes cannot be
redeemed prior to maturity. repaid prior to maturity.
/ / The Notes may be redeemed / / The Notes may be repaid
prior to maturity. prior to maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage
Reduction, if any:
Additional/Other Terms: N/A
___________________
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and
will rank pari passu in right of payment with CHL's other
unsecured and unsubordinated indebtedness. As of May 31, 1996,
the Guarantor did not have any secured indebtedness outstanding,
and CHL had $1,274,263,330 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had
$5,036,853,963 aggregate principal amount of unsecured and
unsubordinated indebtedness outstanding, which indebtedness
ranked pari passu in right of payment with CHL's other unsecured
and unsubordinated indebtedness and will rank pari passu in
right of payment with the Notes to which this Pricing Supplement
relates.
Rule 424(b)(3)
File Nos. 333-3835 and 333-3835-01
PRICING SUPPLEMENT NO. 2 DATED AUGUST 5, 1996
(To Prospectus Dated July 26, 1996, as Supplemented August 2, 1996)
COUNTRYWIDE HOME LOANS, INC.
Medium-Term Notes, Series E
Due Nine Months or More From Date of Issue
Payment of Principal, Premium, if any,
and Interest Fully and Unconditionally Guaranteed by
COUNTRYWIDE CREDIT INDUSTRIES, INC.
Floating Rate Notes
Trade Date: August 5, 1996 Book Entry: /x/
Issue Price: 100% Certificated: / /
Original Issue Date: August 8, 1996 Principal Amount: $45,000,000
Stated Maturity Date: August 8, 2000 Net Proceeds: $44,797,500
Specified Currency: U.S. Dollars
Base / / Commercial /x/ LIBOR / / Certificate
Rate(s): Paper Rate / / Telerate of Deposit
Page 3750 Rate
/ / Treasury Rate / / Federal / / Prime Rate
Funds Rate
/ / CMT Rate / / Eleventh / / Other
District
Cost of
Funds Rate
Exchange Rate Agent: N/A
Minimum Denomination: $1,000 Maximum Interest Rate: N/A
Initial Interest Rate: Minimum Interest Rate: N/A
5.71906%
Interest Determination Dates: Interest Factor Convention:
Two Business Days prior to each N/A
Interest Payment Date
Index Maturity: Three months
Interest Reset Dates: Same as Spread (plus or minus): plus
Interest Payment Dates 18 basis points
Interest Payment Dates: Every Spread Multiplier: N/A
February 8, May 8, August 8 and
November 8, commencing November
8, 1996
Fixed Rate Commencement Date:
N/A
Fixed Interest Rate: N/A
Agent: Salomon Brothers Inc
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite applicable Check box opposite applicable
paragraph: paragraph.
/x/ The Notes cannot be /x/ The Notes cannot be
redeemed prior to maturity. repaid prior to maturity.
/ / The Notes may be redeemed / / The Notes may be repaid
prior to maturity. prior to maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage
Reduction, if any:
Additional/Other Terms: N/A
___________________
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and
will rank pari passu in right of payment with CHL's other
unsecured and unsubordinated indebtedness. As of May 31, 1996,
the Guarantor did not have any secured indebtedness outstanding,
and CHL had $1,274,263,330 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had
$5,036,853,963 aggregate principal amount of unsecured and
unsubordinated indebtedness outstanding, which indebtedness
ranked pari passu in right of payment with CHL's other unsecured
and unsubordinated indebtedness and will rank pari passu in
right of payment with the Notes to which this Pricing Supplement
relates.
Rule 424(b)(3)
File Nos. 333-3835 and 333-3835-01
PRICING SUPPLEMENT NO. 3 DATED AUGUST 5, 1996
(To Prospectus Dated July 26, 1996, as Supplemented August 2, 1996)
COUNTRYWIDE HOME LOANS, INC.
Medium-Term Notes, Series E
Due Nine Months or More From Date of Issue
Payment of Principal, Premium, if any,
and Interest Fully and Unconditionally Guaranteed by
COUNTRYWIDE CREDIT INDUSTRIES, INC.
Floating Rate Notes
Trade Date: August 5, 1996 Book Entry: /x/
Issue Price: 100% Certificated: / /
Original Issue Date: August 8, 1996 Principal Amount: $20,000,000
Stated Maturity Date:August 8, 2000 Net Proceeds: $19,910,000
Specified Currency: U.S. Dollars
Base / / Commercial /x/ LIBOR / / Certificate
Rate(s): Paper Rate / / Telerate of Deposit
Page 3750 Rate
/ / Treasury Rate / / Federal / / Prime Rate
Funds Rate
/ / CMT Rate / / Eleventh / / Other
District
Cost of
Funds Rate
Exchange Rate Agent: N/A
Minimum Denomination: $1,000 Maximum Interest Rate: N/A
Initial Interest Rate: Minimum Interest Rate: N/A
5.71906%
Interest Determination Dates: Interest Factor Convention:
Two Business Days prior to each N/A
Interest Payment Date
Index Maturity: Three months
Interest Reset Dates: Same as Spread (plus or minus): plus
Interest Payment Dates 18 basis points
Interest Payment Dates: Every Spread Multiplier: N/A
February 8, May 8, August 8 and
November 8, commencing November
8, 1996
Fixed Rate Commencement Date:
N/A
Fixed Interest Rate: N/A
Agent: Goldman Sachs & Co.
