Document:

FOURTH RESTATED EMPLOYMENT AGREEMENT

THIS FOURTH RESTATED  EMPLOYMENT  AGREEMENT (the "Agreement") is entered into as
of September  11, 2000 by and between  Countrywide  Credit  Industries,  Inc., a
Delaware corporation ("Employer"), and Angelo R. Mozilo ("Officer").
                              W I T N E S S E T H:

         WHEREAS,  Officer  currently holds the offices of Chairman of the Board
of Directors, President and Chief Executive Officer of Employer; and

         WHEREAS,  Employer desires to obtain the benefit of continued  services
of Officer and Officer desires to continue to render services to Employer; and

         WHEREAS,   the  Board  of  Directors  of  Employer  (the  "Board")  has
determined that it is in Employer's  best interest and that of its  stockholders
to recognize the substantial  contribution that Officer has made and is expected
to continue to make to the Company's  business and to retain his services in the
future; and

         WHEREAS,  Employer  and Officer set forth the terms and  conditions  of
Officer's employment with Employer under an employment agreement entered into as
of March 1, 1991 (the "Original Agreement"); and

         WHEREAS,   Employer  and  Officer  entered  into  Amendment  No.  1  to
Employment  Agreement as of November 5, 1992  ("Amendment No. 1"),  entered into
Amendment No. 2 to Employment  Agreement as of November 10, 1992 ("Amendment No.
2"),  entered into a Restated  Employment  Agreement as of February 2, 1993 (the
"First Restated Agreement"), entered into a Second Restated Employment Agreement
as of March 26, 1996,  as amended by  Amendment  No. 1 to  Employment  Agreement
dated as of July 25, 1997 and Amendment No. 2 to Employment  Agreement  dated as
of February 4, 1998 (the "Second  Restated  Agreement)  and entered into a Third
Restated Employment as of March 1, 2000 (the "Third Restated Agreement"); and

         WHEREAS,  Employer and Officer desire to set forth the continued  terms
and conditions of Officer's employment with Employer under this Agreement;

         WHEREAS,  the  effectiveness  of the provisions of Section 4(b) of this
Agreement  is  subject  to the  approval  by  Employer's  stockholders  of  said
provisions  as required  under  Section  162(m) of the Internal  Revenue Code of
1986, as amended.

         NOW,  THEREFORE,  in consideration of the mutual promises and covenants
herein contained, the parties hereto agree as follows:

         1. Term.  Employer agrees to employ Officer and Officer agrees to serve
Employer,  in  accordance  with the terms  hereof,  for a term  beginning on the
Effective  Date (as defined in Section 8(c) hereof) and ending on the expiration
of  the  third  Fiscal  Year  following  Officer's  receipt  of  the  Notice  of
Termination  (as defined in  paragraph  5(g)  below) from the Board  terminating
Officer's employment with Employer, unless earlier terminated in accordance with
the provisions hereof.

         2. Specific Position; Duties and Responsibilities. Employer and Officer
hereby agree that,  subject to the provisions of this  Agreement,  Employer will
employ Officer and Officer will serve Employer and its  subsidiaries as Chairman
of the Board, President and Chief Executive Officer of Employer. Employer agrees
that Officer's  duties  hereunder shall be the usual and customary duties of the
offices of Chairman of the Board, President and Chief Executive Officer and such
further duties  consistent  therewith as may be designated  from time to time by
the Board  and shall not be  inconsistent  with the  provisions  of the  charter
documents of Employer or applicable law. Officer shall have such executive power
and  authority as shall  reasonably  be required to enable him to discharge  his
duties in the  offices  that he may hold.  All  compensation  paid to Officer by
Employer or any of its subsidiaries  shall be aggregated in determining  whether
Officer has received the benefits provided for herein.

