Rule 424(b)(3)
File Nos. 333-66467 and 333-66467-01
PRICING SUPPLEMENT NO. 7 DATED January 14, 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.
FLOATING RATE NOTES
-------------------
Trade Date: January 14, 1999 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: January 20, 1999 Principal Amount: $ 19,500,000
Stated Maturity Date: January 20, 2000 Net Proceeds: $ 19,490,250
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: $1,000 Maximum Interest Rate: N/A
Initial Interest Rate: 5,07219% 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 10 basis points
Interest Reset Dates: Same as Interest Spread Multiplier: N/A
Payment Dates Fixed Rate Commencement
Interest Payment Dates: January 20, April Date: N/A
20, July 20 and Fixed Interest Rate: N/A
October 20, 1999,
commencing April
20, 1999
Agent: Deutsche Bank Securities
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
November 30, 1998, the Guarantor did not have any secured indebtedness
outstanding and CHL had $15,023,000 aggregate principal amount of
secured indebtedness outstanding. As of that date, CHL had
$8,964,675,000 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.