SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange 
Act of 1934
Date of Report (date of earliest event reported):
  January 15, 1999
   
               COUNTRYWIDE  HOME EQUITY LOAN TRUST 1998-D           
    (Exact name of registrant as specified in its charter)
          CALIFORNIA      	333-11095		36-7257226 
(State or Other Jurisdiction	(Commission File	(I.R.S. Employer of 
Incorporation)	 Number)			 Identification No.)
c/o The First National Bank of Chicago. 
Corporate Trust Services Division - 9th floor 1 N. State Street, Chicago IL
60670-0126 (Address of Principal Executive Offices)		
		(Zip Code)

Registrant's telephone number, including area code:		312/407-1902

Item 5.	Other Events
On behalf of Countrywide Home Equity Loan Trust 1998-D, a Trust created 
pursuant to the Pooling Agreement, dated November 14, 1998, by The First 
National Bank of Chicago, as trustee for the Trust, the Trustee has caused to
 be filed with the Commission, the Monthly Report dated  January 15, 1999.
  The Monthly Report is filed pursuant to and in accordance with (1)
 numerous no-action letters (2) current Commission policy in the area.  

A.	Monthly Report Information: Aggregate distribution information 
for the current distribution date January 15, 1999.
Principal		Interest	Ending Balance
Cede & Co.$ 427,956.13	$ 1,423,685.80     $155,572,043.97
B.	No delinquency in payment under the Transferor Certificate,
 or the Financial Guaranty Insurance Policy has occurred.
C.	Have any deficiencies occurred?  NO. Date: Amount:
D.	Were any amounts paid or are any amounts payable under the
 Financial Guaranty Insurance Policy?  NO Amount:
E.	Are there any developments with respect to the Ambac Certificate  
Guaranty Insurance Policy?  NONE.
F.	Item 1:  Legal Proceedings:  NONE
G.	Item 2:  Changes in Securities:  NONE
H.	Item 4:  Submission of Matters to a Vote of Security
 Holders:  NONE
I.	Item 5:  Other Information - Items 1, 2, 4, 5 if applicable: 
 NOT APPLICABLE



Item 7.	Monthly Statements and Exhibits
Exhibit No. 1.	Monthly Statement to Certificateholders dated 
 January 15, 1999
			
Statement to Certificateholders (Page 1 of 2)			
Distribution Date:			
		1/15/99 	
	INVESTOR CERTIFICATES DISTRIBUTION SUMMARY		
	(per $1000 principal amount)		
A.	INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS		
	Investor Certificate Interest Distributed (Section 5.03 (iii))	9.126191 	
	Investor Certificate Interest Shortfall Distributed (Section 5.03 (iv))	
0.000000 	
	Remaining Unpaid Investor Certificate Interest Shortfall (Section 5.03 (v))
	0.000000 	
			
	Managed Amortization Period ? (Yes=1; No=0)	1	
	Investors Certificate Principal Distributed (Section 5.03 (vi))	
2.743308 	
	  Principal Distribution Amount	2.743308 	
	     Maximum Principal Payment	76.447800 	
	     Alternative Principal Payment	2.743308 	
	     Principal Collections less Additional Balances	2.743308 	
	  Investor Loss Amount Distributed to Investors	0.000000 	
	  Accelerated Principal Distribution Amount	0.000000 	
	  Credit Enhancement Draw Amount (Section 5.03 (xii))	"326,987.94 "	
			
	Total Amount Distributed to Certificateholders (P & I) (Section 5.03 (ii))	
11.869499 	
			
B.	INVESTOR CERTIFICATE PRINCIPAL BALANCE		
	Beginning Investor Certificate Balance	"156,000,000.00 "	
	Ending Investor Certificate Balance (Section 5.03 (x))	
"155,572,043.97 "	
	Beginning Invested Amount 	"156,000,000.00 "	
	Ending Invested Amount (Section 5.03 (x))	"155,572,043.97 "	
	Investor Certificateholder Floating Allocation Percentage 
(Section 5.03 (i))	98.2670% 	
	Pool Factor (Section 5.03 (x))	0.9972567 	
	Liquidation Loss Amount for Liquidated Loans (Section 5.03 
(vii))	0.00 	
	Unreimbursed Liquidation Loss Amount (Section 5.03 (viii))	
0.00 	
			
C.	POOL INFORMATION		
	Beginning Pool Balance (Section 5.03 (xi))	"158,751,175.17 "	
	Ending Pool Balance (Section 5.03 (xi))	"158,323,219.14 "	
	Servicer Removals form the Trust (Section 2.06)	0.00 	
	Servicing Fee (Section 5.03 (ix))	"66,146.32 "	
			
D.	INVESTOR CERTIFICATE RATE		
	Investor Certificate Rate (Section 5.03 (xvi))	5.763910% 	
	LIBOR Rate	5.263910% 	
	Maximum Rate	5.957425% 	
			
E.	DELINQUENCY & REO STATUS		
	Delinquent 30-59 days (Section 5.03 (xiii))		
	    No. of Accounts	10 	
	   Trust Balances	"338,283.97 "	
	Delinquent 60-89 days (Section 5.03 (xiii))		
	    No. of Accounts	1 	
	   Trust Balances	"64,750.00 "	
	Delinquent 90+ days (Section 5.03 (xiii))		
	    No. of Accounts	0 	
	   Trust Balances	0.00 	
	REO (Section 5.03 (xiv))		
	    No. of Accounts	0 	
	   Trust Balances	0 	
			
F.	INSURANCE COVENANTS		
	Subordinated Transferor Collections (Section 5.03 (xviii))	
"25,742.07 "	
	Overcollateralization Step-Down (Section 5.03 (xix))	
0.00 	
	Available Transferor Subordinated Amount (Section 5.03 (xx))	
"2,381,267.63 "	
	Overcollateralization Amount (Section 5.03 (xxi))	0	
			
Statement to Certificateholders (Page 2 of 2)		
		
Distribution Date:		
		
	"IN WITNESS WHEREOF, the undersigned has caused this Certificate"	
	"to be duly executed this 11th day of January, 1999"	
		
		
	       Countrywide Home Loans Formerly Known as Countrywide Funding	
	       Corporation as Servicer	
		
	       _______________________________________	
		
	        Lupe Montero	
	         Vice-President	
		
	Distribution List:										Barbara Grosse - First National Bank of Chicago
Peter Cerwin - Merrill Lynch
Lupe Montero - Countrywide Home Loans	
Richard Marron - Countrywide Home Loans
Dave Walker - Countrywide Home Loans							

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,
 the registrant has duly caused this report to be signed on its behalf
 by the undersigned thereunto duly authorized.

COUNTRYWIDE HOME EQUITY LOAN TRUST 1998-D

By  _______________________________________
 Name:	
	Barbara G. Grosse Title:		Vice President

Dated: January 31, 1999