Rule 424(b)(3)
File Nos. 333-58125 and 333-58125-01
AMENDMENT NO. 1 TO PRICING SUPPLEMENT NO. 11 DATED October 13, 1998
(To Prospectus Dated July 16, 1998, as Supplemented July 21, 1998)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES G
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: October 13, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: October 14, 1998 Principal Amount: $ 50,000,000
Stated Maturity Date: October 14, 1999 Net Proceeds: $ 49,950,000
Specified Currency: U.S. Dollars
Base |_| Commercial Paper Rate |X| LIBOR |_| Certificate of
Rate(s): 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: 5.59375% Minimum Interest Rate: N/A
Interest Determination Dates: Two Business Interest Factor Convention: N/A
Days prior to Index Maturity: Three months
each Interest Spread (plus or
Payment Date minus): Plus 25 basis points
Interest Reset Dates: Same as Interest Spread Multiplier: N/A
Payment Dates Fixed Rate Commencement
Interest Payment Dates: January 14, April Date: N/A
14, July 14 and Fixed Interest Rate: N/A
October 14, 1999
Agent: Merrill Lynch, Pierce, Fenner & Smith Incorporated
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 be
unsecured and unsubordinated indebtedness of CHL and will rank equally
with CHL's other unsecured and unsubordinated indebtedness. As of May
31, 1998, the Guarantor did not have any secured indebtedness
outstanding and CHL had $586,135,000 aggregate principal amount of
secured indebtedness outstanding. As of that date, CHL had
$7,565,486,000 aggregate principal amount of unsecured and
unsubordinated indebtedness outstanding, which indebtedness ranked
equally with CHL's other unsecured and unsubordinated indebtedness and
will rank equally with the Notes to which this Pricing Supplement
relates.