         3. Scope of this Agreement and Outside Affiliations. During the term of
this Agreement,  Officer shall devote his full business time and energy,  except
as expressly provided below, to the business,  affairs and interests of Employer
and its  subsidiaries,  and  matters  related  thereto,  and  shall use his best
efforts and  abilities  to promote its  interests.  Officer  agrees that he will
diligently  endeavor to promote the business,  affairs and interests of Employer
and its subsidiaries and perform services contemplated hereby in accordance with
the policies  established by the Board,  which policies shall be consistent with
this Agreement.  Officer agrees to serve without additional remuneration in such
senior  executive  capacity not below the rank of Vice President for one or more
(direct or indirect) subsidiaries of Employer as the Board may from time to time
request, subject to appropriate  authorization by the subsidiary or subsidiaries
involved and any limitation under applicable law. Officer's failure to discharge
an order or  perform a function  because  Officer  reasonably  and in good faith
believes such would  violate a law or  regulation  or be dishonest  shall not be
deemed a breach  by him of his  obligations  or  duties  pursuant  to any of the
provisions of this Agreement,  including without limitation  pursuant to Section
5(d) hereof.

         During  the  course of  Officer's  employment  as a  full-time  officer
hereunder,  Officer  shall not,  without  the  consent  of the  Board,  compete,
directly or  indirectly,  with  Employer in the  businesses  then  conducted  by
Employer.

         Officer  may  serve  as a  director  or in any  other  capacity  of any
business  enterprise,  including an enterprise  whose  activities may involve or
relate to the  business of  Employer,  provided  that such  service is expressly
approved by the Board. Officer may, without seeking or obtaining approval by the
Board, (i) make and manage personal business investments of his choice; and (ii)
serve in any capacity with any civic, educational or charitable organization, or
any governmental entity or trade association.

         4.       Compensation and Benefits.
                  -------------------------

                  (a) Base Salary.  Employer  shall pay to Officer a base salary
in the 2001 Fiscal  Year of  Employer  or portion  thereof at the annual rate of
$1,650,000.  Employer shall pay to Officer a base salary in the 2002 Fiscal Year
of Employer or portion thereof at the annual rate of $1,750,000;  and on March 1
of each  Fiscal  Year of  Employer  or portion  thereof  during the term of this
Agreement following  Employer's 2002 Fiscal Year, Officer's base salary shall be
increased for such Fiscal Year or portion thereof by an amount determined by the
Compensation Committee prior to the beginning of the Fiscal Year as to which the
increased  base salary is to be paid,  provided that such annual  increase shall
not be less than $200,000.

                  (b) Incentive Compensation.  Employer shall pay to Officer for
each  of the  Fiscal  Years  during  the  term of this  Agreement  an  incentive
compensation  award in the amount of the  incentive  compensation  award paid to
Officer in the previous Fiscal Year,  multiplied by a fraction (the "Performance
Ratio") the  numerator of which is the earnings per share on a diluted  basis of
Employer as reported in the audited Financial  Statements included in Employer's
Annual  Report on Form 10-K filed with the  Securities  and Exchange  Commission
(the "EPS") during such current Fiscal Year, and the denominator of which is the
EPS for the previous Fiscal Year (adjusted proportionately in the event Employer
(A)  declares  a  stock  dividend  on  its  common  stock,  (B)  subdivides  its
outstanding  common stock,  (C) combines the  outstanding  shares of its capital
stock  into a smaller  number of common  stocks or (D)  issues any shares of its
capital  stock in a  reclassification  of the common stock  (including  any such
reclassification  in connection with a consolidation or merger in which Employer
is the  continuing  or  surviving  corporation));  provided,  however,  that the
Compensation  Committee of the Board (the  "Compensation  Committee") may reduce
the  amount  of any  incentive  compensation  award  in  the  event  there  is a
substantial  distortion in EPS for the Fiscal Year in respect of which the award
is being paid  resulting  from an  acquisition,  a  divestiture,  or a change in
accounting standards. Notwithstanding anything to the contrary contained in this
Agreement,  in no event shall the Performance Ratio be less than zero.  Employer
shall pay the incentive  compensation  award  described in this Section 4(b) for
each Fiscal Year or portion  thereof,  as applicable,  as early after the end of
such Fiscal Year as practicable  but in no event more than 90 days after the end
of  such  Fiscal  Year.  In  the  event  Officer's  employment  hereunder  shall
terminate, other than for cause pursuant to Section 5(d) below or as a result of
a voluntary  resignation  pursuant to Section 5(f) below,  on or before the last
day of any Fiscal  Year,  Officer or his estate  shall be entitled to receive an
incentive  compensation  award for such  portion of the Fiscal Year during which
Officer was employed  hereunder on the same terms as set forth in sub-paragraphs
(i)  and  (ii)  above  except  that it  shall  be  calculated  as  follows:  The
compensation award as otherwise  calculated  pursuant to sub-paragraph (i) above
shall be multiplied by a fraction,  the numerator of which is the number of days
during the Fiscal Year that Officer was employed hereunder,  and the denominator
of which is 365.  Notwithstanding anything to the contrary in this Section 4(b),
payment of any incentive  compensation award hereunder must follow a decision by
the  Compensation  Committee  of the Board of  Directors  to the effect that the
requisite performance levels were achieved.

