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): August 17, 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 August 17, 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
August 17, 1998.

Principal		Interest	Ending Balance

Cede & Co.$ 2,313,387.85	$ 780,121.42	$144,007,959.37

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

Exhibit No.
1.	Monthly Statement to Certificateholders dated  August 17, 1998


Statement to Certificateholders (Page 1 of 2)							
									
Distribution Date:		7/15/98 	8/17/98 
									
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY 
(PER $1000 ORIGINAL PRINCIPAL AMOUNT)						
									
A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS						
Investor Certificate Interest Distributed					7.578136 	5.166367 
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				30.984455 	15.320449 
Principal Distribution Amount					30.984455 	15.320449 
Maximum Principal Payment					81.246195 	46.969511 
Alternative Principal Payment					30.984455 	15.320449 
Principal Collections less Additional Balances		30.984455 	15.320449 
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)					38.562592 	20.486816 
									
B.	INVESTOR CERTIFICATE PRINCIPAL BALANCE						
		Beginning Investor Certificate Balance					"151,000,000.00 "	"146,321,347.22 "
		Ending Investor Certificate Balance					"146,321,347.22 "	"144,007,959.37 "
			Beginning Invested Amount					"151,000,000.00 "	"146,321,347.22 "
			Ending Invested Amount					"146,321,347.22 "	"144,007,959.37 "
Investor Certificateholder Floating Allocation Percentage
98.4994% 	98.4522% 
Pool Factor					0.9690155 	0.9536951 
Liquidation Loss Amount for Liquidated Loans					0.00 	0.00 
			Unreimbursed Liquidation Loss Amount					0.00 	0.00 
									
		C.	POOL INFORMATION						
			Beginning Pool Balance					"153,300,393.98 "	"148,621,741.20 "
			Ending Pool Balance					"148,621,741.20 "	"146,308,353.35 "
		Servicer Removals form the Trust (Section 2.06)					0.00 	0.00 
		Servicing Fee					"63,875.16 "	"61,925.73 "
									
		D.	INVESTOR CERTIFICATE RATE						
			Investor Certificate Rate					5.804530% 	5.816250% 
	LIBOR Rate					5.644530% 	5.656250% 
	Maximum Rate					5.945863% 	6.722082% 
									
	E.	DELINQUENCY & REO STATUS						
		Delinquent 30-59 days						
	    No. of Accounts					9 	2 
	   Trust Balances					"278,752.02 "	"10,292.89 "
	Delinquent 60-89 days						
	    No. of Accounts					1 	2 
	   Trust Balances					"1,581.31 "	"130,773.41 "
	Delinquent 90+ days						
	    No. of Accounts					0 	0 
	   Trust Balances					0.00 	0.00 
	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:						7/15/98 	8/17/98 
									
	"IN WITNESS WHEREOF, the undersigned has caused this 
Certificate to be duly executed"						
			"this 11th day of August, 1998"						
									
									
 Countrywide Home Loans Formerly Known as 
Countrywide Funding Corporation 						
			       as Servicer						
									
      _______________________________________			
								
			        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: August 31, 1998