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