                   (c) Stock  Options.  Employer  shall grant to Officer a stock
option in respect of 500,000 shares of the Employer's  common stock on or before
June 1, 2000 in respect to  Employer's  Fiscal Year 2000,  such option to become
exercisable as to 166,666, 166,667 and 166,667 shares, respectively,  on each of
the  first  three  (3)  anniversaries  of the  date of  grant.  On  each  June 1
thereafter  during the term of this  Agreement (or on such other date  following
the expiration of a Fiscal Year of Employer as the  Compensation  Committee may,
from time to time,  designate),  Employer  shall  also  grant to  Officer  stock
options for such number of shares of Employer's common stock as the Compensation
Committee in its sole discretion  determines,  taking into account Officer's and
Employer's  performance  in each  of  such  Fiscal  Years  and  the  competitive
practices then prevailing regarding the granting of stock options, provided that
any such stock option  grant shall not be in an amount less than 350,000  shares
of Employer's  common stock.  All stock options  granted in accordance with this
Section 4(c) shall be granted  pursuant to the  Countrywide  Credit  Industries,
Inc. 2000 Stock Option Plan (the "2000  Plan"),  or such other stock option plan
or plans as may be or come into effect during the term of this Agreement,  shall
have a per share  exercise  price equal to the fair market  value (as defined in
the 2000 Plan or such other  plan or plans) of the  common  stock at the time of
grant,  and shall be subject to  vesting,  expiration  and other  provisions  as
determined  by  the   Compensation   Committee.   In  the  event  of  a  merger,
consolidation  or   reorganization  in  which  Employer  is  not  the  surviving
corporation  or in which it survives as a subsidiary of another  corporation  or
entity (a  "Transaction"),  and the shares of equity securities of the surviving
corporation  or entity or parent  thereof are  publicly  traded on a  recognized
stock  exchange  or over the  counter  market,  the stock  options to be granted
pursuant to this Section 4(c) after the date of the Transaction shall be granted
in accordance  herewith with respect to securities of the surviving  corporation
or entity or parent thereof, as applicable, with the number of shares subject to
options to be granted to equal the  product of (x) the amount of shares  subject
to the options set forth in this Section  4(c) and (y) a fraction the  numerator
of which is the per share fair market value of the Employer's securities and the
denominator  of which is the per share fair market value of the  publicly-traded
common or ordinary equity  securities of the surviving  corporation or entity or
parent thereof,  in each case as of the date of consummation of the Transaction,
and to give  effect to the intent of the  parties  as set forth in this  Section
4(c).  The stock  options  granted  pursuant to this  Section  shall  consist of
incentive stock options to the extent permitted by law or regulation.  Any stock
options  granted  hereunder  in respect of any Fiscal Year from and after Fiscal
Year 2001 shall occur not later than one hundred days  following the Fiscal Year
to which the grant relates.  In order to qualify for any grant pursuant  hereto,
Officer must be employed by Employer on the last day of the fiscal year to which
such grant relates.  From and after the  Termination  Date, the Officer shall no
longer be entitled to receive  additional  options under this Section 4(c) other
than those which were due for previously completed fiscal years.

                  (d) Additional Benefits. Officer shall also be entitled to all
rights and  benefits for which he is  otherwise  eligible  under any bonus plan,
stock  purchase  plan,  participation  or  extra  compensation  plan,  executive
compensation plan, pension plan, profit-sharing plan, life and medical insurance
policy,  second-to-die life insurance  coverage,  executive medical  examination
program,  executive  long-term  disability  policy,  financial planning services
program or other  plans or  benefits,  which  Employer or its  subsidiaries  may
provide for him, or provided he is eligible to participate  therein,  for senior
officers generally or for employees generally, during the term of this Agreement
(collectively,  "Additional  Benefits").  This  Agreement  shall not  affect the
provision of any other compensation, retirement or other benefit program or plan
of Employer.

