Rule 424(b)(3)
                                           File Nos. 333-31529 and 333-31529-01

AMENDMENT NO. 1 TO PRICING SUPPLEMENT NO. 26 DATED OCTOBER 24, 1997
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)

                     COUNTRYWIDE HOME LOANS, INC.
                      MEDIUM-TERM NOTES, SERIES F
              DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
                PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
         AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
                  COUNTRYWIDE CREDIT INDUSTRIES, INC.
                          FLOATING RATE NOTES

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

Trade Date:   October 24, 1997                 Book Entry: |X|
Issue Price:  100%                             Certificated:     |_|
Original Issue Date:   October 29, 1997        Principal Amount: $25,000,000
Stated Maturity Date:  October 29, 2001        Net Proceeds:     $24,887,500

                                               Specified Currency: U.S. Dollars

Base Rate(s): |_| Commercial Paper  |X| LIBOR               |_| Certificate of
                  Rate                  Telerate Page 3750      Deposit Rate
              |_| Treasury Rate     |_| Federal Funds Rate  |_| Prime Rate
              |_| CMT Rate          |_| Eleventh District   |_| Other
                                          Cost of Funds
                                          Rate

Exchange Rate Agent:  N/A

Minimum Denomination:   $100,000                 Maximum Interest Rate:     N/A
Initial Interest Rate:  5.9612%                  Minimum Interest Rate:     N/A
Interest Determination                           Interest Factor 
  Dates:                Two Business Days        Convention:                N/A
                        prior to each Interest   Index Maturity:   Three months
                        Payment Date             Spread (plus or
Interest Reset Dates:   Same as Interest           minus): Plus 18 basis points
                        Payment Dates            Spread Multiplier:         N/A
Interest Payment Dates: Every January 29,        Fixed Rate Commencement
                        April 29, July 29        Date:                      N/A
                        and October 29,          Fixed Interest Rate:       N/A
                        commencing January      
                        29, 1998                 
Agent:   Countrywide Securities Corporation
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       |X| The Notes cannot be repaid
         to maturity.                                 prior to maturity.
    |_|  The Notes may be redeemed prior          |_| The Notes may be repaid
         to maturity.                                 prior to maturity.
    Initial Redemption Date:                      Optional Repayment Dates:
    Initial Redemption Percentage:                
    Annual Redemption Percentage Reduction, if any:

Additional/Other Terms:    N/A

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

          The Notes to which this Pricing  Supplement  relates  will  constitute
unsecured  and  unsubordinated  indebtedness  of CHL and will rank pari passu in
right of payment with CHL's other unsecured and unsubordinated indebtedness.  As
of  August  31,  1997  the  Guarantor  did not  have  any  secured  indebtedness
outstanding,  and CHL had  $371,313,000  aggregate  principal  amount of secured
indebtedness  outstanding.  As of such date,  CHL had  $5,344,560,000  aggregate
principal amount of unsecured and unsubordinated indebtedness outstanding, which
indebtedness  ranked pari passu in right of payment  with CHL's other  unsecured
and  unsubordinated  indebtedness  and will rank pari  passu in right of payment
with the Notes to which this Pricing Supplement relates.