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite applicable Check box opposite applicable
paragraph: paragraph.
/x/ The Notes cannot be /x/ The Notes cannot be
redeemed prior to maturity. repaid prior to maturity.
/ / The Notes may be redeemed / / The Notes may be repaid
prior to maturity. prior to maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage
Reduction, if any:
Additional/Other Terms: N/A
___________________
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and
will rank pari passu in right of payment with CHL's other
unsecured and unsubordinated indebtedness. As of May 31, 1996,
the Guarantor did not have any secured indebtedness outstanding,
and CHL had $1,274,263,330 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had
$5,036,853,963 aggregate principal amount of unsecured and
unsubordinated indebtedness outstanding, which indebtedness
ranked pari passu in right of payment with CHL's other unsecured
and unsubordinated indebtedness and will rank pari passu in
right of payment with the Notes to which this Pricing Supplement
relates.
Rule 424(b)(3)
File Nos. 333-3835 and 333-3835-01
PRICING SUPPLEMENT NO. 4 DATED AUGUST 5, 1996
(To Prospectus Dated July 26, 1996, as Supplemented August 2, 1996)
COUNTRYWIDE HOME LOANS, INC.
Medium-Term Notes, Series E
Due Nine Months or More From Date of Issue
Payment of Principal, Premium, if any,
and Interest Fully and Unconditionally Guaranteed by
COUNTRYWIDE CREDIT INDUSTRIES, INC.
Floating Rate Notes
Trade Date: August 5, 1996 Book Entry: /x/
Issue Price: 100% Certificated: / /
Original Issue Date: August 8, 1996 Principal Amount: $49,000,000
Stated Maturity Date: August 8, 2000 Net Proceeds: $48,779,500
Specified Currency: U.S. Dollars
Base / / Commercial /x/ LIBOR / / Certificate
Rate(s): Paper Rate / / Telerate of Deposit
Page 3750 Rate
/ / Treasury Rate / / Federal / / Prime Rate
Funds Rate
/ / CMT Rate / / Eleventh / / Other
District
Cost of
Funds Rate
Exchange Rate Agent: N/A
Minimum Denomination: $1,000 Maximum Interest Rate: N/A
Initial Interest Rate: Minimum Interest Rate: N/A
5.71906%
Interest Determination Dates: Interest Factor Convention:
Two Business Days prior to each N/A
Interest Payment Date
Index Maturity: Three months
Interest Reset Dates: Same as Spread (plus or minus): plus
Interest Payment Dates 18 basis points
Interest Payment Dates: Every Spread Multiplier: N/A
February 8, May 8, August 8 and
November 8, commencing November
8, 1996
Fixed Rate Commencement Date:
N/A
Fixed Interest Rate: N/A
Agent: NationsBanc Capital Markets, Inc.
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite applicable Check box opposite applicable
paragraph: paragraph.
/x/ The Notes cannot be /x/ The Notes cannot be
redeemed prior to maturity. repaid prior to maturity.
/ / The Notes may be redeemed / / The Notes may be repaid
prior to maturity. prior to maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage
Reduction, if any:
Additional/Other Terms: N/A
___________________
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and
will rank pari passu in right of payment with CHL's other
unsecured and unsubordinated indebtedness. As of May 31, 1996,
the Guarantor did not have any secured indebtedness outstanding,
and CHL had $1,274,263,330 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had
$5,036,853,963 aggregate principal amount of unsecured and
unsubordinated indebtedness outstanding, which indebtedness
ranked pari passu in right of payment with CHL's other unsecured
and unsubordinated indebtedness and will rank pari passu in
right of payment with the Notes to which this Pricing Supplement
relates.
Rule 424(b)(3)
File Nos. 333-3835 and 333-3835-01
PRICING SUPPLEMENT NO. 5 DATED AUGUST 5, 1996
(To Prospectus Dated July 26, 1996, as Supplemented August 2, 1996)
COUNTRYWIDE HOME LOANS, INC.
Medium-Term Notes, Series E
Due Nine Months or More From Date of Issue
Payment of Principal, Premium, if any,
and Interest Fully and Unconditionally Guaranteed by
COUNTRYWIDE CREDIT INDUSTRIES, INC.