                  (e)  Continuation  of  Benefits.  If Officer's  employment  is
terminated  hereunder,  pursuant to Section 5(a), 5(b) or 5(e) hereof,  Employer
shall continue for the period  specified in Section 5(a) or 5(b) hereof or three
years in the case of a termination  pursuant to Section 5(e) hereof, as the case
may be, to provide  benefits that are no less  favorable in the  aggregate  than
those Additional  Benefits (other than qualified  pension or profit sharing plan
benefits  and  option,  equity or stock  appreciation  or other  incentive  plan
benefits as  distinguished  from health,  disability  and welfare type benefits)
which were being provided to the Officer and his  dependents  and  beneficiaries
immediately prior to Officer's Termination Date (or in the case of a termination
after a Change in Control,  those benefits which were being provided immediately
preceding  the Change in  Control),  but only to the extent that  Officer is not
entitled to comparable benefits from other employment. For a period of two years
after the  Termination  Date,  Employer  shall provide the Officer  outplacement
services at its cost.

                  (f)  Deferral  of  Amounts  Payable  Hereunder.  In the  event
Officer  should  desire to defer  receipt of any cash payments to which he would
otherwise be entitled  hereunder,  he may do so in accordance with the terms and
conditions  of the  Countrywide  Credit  Industries,  Inc.  Amended and Restated
Deferred Compensation Plan (the "Deferred Compensation Plan"), or in the absence
of such Deferred  Compensation  Plan or any successor plan that is substantially
similar to the Deferred Compensation Plan, he may present such a written request
to the Compensation  Committee  which, in its sole discretion,  may enter into a
separate deferred compensation agreement with Officer.

5.  Termination.  The  compensation  and  benefits  provided  for herein and the
employment of Officer -----------
by Employer shall be terminated only as provided for below in this Section 5:

                  (a) Disability.  In the event that Officer shall fail, because
of illness, injury or similar incapacity ("Disability"),  to render for four (4)
consecutive  calendar months, or for shorter periods  aggregating eighty (80) or
more  business days in any twelve (12) month period,  services  contemplated  by
this Agreement,  Officer's full-time employment hereunder may be terminated,  by
written Notice of Termination from Employer to Officer; and thereafter, Employer
shall  continue,  from the  Termination  Date until Officer's death or the fifth
anniversary  of such notice,  whichever  first occurs (the  "Disability  Payment
Period"),  (i) to pay  compensation to Officer,  in the same manner as in effect
immediately  prior to the  Termination  Date,  in an  amount  equal to (1) fifty
percent (50%) of the then existing base salary payable  immediately prior to the
termination, minus (2) the amount of any cash payments to him under the terms of
Employer's  disability insurance or other disability benefit plans or Employer's
tax-qualified  Defined Benefit Pension Plan, and any compensation he may receive
pursuant  to any other  employment,  and (ii) to provide  during the  Disability
Payment Period the benefits specified in Section 4(e) hereof.

                  The  determination  of Disability  shall be made only after 30
days notice to Officer and only if Officer has not  returned to  performance  of
his duties during such 30-day  period.  In order to determine  Disability,  both
Employer and Officer shall have the right to provide medical evidence to support
their respective  positions,  with the ultimate decision regarding Disability to
be made by a majority of Employer's disinterested directors.

                  (b) Death. In the event that Officer shall die during the term
of  this  Agreement,   Officer's  employment  shall  terminate  subject  to  the
provisions  of this Section 5(b).  In such event,  Employer  shall pay Officer's
base salary for a period of twelve (12) months  following  the date of Officer's
death and in the manner otherwise payable  hereunder,  to such person or persons
as Officer shall have  directed in writing or, in the absence of a  designation,
to  his  estate  (the  "Beneficiary").   Employer  shall  also  provide  to  the
Beneficiary  during the twelve-month  period following the date of the Officer's
death the benefits  specified in Section 4(e) hereof.  If Officer's death occurs
while he is receiving  payments for Disability under Section 5(a)(i) above, such
payments shall cease and the  Beneficiary  shall be entitled to the payments and
benefits under this  Subsection (b), which shall continue for a period of twelve
months  thereafter at the full rate of compensation in effect  immediately prior
to the Disability.  This Agreement in all other respects will terminate upon the
death of Officer; provided, however, that the termination of the Agreement shall
not affect  Officer's  entitlement  to all other benefits in which he has become
vested or which are otherwise  payable in respect of periods ending prior to its
termination.

