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

PRICING SUPPLEMENT NO. 51 DATED FEBRUARY 17, 1998
(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:    February 17, 1998             Book Entry:    |X|
Issue Price:   100%                          Certificated:  |_|
Original Issue Date:   February 20, 1998     Principal Amount:    $6,000,000
Stated Maturity Date:  February 20, 2002     Net Proceeds:        $5,973,000

                                             Specified Currency:  U.S. Dollars

Base    |_| Commercial Paper Rate  |_| LIBOR                 |_| Certificate of
Rate(s):                               Telerate Page 3750          Deposit Rate
        |_| Treasury Rate          |_| Federal Funds Rate    |_| Prime Rate
        |X| 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: 5.83%                  Minimum Interest Rate:        N/A
Interest Determination Dates: Two Business    Interest Factor Convention:   N/A
                              Days prior to   Index Maturity:         Two years
                              each Interest   Spread (plus or 
                              Payment Date      minus):    Plus 46 basis points
Interest Reset Dates:  Same as Interest       Spread Multiplier:            N/A
                       Payment Dates          Fixed Rate Commencement
Interest Payment Dates: Every May 20,           Date:                       N/A
                        August 20,            Fixed Interest Rate:          N/A
                        November 20 and   
                        February 20,  
                        commencing May 20, 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 to   |X| The Notes cannot be repaid
       maturity.                                   prior to maturity.
 |_| The Notes may be redeemed prior to      |_| The Notes may be repaid prior 
       maturity.                                   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 November 30, 1997 the Guarantor did
not  have  any   secured   indebtedness   outstanding,   and  CHL  had
$258,207,000   aggregate  principal  amount  of  secured  indebtedness
outstanding.  As  of  such  date,  CHL  had  $7,136,241,000  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.