UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Countrywide Credit Industries, Inc.
(Name of Issuer)
Common
(Title of Class of Securities)
222372104
(CUSIP Number)
Check the following box if a fee is being paid with this statement /
/. (A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent
of the class of securities described in Item l; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of five percent
or less of such class.)
(See Rule 13d-7).
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
CUSIP No. 222372104 13G Page 2 of 5 Pages
1) NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Neuberger & Berman, LLC
13-5521910
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /__/
(b) /X/
3) SEC USE ONLY
4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5) SOLE VOTING POWER
5,138,976
6) SHARED VOTING POWER
9,642,500
7) SOLE DISPOSITIVE POWER
0
8) SHARED DISPOSITIVE POWER
15,440,798
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,440,798
10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
62,400
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.31
12) TYPE OF REPORTING PERSON*
BD/IA
CUSIP No. 222372104 13G Page 2A of 5
Pages
1) NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Neuberger & Berman Guardian Portfolio
13-3697434
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /__/
(b) /X/
3) SEC USE ONLY
4) CITIZENSHIP OR PLACE OF ORGANIZATION
New York, N Y
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
5) SOLE VOTING POWER
0
6) SHARED VOTING POWER
5,830,000
7) SOLE DISPOSITIVE POWER
0
8) SHARED DISPOSITIVE POWER
5,830,000
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,830,000
10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.4
12) TYPE OF REPORTING PERSON*
IV
CUSIP No. 222372104 13G Page 3 of 5 Pages
Item 1. (a) Name of Issuer:
Countrywide Credit Industries, Inc.
Item 1 (b) Address of Issuer's Principal Executive Offices:
4500 Park Granada Blvd, Calabasas, CA 91302
Item 2. (a) Name of Person Filing:
Neuberger & Berman, LLC
Neuberger & Berman Management Inc.
Neuberger & Berman Guardian Portfolio
Item 2 (b) Address of Principal Business Office:
605 Third Ave., New York, NY, 10158-3698
Item 2 (c) Citizenship:
USA
Item 2 (d) Title of Class of Securities:
Common
Item 2 (e) CUSIP Number:
222372104
Item 3. (a) /X/ Broker or Dealer registered under Section 15 of the
Act
Item 3 (b) /X/ Investment Adviser registered under Section 203 of
the Investment Advisers Act of 1940
Item 3 (c) /X/ Investment Company registered under Section 8 of the
Investment Company Act
Item 4. Ownership:
(a) Amount Beneficially Owned:
15,440,798
(b) Percent of Class:
14.31
CUSIP No. 222372104 13G Page 4 of 5 Pages
(c) Number of Shares as to which such person has:
(I) Sole Power to vote or to direct the
vote: 5,138,976
(ii) Shared Power to vote or to direct the
vote: 9,642,500
(iii) Sole Power to dispose or to direct the disposition
of: 0
(iv) Shared Power to dispose or to direct the disposition
of: 15,440,798
Item 5. Ownership of Five Percent or Less of a Class:
N/A
Item 6. Ownership of More than Five Percent on Behalf of Another:
Neuberger & Berman, LLC is deemed to be a beneficial owner for purpose of
Rule 13(d) since it has shared power to make decisions whether to retain or
dispose of, and in some cases the sole power to vote the securities of many
unrelated clients. Neuberger & Berman, LLC does not, however have any
economic interest in the securities of those clients. The clients are the
actual owners of the securities and have the sole right to receive and the
power to direct the receipt of dividends from or proceeds from the sale of
such securities.
Principal(s) of Neuberger & Berman, LLC own 62,400 shares. Principal(s)
own these shares in their own personal securities accounts. Neuberger &
Berman, LLC disclaims beneficial ownership of these shares since; these
shares were purchased with each principal(s)' personal funds and each
principal has exclusive dispositive and voting power over the shares held
in their respective
accounts.
With regard to the shares set forth under Item 4.(c)(II), 5,830,000 shares
or 5.4% of the outstanding are beneficially owned by Neuberger & Berman
Guardian Portfolio, a series of Equity Managers Trust. Neuberger & Berman,
LLC and Neuberger & Berman Management Inc. are deemed to be beneficial
owners of these shares for purposes of Rule 13(d) since they both have
shared power to make decisions whether to retain or dispose of the
securities. Neuberger & Berman, LLC and Neuberger & Berman Management Inc.
serve as sub-adviser and investment manager, respectively, of Neuberger &
Berman Guardian Portfolio, which holds such shares in the ordinary course
of its business and not with the purpose nor with the effect of changing or
influencing the control of the issuer.
With regard to the balance of the shares set forth under Item 4.(c)(II),
Neuberger & Berman, LLC and Neuberger & Berman Management Inc. are deemed
to be the beneficial owners for the purposes of Rule 13(d), since they have
power to make decisions whether to retain or dispose of securities held by
Neuberger & Berman's various other Funds. Neuberger & Berman, LLC is the
sub-advisor to the aforementioned Funds.
No other Neuberger & Berman, LLC advisory client has an interest of more
than 5% of the issuer.
It should be further noted that the share calculation under item 4.(c)(IV)
is derived from a total combination of the shares set forth under Item
4.(c)(I and II). The remaining balance of shares, if any, are for
individual client accounts over which Neuberger & Berman, LLC has shared
power to dispose.
CUSIP No. 222372104 13G Page 5 of 5 Pages
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent
Holding
Company: N/A
Item 8. Identification and Classification of Members of the Group:
N/A
Item 9. Notice of Dissolution of Group: N/A
Item 10. Certification:
By signing below I certify that, to the best of my knowledge and belief,
the
securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the
effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant in
any transaction having such purposes or effect.
Signature:
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
In addition, the undersigned hereby agree that the Schedule 13G filed
herewith is filed jointly pursuant to Rule 13d-1(f)(1) of the Securities
Exchange Act of 1934, as amended, on behalf of each of them.
Date: February 4, 1998
Neuberger & Berman, LLC
By:_____________________________
C. Carl Randolph
Principal and General Counsel
______________________________
Name/Title
Neuberger & Berman Management Inc.
By: :_____________________________
Michael Weiner
Neuberger & Berman Guardian Portfolio,
a Series of Equity Managers Trust
By: :_____________________________
Michael Weiner
