Rule 424(b)(3)
	File No. 33-50661

PRICING SUPPLEMENT NO. 20 DATED NOVEMBER 14, 1994
(To Prospectus Dated October 29, 1993 as Supplemented October 29, 
1993)
COUNTRYWIDE FUNDING CORPORATION
Medium-Term Notes, Series C
Due from 9 months to 30 years from Date of Issue
Payment of the Principal, Premium, if any,
and Interest on the Notes is Unconditionally
Guaranteed by
COUNTRYWIDE CREDIT INDUSTRIES, INC.
Fixed-Rate Notes
	


Trade Date:
November 14, 1994
Issue Price:
100%
Original Issue Date:
November 21, 1994
Stated Maturity Date:
November 22, 1999
Interest Payment Dates:
Every 1/15, 7/15
and at maturity

	
                                                       Interest
                                                         Rate
       Range of Maturities                             Per Annum
From 9 months to less than 1 year......................    %
From 1 year to less than 18 months.....................    %
From 18 months to less than 2 years....................    %
From 2 years to less than 3 years......................    %
From 3 years to less than 4 years......................    %
From 4 years to less than 5 years......................    %
From 5 years to less than 6 years......................8.42%
From 6 years to less than 7 years......................    %
From 7 years to less than 10 years.....................    %
From 10 years to less than 15 years....................    %
From 15 years to less than 20 years....................    %
From 20 years up to and including 30 years.............    %
Book-Entry:	[X]
Certificated:	[ ]
Total Amount of OID:  N/A
Initial Accrual Period OID:  N/A
Yield to Maturity:  N/A
Minimum Denomination:  $100,000.00
Specified Currency:  U.S. Dollars
Exchange Rate Agent:  N/A
Redemption:
Check Box opposite applicable paragraph.
[X]	The Notes cannot be redeemed prior to maturity.
[ ]	The Notes may be redeemed prior to maturity.
Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction:
Special Redemption Provisions:
Additional Terms:	None