COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES
          EXHIBIT 12.1 - COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES

                                           (Dollar amounts in thousands)


The  following  table sets forth the ratio of earnings  to fixed  charges of the
Company for the three  months  ended May 31, 2000 and for the five fiscal  years
ended February 29, 2000 computed by dividing net fixed charges (interest expense
on all debt plus the interest  element  (one-third)  of  operating  leases) into
earnings (income before income taxes and fixed charges).
                                                                                           

                                 Three months ended

                                       May 31,                       Fiscal Years Ended February 29(28),

                               -------------------------- ------------------------------------------------------------------
                                  2000          1999         2000          1999         1998         1997          1996
                               ------------ ------------- ------------ ------------- ------------ ------------ -------------
Net earnings                       $83,459     $103,379    $410,243     $385,401      $344,983     $257,358     $195,720
Income tax expense                  47,466       66,095     220,955      246,404       220,563      164,540      130,480
Interest charges                   261,474      246,034     922,225      977,326       564,640      418,682       333,140
Interest portion of rental
  Expense                            4,519        4,798      19,080       14,898        10,055        7,420         6,803
                               ------------ ------------- ------------ ------------- ------------ ------------ -------------

Earnings available to cover
  fixed charges                   $396,918     $420,306    $1,572,503   $1,624,029    $1,140,241   $848,000      $666,143
                               ============ ============= ============ ============= ============ ============ =============

Fixed charges

  Interest charges                $261,474     $246,034    $922,225     $977,326      $564,640     $418,682      $333,140
  Interest portion of rental
    Expense                          4,519        4,798      19,080       14,898        10,055        7,420        6,803
                               ------------ ------------- ------------ ------------- ------------ ------------ -------------

      Total fixed charges         $265,993     $250,832    $941,305     $992,224      $574,695     $426,102     $339,943
                               ============ ============= ============ ============= ============ ============ =============

Ratio of earnings to fixed
  Charges                           1.49         1.68          1.67         1.64          1.98         1.99         1.96
                               ============ ============= ============ ============= ============ ============ =============