Floating Rate Notes
Trade Date: August 5, 1996 Book Entry: /x/
Issue Price: 100% Certificated: / /
Original Issue Date: August 8, 1996 Principal Amount: $35,000,000
Stated Maturity Date: August 8, 2000 Net Proceeds: $34,842,500
Specified Currency: U.S. Dollars
Base / / Commercial /x/ LIBOR / / Certificate
Rate(s): Paper Rate / / Telerate of Deposit
Page 3750 Rate
/ / Treasury Rate / / Federal / / Prime Rate
Funds Rate
/ / CMT Rate / / Eleventh / / Other
District
Cost of
Funds Rate
Exchange Rate Agent: N/A
Minimum Denomination: $1,000 Maximum Interest Rate: N/A
Initial Interest Rate: Minimum Interest Rate: N/A
5.71906%
Interest Determination Dates: Interest Factor Convention:
Two Business Days prior to each N/A
Interest Payment Date
Index Maturity: Three months
Interest Reset Dates: Same as Spread (plus or minus): plus
Interest Payment Dates 18 basis points
Interest Payment Dates: Every Spread Multiplier: N/A
February 8, May 8, August 8 and
November 8, commencing November
8, 1996
Fixed Rate Commencement Date:
N/A
Fixed Interest Rate: N/A
Agent: Merrill Lynch & Co.
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite applicable Check box opposite applicable
paragraph: paragraph.
/x/ The Notes cannot be /x/ The Notes cannot be
redeemed prior to maturity. repaid prior to maturity.
/ / The Notes may be redeemed / / The Notes may be repaid
prior to maturity. prior to maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage
Reduction, if any:
Additional/Other Terms: N/A
___________________
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and
will rank pari passu in right of payment with CHL's other
unsecured and unsubordinated indebtedness. As of May 31, 1996,
the Guarantor did not have any secured indebtedness outstanding,
and CHL had $1,274,263,330 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had
$5,036,853,963 aggregate principal amount of unsecured and
unsubordinated indebtedness outstanding, which indebtedness
ranked pari passu in right of payment with CHL's other unsecured
and unsubordinated indebtedness and will rank pari passu in
right of payment with the Notes to which this Pricing Supplement
relates.
Rule 424(b)(3)
File Nos. 333-3835 and 333-3835-01
PRICING SUPPLEMENT NO. 6 DATED AUGUST 5, 1996
(To Prospectus Dated July 26, 1996, as Supplemented August 2, 1996)
COUNTRYWIDE HOME LOANS, INC.
Medium-Term Notes, Series E
Due Nine Months or More From Date of Issue
Payment of Principal, Premium, if any,
and Interest Fully and Unconditionally Guaranteed by
COUNTRYWIDE CREDIT INDUSTRIES, INC.
Floating Rate Notes
Trade Date: August 6, 1996 Book Entry: /x/
Issue Price: 100% Certificated: / /
Original Issue Date: August 9, 1996 Principal Amount: $10,000,000
Stated Maturity Date: August 9, 2000 Net Proceeds: $9,955,000
Specified Currency: U.S. Dollars
Base / / Commercial /x/ LIBOR / / Certificate
Rate(s): Paper Rate / / Telerate of Deposit
Page 3750 Rate
/ / Treasury Rate / / Federal / / Prime Rate
Funds Rate
/ / CMT Rate / / Eleventh / / Other
District
Cost of
Funds Rate
Exchange Rate Agent: N/A
Minimum Denomination: $1,000 Maximum Interest Rate: N/A
Initial Interest Rate: Minimum Interest Rate: N/A
5.71906%
Interest Determination Dates: Interest Factor Convention:
Two Business Days prior to each N/A
Interest Payment Date
Index Maturity: Three months
Interest Reset Dates: Same as Spread (plus or minus): plus
Interest Payment Dates 18 basis points
Interest Payment Dates: Every Spread Multiplier: N/A
February 9, May 9, August 9 and
November 9, commencing November
9, 1996
Fixed Rate Commencement Date: N/A
Fixed Interest Rate: N/A
Agent: J.P. Morgan Securities Inc.
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite applicable Check box opposite applicable
paragraph: paragraph.
/x/ The Notes cannot be /x/ The Notes cannot be
redeemed prior to maturity. repaid prior to maturity.
/ / The Notes may be redeemed / / The Notes may be repaid
prior to maturity. prior to maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage
Reduction, if any:
Additional/Other Terms: N/A
___________________
The Notes to which this Pricing Supplement relates will
constitute unsecured and unsubordinated indebtedness of CHL and
will rank pari passu in right of payment with CHL's other
unsecured and unsubordinated indebtedness. As of May 31, 1996,
the Guarantor did not have any secured indebtedness outstanding,
and CHL had $1,274,263,330 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had
$5,036,853,963 aggregate principal amount of unsecured and
unsubordinated indebtedness outstanding, which indebtedness
ranked pari passu in right of payment with CHL's other unsecured
and unsubordinated indebtedness and will rank pari passu in
right of payment with the Notes to which this Pricing Supplement
relates.
