Rule 424(b)(3)
File Nos.333-31529 and 333-31529-01
PRICING SUPPLEMENT NO. 51 DATED FEBRUARY 17, 1998
(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
-------------------
Trade Date: February 17, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: February 20, 1998 Principal Amount: $6,000,000
Stated Maturity Date: February 20, 2002 Net Proceeds: $5,973,000
Specified Currency: U.S. Dollars
Base |_| Commercial Paper Rate |_| LIBOR |_| Certificate of
Rate(s): Telerate Page 3750 Deposit Rate
|_| Treasury Rate |_| Federal Funds Rate |_| Prime Rate
|X| 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: 5.83% Minimum Interest Rate: N/A
Interest Determination Dates: Two Business Interest Factor Convention: N/A
Days prior to Index Maturity: Two years
each Interest Spread (plus or
Payment Date minus): Plus 46 basis points
Interest Reset Dates: Same as Interest Spread Multiplier: N/A
Payment Dates Fixed Rate Commencement
Interest Payment Dates: Every May 20, Date: N/A
August 20, Fixed Interest Rate: N/A
November 20 and
February 20,
commencing May 20, 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 to |X| The Notes cannot be repaid
maturity. prior to maturity.
|_| The Notes may be redeemed prior to |_| The Notes may be repaid prior
maturity. 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 November 30, 1997 the Guarantor did
not have any secured indebtedness outstanding, and CHL had
$258,207,000 aggregate principal amount of secured indebtedness
outstanding. As of such date, CHL had $7,136,241,000 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.
