SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (date of earliest event reported):  December 15, 1998

           COUNTRYWIDE  HOME EQUITY LOAN TRUST 1998-B               
(Exact name of registrant as specified in its charter)


          CALIFORNIA      	333-11095			36-7238502
(State or Other Jurisdiction	(Commission File		(I.R.S. Employer
 of Incorporation)	 Number)			 Identification No.)

c/o The First National Bank of Chicago.
Corporate Trust Services Division - 9th floor
1 N. State Street, Chicago IL						60670-0126
(Address of Principal Executive Offices)				(Zip Code)



Registrant's telephone number, including area code:		312/407-1902



Item 5.	Other Events
On behalf of Countrywide Home Equity Loan Trust 1998-B, a Trust created
pursuant to the Pooling Agreement, dated May 20, 1998, by The First 
National Bank of Chicago, as trustee for the Trust, the Trustee has caused 
to be filed with the Commission, the Monthly Report dated December 15, 1998. 
The Monthly Report is filed pursuant to and in accordance with (1) numerous
no-action letters (2) current Commission policy in the area.  The filing
of the Monthly Report will occur subsequent to each monthly distribution to
the holders of the Trust's Investor Certificates, Due 
June 15, 2024.

A.	Monthly Report Information:
Aggregate distribution information for the current distribution date
December 15, 1998.

Principal		Interest	Ending Balance

Cede & Co.$ 4,035,754.31	$ 594,045.33	$131,576,865.37

B.	No delinquency in payment under the Transferor Certificate, or 
the Financial Guaranty Insurance Policy has occurred.

C.	Have any deficiencies occurred?  NO.
Date:
Amount:

D.	Were any amounts paid or are any amounts payable under the Financial
Guaranty Insurance Policy?  NO
Amount:

E.	Are there any developments with respect to the Ambac Certificate
  Guaranty Insurance Policy?  NONE.

F.	Item 1:  Legal Proceedings:  NONE

G.	Item 2:  Changes in Securities:  NONE

H.	Item 4:  Submission of Matters to a Vote of Security Holders:  NONE

I.	Item 5:  Other Information - Items 1, 2, 4, 5 if applicable:  NOT APPLICABLE








Item 7.	Monthly Statements and Exhibits

				
Statement to Certificateholders (Page 1 of 2)				
				
Distribution Date:			11/16/98 	12/15/98 
				
	INVESTOR CERTIFICATES DISTRIBUTION SUMMARY			
	(per $1000 original principal amount)			
A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS			
	Investor Certificate Interest Distributed		
4.558123 	3.934075 
	Investor Certificate Interest Shortfall Distributed		
0.000000 	0.000000 
	Remaining Unpaid Investor Certificate Interest Shortfall		
0.000000 	0.000000 
				
	Managed Amortization Period ? (Yes=1; No=0)		
1	1
	Investors Certificate Principal Distributed		
22.762510 	26.726850 
	  Principal Distribution Amount		
22.762510 	26.726850 
	     Maximum Principal Payment		
42.383706 	41.417570 
	     Alternative Principal Payment		
22.762510 	26.726850 
	     Principal Collections less Additional Balances		
22.762510 	26.726850 
	  Investor Loss Amount Distributed to Investors		
0.000000 	0.000000 
	  Accelerated Principal Distribution Amount		
0.000000 	0.000000 
	  Credit Enhancement Draw Amount		
0.00 	0.00 
				
	Total Amount Distributed to Certificateholders (P & I)		
27.320632 	30.660925 
				
B.	INVESTOR CERTIFICATE PRINCIPAL BALANCE			
	Beginning Investor Certificate Balance		
"139,049,758.62 "	"135,612,619.68 "
	Ending Investor Certificate Balance		
"135,612,619.68 "	"131,576,865.37 "
	Beginning Invested Amount		
"139,049,758.62 "	"135,612,619.68 "
	Ending Invested Amount		
"135,612,619.68 "	"131,576,865.37 "
	Investor Certificateholder Floating Allocation Percentage	
98.3726% 	98.3320% 
	Pool Factor		
0.8980968 	0.8713700 
	Liquidation Loss Amount for Liquidated Loans		
0.00 	0.00 
	Unreimbursed Liquidation Loss Amount		
0.00 	0.00 
				
C.	POOL INFORMATION			
	Beginning Pool Balance		
"141,350,152.60 "	"137,913,013.66 "
	Ending Pool Balance		
"137,913,013.66 "	"133,877,259.35 "
	Servicer Removals form the Trust (Section 2.06)		
0.00 	0.00 
	Servicing Fee		
"58,895.90 "	"57,463.76 "
				
D.	INVESTOR CERTIFICATE RATE			
	Investor Certificate Rate		
5.568590% 	5.437810% 
	LIBOR Rate		
5.408590% 	5.277810% 
	Maximum Rate		
8.418521% 	8.603945% 
				
E.	DELINQUENCY & REO STATUS			
	Delinquent 30-59 days			
	    No. of Accounts		
5 	5 
	   Trust Balances		
"160,783.93 "	"114,404.63 "
	Delinquent 60-89 days			
	    No. of Accounts		
1 	1 
	   Trust Balances		
"40,000.00 "	"28,550.00 "
	Delinquent 90+ days			
	    No. of Accounts		
1 	1 
	   Trust Balances		
"22,131.00 "	"40,000.00 "
	Delinquent 9+ Months			
	    No. of Accounts		
0 	0 
	   Trust Balances		
0 	0 
	REO			
	    No. of Accounts		
0 	0 
	   Trust Balances		
0.00 	0.00 
				
				
				
				
Statement to Certificateholders (Page 2 of 2)				
				
Distribution Date:			
11/16/98 	12/15/98 
				
	"IN WITNESS WHEREOF, the 
undersigned has caused this Certificate to be duly executed"			
	"this 9th day of December, 1998"			
				
				
	       Countrywide Home Loans Formerly 
Known as Countrywide Funding Corporation 			

	       as 
	       _______________________________________																		
	        Lupe Montero															
	        Vice-President																																																						
	Distribution List:													
	   Barbara Grosse - First National Bank of Chicago	
Lupe Montero - Countrywide Home Loans									
	   Peter Cerwin - Merrill Lynch	
Richard Marron - Countrywide Home Loans					
	   Lisa Fitzpatrick - Merrill Lynch	
Dave Walker - Countrywide Home Loans															
													

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, 
the registrant has duly caused this report to be signed on its behalf by 
the undersigned thereunto duly authorized.



COUNTRYWIDE HOME EQUITY LOAN TRUST 1998-B



By  _______________________________________
Name:		Barbara G. Grosse
Title:		Vice President

Dated: December 31, 1998