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, 1995 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),
                        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       55,045      85,240      51,551    45,928     23,609
Interest portion of                                                
rental expense          7,379       6,372       4,350     2,814      2,307
                                                                   
Earnings available                                                 
to cover net fixed                                                 
charges               $209,769   $390,712    $289,356   $149,069   $63,101
                                                                   
Net fixed charges                                                  
  Interest charges      55,045    $85,240     $51,551    $45,928   $23,609
  Interest portion                                                 
of rental expense        7,379      6,372       4,350      2,814     2,307
                                                                   
      Total net                                                    
fixed charges          $62,424    $91,612     $55,901    $48,742   $25,916
                                                                   
Ratio of earnings to                                               
net fixed charges         3.36       4.26        5.18       3.06      2.43