                  (c) Expiration of Term.  Officer's  employment hereunder shall
terminate  at the end of the third Fiscal Year of Employer  following  Officer's
receipt  of a  Notice  of  Termination  (as  defined  in  Section  5(g)  hereof)
terminating  Officer's  employment  with  Employer.  Following the expiration of
Officer's   employment   pursuant  to  this  Section  5(c),  all  of  Employer's
obligations hereunder shall terminate,  provided,  however, that the termination
of Officer's employment pursuant to this Section 5(c) shall not affect Officer's
entitlement  to his  incentive  compensation  payable  pursuant to Section  4(b)
hereof in respect of the final  Fiscal Year of  Employer  during the term hereof
and to all other  benefits in which he has become  vested or which are otherwise
payable in respect of periods ending prior to his termination of employment.

                  (d) Cause.  Employer may terminate Officer's  employment under
this  Agreement for "Cause." A termination  for Cause is a termination by reason
of (i) a material breach of this Agreement by Officer (other than as a result of
incapacity due to physical or mental illness) which is committed in bad faith or
without  reasonable belief that such breach is in the best interests of Employer
and which is not remedied  within a reasonable  period of time after  receipt of
written  notice  from  Employer   specifying  such  breach,  or  (ii)  Officer's
conviction by a court of competent  jurisdiction of a felony,  or (iii) entry of
an  order  duly  issued  by  any  federal  or  state  regulatory  agency  having
jurisdiction  in the matter  removing  Officer  from  office of  Employer or its
subsidiaries or permanently prohibiting him from participating in the conduct of
the  affairs  of  Employer  or any of its  subsidiaries.  If  Officer  shall  be
convicted  of a felony  or shall  be  removed  from  office  and/or  temporarily
prohibited  from  participating  in  the  conduct  of  Employer's  or any of its
subsidiaries'  affairs  by any  federal  or state  regulatory  authority  having
jurisdiction in the matter, Employer's obligations under Sections 4(a), 4(b) and
4(c) hereof shall be automatically  suspended;  provided,  however,  that if the
charges  resulting in such removal or prohibition are finally  dismissed or if a
final  judgment on the merits of such charges is issued in favor of Officer,  or
if the  conviction is overturned on appeal,  then Officer shall be reinstated in
full with back pay for the removal period plus accrued interest at the rate then
payable on  judgments.  During  the period  that  Employer's  obligations  under
Sections 4(a), 4(b) and 4(c) hereof are suspended,  Officer shall continue to be
entitled to receive Additional  Benefits under Section 4(d) until the conviction
of the felony or removal from office has become final and  non-appealable.  When
the  conviction  of the felony or  removal  from  office  has  become  final and
non-appealable,   all  of  Employer's  obligations  hereunder  shall  terminate;
provided, however, that the termination of Officer's employment pursuant to this
Section 5(d) shall not affect Officer's  entitlement to all benefits in which he
has become  vested or which are otherwise  payable in respect of periods  ending
prior to his termination of employment.

