COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES
      EXHIBIT 12.1 - COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
                          (Dollar amounts in thousands)

The following table sets forth the ratio of earnings to fixed charges of the
Company for the five fiscal years ended February 28, 1994 computed by dividing
fixed charges (interest expense on all debt plus the interest element (one-
third) of operating leases) into earnings (income before income taxes and fixed
charges).


                                       For Fiscal Years Ended           
                                          February 28(29),
                             1994      1993      1992      1991      1990
                                                      
Net earnings                $179,460  $140,073   $60,196   $22,311   $13,085
Income tax expense           119,640    93,382    40,131    14,874     8,722
Interest charges             275,906   148,765    81,959    73,428    74,687
Interest portion of rental                                                  
 expense                       6,372     4,350     2,814     2,307     2,150
                                                                            
Earnings available to                                                       
cover fixed charges         $581,378  $386,570  $185,100  $112,920   $98,644
                                                                            
                                                                            
Fixed charges                                                               
   Interest charges         $275,906  $148,765   $81,959   $73,428   $74,687
   Interest portion of                                                      
    rental expense             6,372     4,350     2,814     2,307     2,150
                                                                            
      Total fixed charges   $282,278  $153,115   $84,773   $75,735   $76,837
                                                                            
                                                                            
Ratio of earnings to fixed                                                  
charges                         2.06      2.52      2.18      1.49      1.28