Rule 424(b)(3)
                                            File Nos. 333-55536 and 333-55536-01
PRICING SUPPLEMENT NO. 5 DATED MAY 17, 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 17, 2001                       Book Entry:    |X|
Public Offering Price:     99.880%                            Certificated:  |_|
Agent Discount:            .250%     Principal Amount:              $850,000,000
Purchase Price:            99.630%                    Proceeds, before expenses,
Original Issue Date:       May 22, 2001 to Countrywide Home Loans:  $846,855,000
Stated Maturity Date:      May 22, 2003 CUSIP:                         22237LKU5
Minimum Denomination:      $1,000
Specified Currency:        U.S. Dollars
Interest Rate:                      5.250%
     Interest  Payment  Dates:  May 22 and  November 22 of each year,  beginning
November 22, 2001
Record Dates: May 1 and November 1


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.


         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 $9,968,722,000 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.


                                  Lead Managers
                            JPMORGAN LEHMAN BROTHERS
                       COUNTRYWIDE SECURITIES CORPORATION

                                   Co-Managers
DEUTSCHE BANC ALEX. BROWN                           FIRST UNION SECURITIES, INC.







                                  UNDERWRITING

     Subject  to the  terms of a Terms  Agreement,  dated  May 17,  2001,  among
Countrywide Home Loans, Countrywide Credit Industries,
     J.P. Morgan Securities Inc., Lehman Brothers Inc.,  Countrywide  Securities
Corporation, Deutsche Banc Alex. Brown Inc. and First Union
     Securities, Inc. (collectively,  the "Agents"),  Countrywide Home Loans has
agreed to sell to the Agents, and the Agents have agreed
     severally to purchase,  the principal  amounts of Notes set forth  opposite
their names below:

                                                                Principal Amount
                  Agents                                            of the Notes

         J.P. Morgan Securities Inc.                                $267,750,000
         Lehman Brothers Inc.                                        267,750,000
         Deutsche Banc Alex. Brown Inc.                              127,500,000
         First Union Securities, Inc.                                127,500,000
         Countrywide Securities Corporation                           59,500,000
                                                                    $850,000,000



================================================================================
         Under the terms and conditions of the Terms Agreement, the Agents are
committed to take and pay for all of the Notes, if any are taken.

         The Agents propose to offer the Notes initially at the public offering
price set forth on the cover page of this Pricing Supplement and to certain
dealers at such price less a concession not in excess of .150% of the principal
amount of the Notes. The Agents may allow, and the dealers may reallow, a
discount not in excess of .125% of the principal amount of the Notes on sales to
certain other dealers. After the initial public offering, the public offering
price and other selling terms may from time to time be varied by the Agents.

         The Notes are a new issue of securities with no established trading
market. Countrywide Home Loans has been advised by the Agents that they intend
to make a market in the Notes, but they are not obligated to do so and may
discontinue market making at any time without notice. No assurance can be given
as to the liquidity of the trading market for the Notes.

         Countrywide Home Loans has agreed to indemnify the Agents against
certain liabilities under the Securities Act of 1933, as amended, as described
in the accompanying Prospectus Supplement.

                                                          ------------------


     You  should  rely only on the  information  contained  or  incorporated  by
reference in this Pricing Supplement and the
     accompanying Prospectus Supplement and Prospectus.  Countrywide Home Loans,
Inc. and Countrywide Credit Industries, Inc. have not, and
     the  Agents  have not,  authorized  any other  person to  provide  you with
different information. If anyone provides you with different or
     inconsistent  information,  you  should  not rely on it.  Countrywide  Home
Loans, Inc. and Countrywide Credit Industries, Inc. are not,
     and the Agents are not,  making an offer to sell  these  securities  in any
jurisdiction where the offer or sale is not permitted.

         You should assume that the information appearing in this Pricing
Supplement and the accompanying Prospectus Supplement and Prospectus is accurate
as of the date on the front cover of this Pricing Supplement only. The business,
financial condition, results of operations and prospects of Countrywide Home
Loans, Inc. and Countrywide Credit Industries, Inc. may have changed since that
date.