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Rule 424(b)(3)
File No. 33-50661
PRICING SUPPLEMENT NO. 32 DATED FEBRUARY 22, 1996
(To Prospectus Dated October 29, 1993, as Supplemented October 29, 1993)
COUNTRYWIDE FUNDING CORPORATION
MEDIUM-TERM NOTES, SERIES C
DUE FROM NINE MONTHS TO THIRTY YEARS FROM DATE OF ISSUE
PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FIXED RATE NOTES
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Trade Date: February 22, 1996 Book Entry: [x]
Issue Price: See below Certificated: [ ]
Original Issue Date: February 27, 1996 Principal Amount: $1,500,000
Stated Maturity Date: March 1, 2001 Net Proceeds: $1,485,000
Interest Rate per Annum: 5.88% Specified Currency: U.S. Dollars
Exchange Rate Agent: N/A
Minimum Denomination: $1,000
Interest Payment Dates: January 15 and July 15 of each year
and at the Stated Maturity Date, commencing
July 15, 1996
Record Dates: Each December 31 and June 30 preceding
each January 15 and July 15 Interest Payment Date
Redemption: Repayment:
Check box opposite applicable Check box opposite
paragraph: applicable 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
prior to maturity. repaid prior to maturity.
Initial Redemption Date: Optional Repayment Dates:
Initial Redemption Percentage:
Annual Redemption Percentage
Reduction, if any:
Additional/Other Terms: N/A
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Interest rates offered by CFC with respect to the
Notes may differ depending upon, among other things, the
aggregate principal amount of Notes purchased in any single
transaction. Merrill Lynch & Co., Merrill Lynch, Pierce,
Fenner & Smith Incorporated has purchased the Notes as
principal at a price equal to 99.0% of the principal amount
offered hereby, for resale to investors and other
purchasers at varying prices related to prevailing market
prices at the time of resale.
