COUNTRYWIDE CREDIT INDUSTRIES INC
S-3/A, EX-25, 2000-06-07
MORTGAGE BANKERS & LOAN CORRESPONDENTS
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                               EXHIBIT 25.3

                        FORM T-1 STATEMENT OF ELIGIBILITY

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                                                     FORM T-1

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                            STATEMENT OF ELIGIBILITY

                   UNDER THE TRUST INDENTURE ACT OF 1939 OF A

                    CORPORATION DESIGNATED TO ACT AS TRUSTEE

                      CHECK IF AN APPLICATION TO DETERMINE

                      ELIGIBILITY OF A TRUSTEE PURSUANT TO

                             SECTION 305(b)(2) |__|

                                            ---------------------------

                              THE BANK OF NEW YORK

                           (Exact name of trustee as specified in its charter)

New York                                                           13-5160382
(State of incorporation                                        (I.R.S. employer
if not a U.S. national bank)                                identification no.)
One Wall Street, New York, N.Y.                                          10286
(Address of principal executive offices                            (Zip code)
                                            ---------------------------

                                        COUNTRYWIDE CREDIT INDUSTRIES, INC.
                            (Exact name of obligor as specified in its charter)

Delaware                                                            13-2631719
(State or other jurisdiction of                             (I.R.S. employer
incorporation or organization)                              identification no.)
4500 Park Granada                                                          91302
Calabasas, CA                                                        (Zip code)
(Address of principal executive offices)
                                            ---------------------------
                                 Debt Securities

                                        (Title of the indenture securities)

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1........General information.  Furnish the following information as to the
Trustee:

(a) Name and address of each examining or  supervising  authority to which it is
subject.

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                       Name                               Address
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Superintendent of Banks of the State of New York 2 Rector Street, New York, N.Y.
10006, and Albany, N.Y. 12203
Federal Reserve Bank of New York 33 Liberty Plaza, New York, N.Y. 10045
Federal Deposit Insurance Corporation Washington, D.C. 20429
New York Clearing House Association New York, New York 10005

(b)      Whether it is authorized to exercise corporate trust powers.

         Yes.

2.       Affiliations with Obligor.

         If the  obligor is an  affiliate  of the  trustee,  describe  each such
affiliation.

         None.

16.      List of Exhibits.

         Exhibits  identified in parentheses below, on file with the Commission,
         are incorporated herein by reference as an exhibit hereto,  pursuant to
         Rule 7a-29  under the Trust  Indenture  Act of 1939 (the  "Act") and 17
         C.F.R. 229.10(d).

         1.       A copy of the Organization Certificate of The Bank of New York
                  (formerly  Irving  Trust  Company)  as  now in  effect,  which
                  contains  the  authority  to commence  business and a grant of
                  powers to  exercise  corporate  trust  powers.  (Exhibit  1 to
                  Amendment No. 1 to Form T-1 filed with Registration  Statement
                  No.  33-6215,  Exhibits  1a  and 1b to  Form  T-1  filed  with
                  Registration  Statement No. 33-21672 and Exhibit 1 to Form T-1
                  filed with Registration Statement No.

                  33-29637.)

         4.       A copy of the  existing  By-laws of the Trustee.  (Exhibit 4
                  to Form T-1 filed with  Registration
                  Statement No. 33-31019.)

         6.       The consent of the Trustee  required by Section  321(b) of the
                  Act.  (Exhibit 6 to Form T-1 filed
                  with Registration Statement No. 33-44051.)

         7.       A copy of the latest  report of  condition  of the  Trustee
                  published  pursuant to law or to the
                  requirements of its supervising or examining authority.



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                                    SIGNATURE

         Pursuant to the  requirements of the Act, the Trustee,  The Bank of New
York, a corporation  organized  and existing  under the laws of the State of New
York,  has duly caused this  statement of eligibility to be signed on its behalf
by the undersigned,  thereunto duly authorized, all in The City of New York, and
State of New York, on the 5th day of June, 2000.

                                                     THE BANK OF NEW YORK

                                              By:/s/ MARY BETH A. LEWICKI
                                                   -------------------------
                                                 Name: MARY BETH A. LEWICKI
                                                  Title:   VICE PRESIDENT


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