COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES
    EXHIBIT 12.2 - COMPUTATION OF THE RATIO OF EARNINGS TO NET FIXED CHARGES
                          (Dollar amounts in thousands)
                                                                                
                                                                                
The following table sets forth the ratio of earnings to net fixed charges of the
Company for the five fiscal years ended February 28, 1994 computed by dividing
net fixed charges (interest expense on debt other than to finance mortgage loan
inventory plus interest element (one-third) of operating leases) into earnings
(income before income taxes and net 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               85,240    51,551    45,928    23,609    25,135
Interest portion of rental                                                   
 expense                        6,372     4,350     2,814     2,307     2,150
                                                                             
Earnings available to cover                                                  
   net fixed charges         $390,712  $289,356  $149,069   $63,101   $49,092
                                                                             
                                                                             
Net fixed charges                                                            
   Interest charges           $85,240   $51,551   $45,928   $23,609   $25,135
   Interest portion of                                                       
    rental expense              6,372     4,350     2,814     2,307     2,150
                                                                             
      Total net fixed         $91,612   $55,901   $48,742   $25,916   $27,285
charges
                                                                             
                                                                             
Ratio of earnings to net         4.26      5.18      3.06      2.43      1.80
fixed charges