Rule 424(b)(2)
                                          File Nos. 333-114270 and 333-114270-03

PRICING SUPPLEMENT NO. 20 DATED December 14, 2005
     (To  Prospectus  Dated  April 21,  2004 and  Prospectus  Supplements  Dated
February 7, 2005 and December 14, 2005)

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

Trade Date:                December 14, 2005 Principal Amount:      $500,000,000
Public Offering Price:     100%        Proceeds, before expenses,
Agent Discount:            0.100%      to Countrywide Home Loans:  $499,500,000
Purchase Price:            99.900%     CUSIP:                         22238HAV2
Original Issue Date:       December 19, 2005 ISIN:                  US22238HAV24
Stated Maturity Date:      December 19, 2007 Common Code:              023906228
Minimum Denomination:      $10,000
Specified Currency:        U.S. Dollars Maximum Interest Rate:               N/A
Interest Rate Basis:       LIBOR (Telerate Page 3750)Minimum Interest Rate:  N/A
LIBOR Currency:            U.S. Dollars  Interest Factor Convention:         N/A
Index Maturity:            3 month       Interest Factor Convention:         N/A
Initial Interest Rate:     4.66688%      Spread (plus or minus):       plus .17%
Spread Multiplier:                           N/A
Calculation Agent:        The Bank of New York
Interest Reset Dates:      Quarterly on the 19th of March,
                          June, September and December,
                           commencing March 19, 2006 Redemption:
Interest Payment Dates:    Quarterly on the 19h of March,
                          June, September and December,
                            commencing March 19, 2006
Record Dates: The fifteenth day preceding the
              applicable Interest Payment Date
Check box opposite applicable paragraph:
|X|  The Notes cannot be redeemed prior to maturity.
|_|  The Notes may be redeemed prior to maturity.
Repayment:
Check box opposite applicable paragraph: |X| The Notes cannot be repaid prior to
maturity. |_| The Notes may be repaid prior to maturity.
Book Entry:                |X|
Certificated:              |_|



                                                     Joint Book-Running Managers

     Deutsche Bank Securities Lehman Brothers Wachovia Securities

                                                          Joint Lead Manager

                                              Countrywide Securities Corporation

                                                                     Co-Managers

Dresdner Kleinwort Wasserstein
                                    Morgan Stanley
                                              RBS Greenwich Capital
                                                          SG Corporate &
                                                              Investment Banking





     In connection with the offering, Deutsche Bank Securities Inc., Lehman
Brothers Inc. and Wachovia Capital Markets, LLC or their respective affiliates
may over-allot or effect transactions which stabilize or maintain the market
price of the Notes at a level that might not otherwise prevail. In any
jurisdiction where there can only be one stabilizing agent, Lehman Brothers Inc.
or its affiliates shall effect such transactions. This stabilizing, if
commenced, may be discontinued at any time and will be carried out in compliance
with the applicable laws, regulations and rules.




                                                         DESCRIPTION OF NOTES

     The following information supplements and, to the extent inconsistent with,
replaces the description of the general terms and provisions of the Countrywide
Financial Corporation Medium-Term Notes, Series A, contained in the accompanying
Prospectus Supplement and Prospectus.

Reopening

     Countrywide Financial Corporation may, without the consent of the holders
of the Notes, reopen this issue of Notes and issue additional notes of the same
series with substantially similar terms (except for the Public Offering Price
and Original Issue Date and under some circumstances, the first interest payment
date).

Form and Settlement

     The Notes will be represented by one or more global certificates in fully
registered form. Each global certificate will be deposited with, or on behalf
of, The Depository Trust Company ("DTC") and registered in the name of DTC or
its nominee. Investors may elect to hold their beneficial interests in a global
certificate through DTC, Clearstream Banking, societe anonyme, Luxembourg or
Euroclear Bank S.A./N.V., as operator of the Euroclear System, if they are
participants in such systems, or indirectly through organizations that are
participants in such system. Clearstream and Euroclear will hold interests on
behalf of their participants through customers' securities accounts in
Clearstream's and Euroclear's names on the books of their respective
depositaries, which in turn will hold such interests in customers' securities
accounts in the depositaries' names on DTC's books.


                                                                    UNDERWRITING

     Subject to the terms of a Terms Agreement, dated December 14, 2005, among
Countrywide Financial Corporation, Countrywide Home Loans, Inc., and Lehman
Brothers Inc., on behalf of itself and Deutsche Bank Securities Inc., Wachovia
Capital Markets, LLC, Countrywide Securities Corporation, Dresdner Kleinwort
Wasserstein Securities LLC, Greenwich Capital Markets, Inc., Morgan Stanley &
Co. Incorporated and SG Americas Securities, LLC (collectively, the "Agents"),
Countrywide Financial Corporation has agreed to sell to the Agents, and the
Agents have agreed severally to purchase, the principal amount of Notes set
forth opposite their names below:





                                                                Principal Amount
                  Agents                                        of the Notes
                       ------                                 ------------------
         Deutsche Bank Securities Inc.                        $    100,000,000
         Lehman Brothers Inc.                                      100,000,000
         Wachovia Capital Markets, LLC                             100,000,000
         Countrywide Securities Corporation                        100,000,000
         Dresdner Kleinwort Wasserstein Securities LLC              25,000,000
         Greenwich Capital Markets, Inc.                            25,000,000
         Morgan Stanley & Co. Incorporated                          25,000,000
         SG Americas Securities, LLC                                25,000,000
                                                                 $   500,000,000

     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 0.060% of the principal
amount of the Notes. The Agents may allow, and the dealers may reallow, a
discount not in excess 0.030% 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 Financial Corporation 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.

     Certain of the Agents will make the securities available for distribution
on the Internet through a proprietary Web site and/or a third-party system
operated by MarketAxess Corporation, an Internet-based communications technology
provider. MarketAxess Corporation is providing the system as a conduit for
communications between such Agents and their customers and is not a party to any
transactions. MarketAxess Corporation, a registered broker-dealer, will receive
compensation from such Agents based on transactions those Agents conduct through
the system. Such Agents will make the securities available to its customers
through the Internet distributions, whether made through a proprietary or
third-party system, on the same terms as distributions made through other
channels.

         Countrywide Financial Corporation has agreed to indemnify the Agents
against certain liabilities under the Securities Act of 1933, as amended, or to
contribute to payments the Agents may be required to make in respect of these
liabilities, as described in the accompanying Prospectus Supplements dated
February 7, 2005 and December 14, 2005.

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


         You should rely only on the information contained or incorporated by
reference in this Pricing Supplement and the accompanying Prospectus Supplement
and Prospectus. Countrywide Financial Corporation and Countrywide Home Loans,
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 Financial
Corporation and Countrywide Home Loans, 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
Financial Corporation and Countrywide Home Loans, Inc. may have changed since
that date.