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


PRICING SUPPLEMENT NO. 16 DATED May 15, 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 10, 2002                       Book Entry:    |x|
Issue Price:               100%                               Certificated:  |_|
Original Issue Date:       May 22, 2002       Principal Amount:     $200,000,000
Stated Maturity Date: May 20, 2005            Net Proceeds: $199,400,000
                                              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: 2.4575% 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 22nd of Spread Multiplier: N/A
                        February, May, August, and
                        November, commencing on August 22, 2002
                                      Fixed Rate Commencement Date:          N/A
                                      Fixed Interest Rate:                   N/A

Agents: Salomon Smith Barney, Barclays Capital Inc., J. P. Morgan Securities
Inc.,  Countrywide  Securities  Corporation,  Lehman Brothers Inc., and ABN AMRO
Incorporated
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 March  31,  2002,  Countrywide  Credit
     Industries  did  not  have  any  secured  indebtedness   outstanding,   and
     Countrywide Home Loans did not have any secured  indebtedness  outstanding.
     As of that  date,  Countrywide  Home  Loans had  $17,223,739,391  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.