Exhibit 4
Opinion of Munger, Tolles and Olson LLP
June 16, 2000
Countrywide Home Loans, Inc.
Countrywide Credit Industries, Inc.
4500 Park Granada
Calabasas, CA 91302
Ladies and Gentlemen:
We have acted as your special counsel in connection with the Prospectus
Supplement dated June 15, 2000 (the "Prospectus Supplement") to the Prospectus
dated June 8, 2000, pertaining to your Registration Statement on Form S-3 (File
Nos. 82583 and 82583-01) (the "Registration Statement") under the Securities Act
of 1933, as amended (the "Securities Act"), being filed today with the
Securities and Exchange Commission, with respect to the public offering of
Medium-Term Notes, Series I, of Countrywide Home Loans, Inc. (the "Notes").
We hereby confirm, based on the assumptions and subject to the qualifications
and limitations set forth therein, that the statements in the section of the
Prospectus Supplement captioned "Certain Federal Income Tax Consequences," to
the extent that such statements constitute statements of law, reflect our
opinion regarding the material federal income tax consequences of the purchase,
ownership and disposition of the Notes. No opinion is expressed on matters other
than those specifically referred to herein.
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement. In giving this consent, we do not hereby admit that we
are in the category of persons whose consent is required under Section 7 of the
Securities Act.
Very truly yours,
Munger, Tolles & Olson LLP
