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Rule 424(b)(3) File Nos. 333-82583 and 333-82583-01
PRICING SUPPLEMENT NO.2 DATED July 5, 2000
(To Prospectus Dated June 8, 2000, as Supplemented June 15, 2000)

                          COUNTRYWIDE HOME LOANS, INC.

                           Medium-Term Notes, Series I

                   Due Nine Months or More From Date of Issue

                     Payment of Principal, Premium, if any,

              and Interest Fully and Unconditionally Guaranteed by

                       COUNTRYWIDE CREDIT INDUSTRIES, INC.

                                Fixed Rate Notes

Trade Date:                July 5, 2000          Book Entry:    |x|
Issue Price:               100%             Certificated:  |_|
Original Issue Date:       July 10, 2000 Principal Amount:          $25,000,000
Stated Maturity Date:      July 10, 2015  Net Proceeds:             $24,479,000
Interest Rate:             8.00%       Specified Currency:         U.S. Dollars


Exchange Rate Agent:       N/A

Agent:                     Countrywide Securities Corporation

Minimum Denomination:      $1,000
Interest  Payment  Dates:  Monthly,  on the 10th day of each  month,  commencing
August 10, 2000 Record Dates: Monthly, on the 25th day of each month

Redemption:                                               Repayment:

Check box opposite applicable paragraph:Check box opposite applicable paragraph:
 |_|  The Notes cannot be redeemed prior to maturity.
 |x|  The Notes cannot be repaid prior to maturity.
 |x|  The Notes may be redeemed prior to maturity.
 |_|  The Notes may be repaid prior to maturity.
Initial Redemption Date:  July 10, 2003              Optional Repayment Dates:
     Initial Redemption Percentage: 100%
     Annual Redemption Percentage Reduction, if any:

Estate Option:  Check box if the Estate Option is applicable  |x|

Additional/Other           Terms:  The Notes  may be  redeemed  at any time,  in
                           whole or in part, on or after the Initial  Redemption
                           Date upon 10 business days' notice to the Holder.

         The Notes to which this  Pricing  Supplement  relates  will  constitute
unsecured and  unsubordinated  indebtedness  of Countrywide  Home Loans and will
rank equally with  Countrywide  Home Loan's other  unsecured and  unsubordinated
indebtedness.  As of February 29, 2000,  Countrywide  Credit  Industries did not
have any  secured  indebtedness  outstanding,  and  Countrywide  Home  Loans had
$46,152,000 aggregate principal amount of secured indebtedness outstanding,  all
of which was short-term  indebtedness.  As of that date,  Countrywide Home Loans
had  $8,081,216,000  aggregate  principal amount of unsecured and unsubordinated
indebtedness  outstanding,  which  indebtedness  ranked  equally  with the other
unsecured and  unsubordinated  indebtedness  of Countrywide  Home Loans and will
rank equally with the Notes to which this Pricing Supplement relates.