Rule 424(b)(3)
File Nos. 333-31529 and 333-31529-01
PRICING SUPPLEMENT NO. 40 DATED FEBRUARY 4, 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 4, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: February 9, 1998 Principal Amount: $50,000,000
Stated Maturity Date: February 9, 2000 Net Proceeds: $49,875,000
Specified Currency:U.S. Dollars
Base |_| Commercial Paper |X| LIBOR |_| Certificate of
Rate(s): Rate Telerate Page 3750 Deposit Rate
|_| Treasury Rate |_| Federal Funds Rate |_| Prime Rate
|_| CMT Rate |_| Eleventh District |_| Other
District Cost of
Funds Rate
Exchange Rate Agent: N/A
Minimum Denomination: $100,000 Maximum Interest Rate: N/A
Initial Interest Rate: 5.725% 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 minus): Plus 10
Payment Date basis
points
Interest Reset Dates: Same as Interest Spread Multiplier: N/A
Payment Dates Fixed Rate Commencement Date: N/A
Interest Payment Dates: Every May, 9, Fixed Interest Rate: N/A
August 9, November 9,
and February 9,
commencing May 9,
1998
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. be 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
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.
