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, 1995 computed by  dividing
net  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),
                        1995       1994       1993        1992       1991
Net earnings          $ 88,407   $179,460   $140,073    $ 60,196   $ 22,311
Income tax expense      58,938    119,640     93,382      40,131     14,874
Interest charges       267,685    275,906    148,765      81,959     73,428
Interest portion of                                                
rental expense           7,379      6,372      4,350       2,814      2,307
                                                                   
Earnings available                                                 
to cover fixed                                                     
charges               $422,409   $581,378   $386,570    $185,100   $112,920
                                                                   
Fixed charges                                                      
  Interest charges     267,685   $275,906   $148,765    $ 81,959   $ 73,428
  Interest portion                                                 
of rental expense        7,379      6,372      4,350       2,814      2,307
                                                                   
      Total fixed                                                  
charges               $275,064   $282,278   $153,115    $ 84,773    $75,735
                                                                   
Ratio of earnings to                                               
fixed charges             1.54       2.06       2.52        2.18       1.49