Rule 424(b)(3)
                                           File Nos. 333-74042 and 333-74042-03

                                                                  Rule 424(b)(3)
                                           File Nos. 333-74042 and 333-74042-03


PRICING SUPPLEMENT NO. 12 DATED May 7, 2002
(To Prospectus Dated December 4, 2001, as Supplemented December 21, 2001)

                                                    COUNTRYWIDE HOME LOANS, INC.
                                                    Medium-Term Notes, Series K
                                     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.
                                                          Floating Rate Notes


Trade Date:                May 7, 2002                        Book Entry:    |x|
Issue Price:               100%                               Certificated:  |_|
     Original Issue Date: May 10, 2002 Principal Amount: $10,000,000
     Stated Maturity Date: May 10, 2005 Net Proceeds: $9,970,000
                                              Specified Currency:   U.S. Dollars

     Base Rate(s): |_| CD Rate |_| Eleventh District |_| Prime Rate
                                                              Cost of Funds Rate
     |_| Commercial Paper Rate |_| Federal Funds Rate |_| Treasury Rate
     |_| CMT Rate |x| LIBOR |_| Other
                          [Telerate Page 7051]             [Telerate Page 3750]
     [Telerate Page 7052 [Reuters Page [ ]]
     |_| Weekly Average [Currency: [ ]]
                            |_|  Monthly Average]

Exchange Rate Agent:       N/A

     Minimum Denomination: $1,000 Maximum Interest Rate: N/A
     Initial Interest Rate: 2.44625% Minimum Interest Rate: N/A
     Interest  Determination  Dates:  Two London  Business Days Interest  Factor
Convention: N/A
                               prior to each Interest
                               Payment Date
                                             Index Maturity:            3 months
     Interest  Reset  Dates:  Same as Interest  Payment  Dates  Spread  (plus or
minus): plus 55 basis points
     Interest Payment Dates: Quarterly, on the 10th of Spread Multiplier: N/A
                           February, May, August, and
                           November, commencing on August
                           10, 2002
                                      Fixed Rate Commencement Date:          N/A
                                      Fixed Interest Rate:                   N/A

Agent:        Sandler O'Neill & Partners, L.P. as principal
Calculation Agent:        The Bank of New York

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:

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

Additional/Other Terms:             N/A







         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 December 31, 2001, Countrywide Credit Industries did not
have any secured indebtedness outstanding, and Countrywide Home Loans had $0
aggregate principal amount of secured indebtedness outstanding. As of that date,
Countrywide Home Loans had $16,274,783,734 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.