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COUNTRYWIDE CREDIT INDUSTRIES INC. AMENDS SHAREHOLDER RIGHTS PLAN

 COUNTRYWIDE CREDIT INDUSTRIES INC. AMENDS SHAREHOLDER RIGHTS PLAN
 PASADENA, Calif., March 27 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest independent mortgage banker, today announced an amendment to its existing shareholder rights plan. The amendment provides for an increase in the exercise price from $35 to $145 and an extension of the expiration date of the rights plan from Feb. 26, 1998, to Feb. 28, 2002.
 "In light of the recent performance of the company's common stock since the original adoption of the plan in 1988, the amendment should better enable the plan to achieve its objectives of protecting against abusive share accumulation tactics, partial tender offers and tender offers at inadequate prices," said David S. Loeb, chairman. "The Rights Plan is not aimed at preventing a takeover, but is intended to encourage a potential acquiror to negotiate appropriately with the company through the board of directors," added Loeb.
 The company stated it was not aware of any person or group that is presently seeking to acquire control of Countrywide.
 Countrywide Credit Industries Inc. originates, purchases, sells and services loans. Countrywide was founded in 1969 and employs more than 1,700 people at its Pasadena headquarters and its retail and wholesale branches across the country. Countrywide Credit Industries Inc.'s common and preferred stock are publicly traded on the New York Stock Exchange under the symbols "CCR" and "CCRp," respectively.
 -0- 3/27/92
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit Industries/
 (CCR) CO: Countrywide Credit Industries Inc. ST: California IN: FIN SU: SRP


EH-JL -- LA004 -- 2232 03/27/92 08:02 EST
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Publication:PR Newswire
Date:Mar 27, 1992
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