Rule 424(b)(3)
                                            File Nos. 333-82583 and 333-82583-01
PRICING SUPPLEMENT NO.5 DATED July 19, 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 19, 2000                      Book Entry:    |x|
Issue Price:               100%                               Certificated:  |_|
Original Issue Date:       July 28, 2000       Principal Amount:     $15,000,000
Stated Maturity Date:      July 28, 2015       Net Proceeds:         $14,675,000
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 28th day of each month,commencing  August
28, 2000
Record Dates: Monthly on the 13th 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 28, 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 May 31, 2000, Countrywide Credit Industries did not have any
secured  indebtedness  outstanding,  and Countrywide  Home Loans had $20,273,469
aggregate principal amount of secured indebtedness outstanding, all of which was
short-term   indebtedness.   As  of  that  date,   Countrywide  Home  Loans  had
$9,363,148,000  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.