Rule 424(b)(3)
File Nos. 333-58125 and 333-58125-01
AMENDMENT NO. 1, DATED AS OF July 21, 1998
TO PRICING SUPPLEMENT NO. 2 DATED July 21, 1998
(To Prospectus Dated July 16, 1998, as Supplemented July 21, 1998)
COUNTRYWIDE HOME LOANS, INC.
MEDIUM-TERM NOTES, SERIES G
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: July 21, 1998 Book Entry: |X|
Issue Price: 100% Certificated: |_|
Original Issue Date: July 24, 1998 Principal Amount: $135,000,000
Stated Maturity Date: July 26, 1999 Net Proceeds: $134,932,500
Specified Currency: U.S. Dollars
Base |_| Commercial Paper Rate |_| LIBOR |_| Certificate of
Rate(s): Telerate Page 3750 Deposit Rate
|_| Treasury Rate |_| Federal Funds Rate |X| Prime Rate
|_| CMT Rate |_| Eleventh District |_| Other
Cost of Funds Rate
Exchange Rate Agent: N/A
Minimum Denomination: $100,000 Maximum Interest Rate: N/A
Initial Interest Rate: 5.69000% Minimum Interest Rate: N/A
Interest Determination Dates: Two Business Interest Factor Convention: N/A
Days prior to Index Maturity: N/A
each Interest Spread (plus or
Payment Date minus): Minus 281 basis points
Interest Reset Dates: Daily Spread Multiplier: N/A
Interest Payment Dates: Every January 26, Fixed Rate Commencement
April 26, July 26 Date: N/A
and October 26, Fixed Interest Rate: N/A
commencing October
26, 1998
Agent: Chase Securities Inc.
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 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 May 31, 1998, the Guarantor did not have any secured
indebtedness outstanding, and CHL had $586,135,000 aggregate principal
amount of secured indebtedness outstanding. As of that date, CHL had
$7,565,486,000 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.