Rule 424(b)(3)

                                          File Nos. 333-114270 and 333-114270-03
PRICING SUPPLEMENT NO. 4 DATED July 7, 2004
(To Prospectus and Prospectus Supplement Dated April 21, 2004)


                                                    COUNTRYWIDE HOME LOANS, INC.

                                                     Medium-Term Notes, Series M
                                      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
                                                           Fixed Rate Notes



Trade Date:                June 29, 2004                      Book Entry:    |X|
Issue Price:               96.424%                            Certificated:  |_|
Original Issue Date:       July 16, 2004 Principal Amount:           $25,000,000
Stated Maturity Date:      July 16, 2029 Net Proceeds:               $24,106,000
Interest Rate:             6.20%        Specified Currency:         U.S. Dollars


Exchange Rate Agent:       N/A

Agent:                     Countrywide Securities Corporation

Minimum Denomination:      $1,000
     Interest Payment Dates:  Monthly on the 16th day of each month,  commencing
on August 16, 2004
Record Dates: Monthly on the 1st day of each month


Redemption:                                               Repayment:

     Check box opposite applicable paragraph: Check box opposite applicable
paragraph:

     |_| The Notes cannot be redeemed prior to maturity. |X| The Notes cannot be
repaid prior to maturity.
     |X| The Notes may be redeemed prior to maturity. |_| The Notes may be
repaid prior to maturity.
     Initial Redemption Date: July 16, 2009 Optional Repayment Dates:
     Initial Redemption Percentage:  100%
     Annual Redemption Percentage Reduction, if any:

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

     Additional/Other Terms: The notes may be redeemed at any time, in whole or
in part, on or after the Initial Redemption Date upon 10 business days' notice
to the Holder








     The Notes to which this Pricing Supplement relates will constitute
unsecured and unsubordinated indebtedness of Countrywide Home Loans and will
rank equally with other unsecured and unsubordinated indebtedness of Countrywide
Home Loans. As of March 31, 2004, Countrywide Financial Corporation had no
secured indebtedness outstanding, and Countrywide Home Loans had $1,490,297,721
aggregate principal amount of secured indebtedness outstanding, including
$148,217 of intercompany borrowings. As of that date, Countrywide Home Loans had
$21,408,135,935 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.