Rule 424(b)(3)
                                          File Nos. 333-103623 and 333-103623-03

                                                                  Rule 424(b)(3)
                                          File Nos. 333-103623 and 333-103623-03



PRICING SUPPLEMENT NO. 16 DATED FEBRUARY 19, 2004
     (To Prospectus Dated March 20, 2003, and Prospectus  Supplement Dated April
8, 2003)


                                                    COUNTRYWIDE HOME LOANS, INC.
                                                     Medium-Term Notes, Series L
                                      Due Nine Months or More From Date of Issue
                                          Payment of Principal, Premium, if any,
                            and Interest Fully and Unconditionally Guaranteed by
                                               COUNTRYWIDE FINANCIAL CORPORATION
                                                          Floating Rate Notes



Trade Date:                February 19, 2004                  Book Entry:    |x|
Issue Price:               100%                               Certificated:  |_|
Original Issue Date:       February 23, 2004  Principal Amount:     $575,000,000
Stated Maturity Date:      February 23, 2005  Net Proceeds:         $574,712,500
                                              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  [  ]
    Reuters Page [ ]            Telerate Page 7052  [ ]

       Currency:[   ]
                               |_| Weekly Average
                              |_| Monthly Average]

Exchange Rate Agent:       N/A


     Minimum Denomination: $1,000 Maximum Interest Rate: N/A
     Initial Interest Rate: 1.20% Minimum Interest Rate: N/A

Interest  Factor Convention: N/A

     Interest  Determination  Dates:  Two London  Business Days
                             prior to each Interest
                               Payment Date
Index Maturity:            3 months
     Interest  Reset  Dates:  Same as Interest  Payment  Dates
Spread  (plus or minus): plus 8 basis points
Spread Multiplier:                     N/A
Interest Payment Dates:    May 23, 2004, August 23,
                         November 23, 2004, and February
                           23, 2005

                                      Fixed Rate Commencement Date:          N/A
                                      Fixed Interest Rate:                   N/A


     Agents:  Banc One Capital Markets,  Inc.,  Goldman,  Sachs & Co., Citigroup
Global Markets Inc. Countrywide Securities Corporation, and BNY Capital Markets,
Inc., ABN Amro Inc.

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 relate will constitute unsecured
and unsubordinated indebtedness of Countrywide Home Loans and will rank equally
with Countrywide Home Loans' other unsecured and unsubordinated indebtedness. As
of December 31, 2003, Countrywide Financial Corporation did not have any secured
indebtedness outstanding, and Countrywide Home Loans had $1,779,374,485 of
secured indebtedness outstanding, including $1,153,262,500 of intercompany
borrowings. As of that date, Countrywide Home Loans had $22,317,600,565
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.

     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 Financial
Corporation have not, and the Agent(s) 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 Financial Corporation are not, and the Agent(s) 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 Financial Corporation may have changed since that date.