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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ___ )*
INMC MORTGAGE HOLDINGS, INC.
(Name of Issuer)
COMMON
(Title of Class of Securities)
44977L 100
(CUSIP Number)
February 26, 1998
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
persons 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 another provisions of
the Act (however, see the Notes).
CUSIP NO. 44977L 100
________________________________________________________________________________
1. NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
COUNTRYWIDE CREDIT INDUSTRIES, INC.
I.R.S. No. 13-264-1992
_______________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
(b) X
________________________________________________________________________________
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 4,420,860 Shares
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 0
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 4,420,860 Shares
PERSON 8. SHARED DISPOSITIVE POWER
WITH 0
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,420,860 Shares
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
________________________________________________________ _
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.8%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
________________________________________________________________________________
(continued on next page)
Item 1(a). Name of Issuer
INMC Mortgage Holdings, Inc. (INMC)
Item 1(b). Address of Issuers Principal Executive Office
155 North Lake Avenue
Pasadena, California 91101.
Item 2(a). Name of Person Filing
Countrywide Credit Industries, Inc. (CCR)
Item 2(b). Address of Principal Business Office or, if None, Residence
4500 Park Granada
Calabasas, California 91302
Item 2(c). Citizenship
Delaware
Item 2(d). Title of Class of Securities
Common
Item 2(e) CUSIP No.
44977L 100
Item 3 If this statement is filed pursuant to Section 240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o);
(b) Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c) Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d) Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8);
(e) An investment advisor in accordance with Section 240.13d-1(b)(1)(ii)(E);
(f) An employee benefit plan or endowment fund in accordance with Section
240.13d-1(b)(1)(ii)(F);
(g) A parent holding company or control person in accordance with Section
240.13d-1(b)(1)(ii)(G);
(h) A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment Company
Act of 1940 (15 U.S.C. 80a-3);
(j) Group, in accordance with @240.13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to @240.13d-1(c), check this box.
Item 4. Ownership
(a) Amount beneficially owned:
4,420,860 Shares
(b) Percent of class:
6.8%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
4,420,860
(ii)Shared power to vote or to direct the vote:
0
(iii)Sole power to dispose or to direct the disposition of:
4,420,860
(iv)Shared power to dispose or to direct the disposition of:
0
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner
of more than 5 percent of the class of securities, check the following.
NOT APPLICABLE.
Item 6. Ownership of More than 5 Percent on Behalf of Another Person
NOT APPLICABLE.
Item 7. Identification and Classification of the Subsidiary Which
cquired the Security Being Reported on By the Parent Holding Company
NOT APPLICABLE.
Item 8. Identification and Classification of Members of the Group
NOT APPLICABLE.
Item 9. Notice of Dissolution of Group
NOT APPLICABLE.
Item 10. Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having that purpose or effect.
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.
COUNTRYWIDE CREDIT INDUSTRIES, INC.
By: /s/ Sandor E. Samuels
Name: Sandor E. Samuels
Title: Managing Director, Legal and General Counsel
Dated: March 3, 1998
