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COUNTRYWIDE CREDIT INDUSTRIES INC. CALLS CONVERTIBLE PREFERRED STOCK

 PASADENA, Calif., April 14 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR) announced today that it is calling all of its outstanding


$23.75 Convertible Preferred Stock for redemption on July 6, 1993. The company's Convertible Preferred Stock is represented by $2.375 Depositary Convertible Preferred shares ("depositary shares"), which are traded on the New York Stock Exchange under the symbol "CCRp." Each of the depositary shares represents one-tenth of a share of convertible preferred stock and entitles holders to all proportionate rights and preferences of the underlying convertible preferred stock.
 The depositary shares will be redeemable for cash at a price of $27.375 per depositary share, plus accrued dividends of $0.0396 per share for a total price of $27.4146 per depositary share.
 Holders can convert their depositary shares into common stock until the close of business on July 6, 1993, at a conversion rate of 4.2 shares of common stock for each depositary share. This conversion rate is based on a stated value of $25.00 per depositary share and a conversion price of $5.9524. The conversion price has been adjusted for the 3-for-2 common stock split effective July 2, 1992, and the 5 percent common stock dividend effective March 30, 1993.
 The company intends to pay the last scheduled preferred quarterly dividend payment in the amount of $0.59375 per depositary share on June 30, 1993. The record date for that dividend payment is expected to be in late June and will be announced by the company at a later date. The company anticipates that the record date for the first quarter common stock dividend will precede the record date for the June 30 preferred stock dividend.
 Details concerning the terms and conditions of redemption and conversion will be described in a notice to be mailed to depositary holders in May. Redemption and conversion transactions will be handled by Chemical Trust Company of California.
 Countrywide Credit Industries Inc. originates, purchases, sells and services loans for single-family homes.
 -0- 4/14/93
 /CONTACT: Karel Carnohan of Countrywide Credit Industries, 818-304-7523/
 (CCR)


CO: Countrywide Credit Industries Inc. ST: California IN: FIN SU:

JL-BP -- LA012 -- 5512 04/14/93 08:04 EDT
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Date:Apr 14, 1993
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