Rule 424(b)(3)
File Nos. 333-66467 and 333-66467-01
PRICING SUPPLEMENT NO. 22 DATED September 23, 1999
(To Prospectus Dated November 10, 1998, as Supplemented November 10, 1998)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES H
UNCONDITIONALLY GUARANTEED BY
COUNTRYWIDE CREDIT INDUSTRIES, INC.
FIXED RATE NOTES
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Trade Date: September 23, 1999 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: October 14, 1999 Principal Amount: $ 35,000,000
Stated Maturity Date: October 14, 2014 Net Proceeds: $ 34,072,500
Interest Rate: 7.5% Specified Currency: U.S. Dollars
Exchange Rate Agent: N/A
Agent: Countrywide Securities Corporation
Minimum Denomination: $1,000
Interest Payment Dates: Monthly on the 14th of the month, commencing
November 14, 1999
Record Dates: Monthly on the 15th day preceding the relevant
Interest Payment Date
Redemption: Repayment:
Check box opposite applicable paragraph: Check box opposite applicable
paragraph:
| | The Notes cannot be redeemed prior to |X| The Notes cannot be repaid prior
maturity. to maturity.
|X| The Notes may be redeemed prior to |_| The Notes may be repaid prior to
maturity. maturity.
Initial Redemption Date: October 14, 2003 Optional Repayment Dates:
Initial Redemption Percentage: 100%
Annual Redemption Percentage Reduction,
if any:
Additional/Other Terms: The Notes may be redeemed at any time, in whole or
in part, on or after the Initial Redemption Date
upon 10 business days' notice to the Holder.
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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, 1999, the Guarantor did not have
any secured indebtedness outstanding and CHL had $203,023,498
aggregate principal amount of secured indebtedness outstanding.
As of that date, CHL had $9,140,401,742 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.
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Effective June 17, 1999, CHL reduced the aggregate offering price of
the Medium-Term Notes, Series H, issuable under the medium-term note
program described in the Prospectus Supplement, dated November 10, 1998, to
the Prospectus, dated November 10, 1998, to $2,250,000,000 from
$3,000,000,000.
