Rule 424(b)(3)
                                            File Nos. 333-55536 and 333-55536-01
PRICING SUPPLEMENT NO. 1 DATED May 14, 2001
(To Prospectus Dated March 13, 2001, as Supplemented March 15, 2001)

                          COUNTRYWIDE HOME LOANS, INC.
                           Medium-Term Notes, Series J
                   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:                May 14, 2001                       Book Entry:    |x|
Issue Price:               100%                               Certificated:  |_|
     Original Issue Date: May 16, 2001 Principal Amount: $150,000,000.00
     Stated Maturity Date: June 14, 2002 Net Proceeds: $149,925,000.00
Interest Rate:             4.55%        Specified Currency:         U.S. Dollars


Exchange Rate Agent:       N/A

Agent:                     Countrywide Securities Corporation.

Minimum Denomination:      $1,000
Interest Payment Dates:    June 14, 2002
     Record Dates:  Interest payable on the Maturity Date will be payable to the
person to whom principal is payable.

Redemption:                                               Repayment:

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

Additional/Other Terms:







         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 November 30, 2000, Countrywide Credit Industries did not
have any secured indebtedness outstanding, and Countrywide Home Loans had
$19,647,000 aggregate principal amount of secured indebtedness outstanding, all
of which was short-term indebtedness. As of that date, Countrywide Home Loans
had $9,966,510,000 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.