Rule 424(b)(3)
File Nos. 333-31529 and 333-31529-01
AMENDMENT NO. 1 TO PRICING SUPPLEMENT NO. 26 DATED OCTOBER 24, 1997
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES F
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
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Trade Date: October 24, 1997 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: October 29, 1997 Principal Amount: $25,000,000
Stated Maturity Date: October 29, 2001 Net Proceeds: $24,887,500
Specified Currency: U.S. Dollars
Base Rate(s): |_| Commercial Paper |X| LIBOR |_| Certificate of
Rate Telerate Page 3750 Deposit Rate
|_| Treasury Rate |_| Federal Funds Rate |_| Prime Rate
|_| CMT Rate |_| Eleventh District |_| Other
Cost of Funds
Rate
Exchange Rate Agent: N/A
Minimum Denomination: $100,000 Maximum Interest Rate: N/A
Initial Interest Rate: 5.9612% Minimum Interest Rate: N/A
Interest Determination Interest Factor
Dates: Two Business Days Convention: N/A
prior to each Interest Index Maturity: Three months
Payment Date Spread (plus or
Interest Reset Dates: Same as Interest minus): Plus 18 basis points
Payment Dates Spread Multiplier: N/A
Interest Payment Dates: Every January 29, Fixed Rate Commencement
April 29, July 29 Date: N/A
and October 29, Fixed Interest Rate: N/A
commencing January
29, 1998
Agent: Countrywide Securities Corporation
Calculation Agent: The Bank of New York
Redemption: Repayment:
Check box opposite applicable paragraph: Check box opposite applicable
paragraph:
|X| The Notes cannot be redeemed prior |X| The Notes cannot be repaid
to maturity. prior to maturity.
|_| The Notes may be redeemed prior |_| The Notes may be repaid
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
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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 August 31, 1997 the Guarantor did not have any secured indebtedness
outstanding, and CHL had $371,313,000 aggregate principal amount of secured
indebtedness outstanding. As of such date, CHL had $5,344,560,000 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.