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

PRICING SUPPLEMENT NO. 21 DATED DECEMBER 21, 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.
Floating-Rate Notes
- - - - - - - - - -

Trade Date:	December 21, 1994
Issue Price:	100%
Original Issue Date:	December 29, 1994
Total Amount of OID:	N/A
Initial Accrual Period OID:	N/A
Yield to Maturity	N/A
Stated Maturity Date:	December 29, 1997
Book-Entry:  /X/
Certificated: /  /

Specified Currency:	U.S. Dollars

Base Rate:	/  / Commercial paper Rate
          	/x/  LIBOR
          	/  / Certificate of Deposit Rate 
           /  / Treasury Rate
           /  / Federal Funds Rate
          	/  / Prime Rate
          	/  / Other

Exchange Rate Agent:	N/A
Minimum Denomination:	$100,000
Initial Interest Rate:	6.690625% (6.390625%  + 30 bps)
Interest Determination Dates:	Two Business Days prior to the 
Interest Reset Date.
Interest Reset Dates:	Same as Interest Payment Dates
Interest Payment Dates:	Every 3/29, 6/29, 9/29 and 
12/29 until maturity.
Index Maturity:	3 months
Maximum Interest Rate:	N/A
Minimum Interest Rate:	N/A
Spread (plus or minus):	Plus 30 bps (bps = basis 
points)
Spread Multiplier:	N/A
Calculation Agent:	The Bank of New York
Calculation Date:	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:	N/A
	Initial Redemption Percentage:	N/A
	Annual Redemption Percentage 	N/A
	    Reduction:
	Special Redemption Provisions:	N/A