                  (e) Good Reason. Officer may terminate his employment for Good
Reason.  For purposes of this Agreement,  "Good Reason" shall be deemed to occur
if Employer  notifies  Officer of a termination of his employment other than for
Cause or pursuant to Section 5(c) hereof, or if Employer breaches this Agreement
in any material respect,  or if the Board (i) elects a person other than Officer
as  Employer's  President,  Chairman  of the  Board or Chief  Executive  Officer
without Officer's consent,  (ii) reorganizes  management so as to require him to
report to a person or persons other than the Board,  (iii) requires that Officer
be based  anywhere but fifty (50) miles from the office where Officer is located
as of the date  hereof,  (iv) takes any action  that  results in the Officer not
being able to travel  domestically by private aircraft at the Company's expense,
or (v) takes any other action which, in Officer's reasonable  judgment,  results
in the  diminution in Officer's  status,  title,  position and  responsibilities
other than an insubstantial  action not taken in bad faith and which is remedied
by Employer  promptly  after receipt of notice by Officer.  Notwithstanding  the
foregoing,  the Officer shall not have Good Reason to terminate  employment with
the  Employer  (or  otherwise  have the  right to claim  that he or she has been
constructively  terminated  from  employment)  due  solely  to the fact that the
Employer  shall cease to be a public  company and shall become a  subsidiary  of
another publicly-traded corporation.  Notwithstanding the foregoing, Officer may
terminate  his  employment  for any or no reason  within two years  following  a
"Change in  Control"  (as  defined in  Appendix  A to this  Agreement)  and such
termination  shall be considered a  termination  for Good Reason  hereunder.  If
Officer's  employment shall be terminated by Employer other than for Cause or by
Officer for Good Reason, then Employer shall pay Officer in a single payment, as
severance pay and in lieu of any further salary and incentive  compensation  for
periods  subsequent  to the  Termination  Date, an amount in cash equal to three
times the sum of (A) Officer's  annual base salary at the  Termination  Date and
(B) the  greater of (x) the  average of the  aggregate  bonus  and/or  incentive
award,  if any,  paid or payable to the  Officer  for each of the two (2) Fiscal
Years preceding the Fiscal Year in which the Officer's termination of employment
occurs (or such fewer  number of Fiscal Years for which the Officer was eligible
to receive a bonus and/or  incentive  award) and (y) the bonus and/or  incentive
award paid for the Fiscal Year  immediately  preceding the date of the Change in
Control.

                  (f) Resignation. Except as provided in Section 5(e) hereof, if
during the term of this Agreement,  Officer shall resign voluntarily, all of his
rights to payment or benefits hereunder shall immediately  terminate;  provided,
however,  that the termination of Officer's  employment pursuant to this Section
5(f) shall not affect  Officer's  entitlement  to all  benefits  in which he has
become vested or which are otherwise  payable in respect of periods ending prior
to his termination of employment.

                  (g)  Notice  of  Termination.  Any  purported  termination  by
Employer or by Officer shall be  communicated by a written Notice of Termination
to the other party hereto which indicates the specific termination  provision in
this Agreement,  if any,  relied upon and which sets forth in reasonable  detail
the facts and circumstances,  if any, claimed to provide a basis for termination
of Officer's  employment under the provision so indicated.  For purposes of this
Agreement,  no such purported termination shall be effective without such Notice
of  Termination.  The  "Termination  Date" shall mean the date  specified in the
Notice of Termination,  which, except as provided in Section 5(c) hereof,  shall
be no  less  than  30 or  more  than 60 days  from  the  date of the  Notice  of
Termination. Notwithstanding any other provision of this Agreement, in the event
of any termination of Officer's employment hereunder for any reason, in addition
to any incentive compensation awards or stock option grants to which Officer may
otherwise  be entitled  pursuant to the express  provisions  of this  Agreement,
Employer  shall pay Officer his full base salary through the  Termination  Date,
plus any Additional Benefits which have been earned or become payable, but which
have not yet been paid as of such Termination Date.

                  (h)  Payments.  All  payments  required  under this  Agreement
(other than the Additional  Benefits payable pursuant to Section 4(e) hereof) as
a result of the  termination  of Officer's  employment  hereunder  shall be made
within 15 days of the Termination Date or, if any portion is not then reasonably
determinable, within five (5) days after such portion is so determinable. In the
event of a dispute  concerning the validity of a purported  termination which is
maintained in good faith,  the Termination  Date shall mean the date the dispute
is finally  resolved  and  Employer  will  continue to provide  Officer with the
compensation and benefits  provided for under this Agreement,  until the dispute
is  finally  resolved  without  any  obligation  by Officer to repay any of such
amounts to Employer,  notwithstanding the final outcome of the dispute. Payments
required to be made by this  Section  5(h) are in addition to all other  amounts
due under Section 5 of this  Agreement and shall not be offset against or reduce
any other  amounts  due  under  Section 5 of this  Agreement.  Officer  shall be
required  to render  services  to  Employer  during  the  period  following  his
Termination  Date but before the dispute  concerning the  termination is finally
determined   unless   Employer  fails  to  provide  Officer  with  a  reasonable
opportunity to perform his duties under this Agreement during such period.

                  (i)      Excise Tax Gross-Up.
                           -------------------

(A) Except as provided in  subsection  (B), in the event it shall be  determined
that any payment or distribution of any type, including  accelerated vesting, to
or
for the benefit of the Officer, by the Employer,  any "affiliate" (as defined in
Rule 405 of the  Securities  Act of  1933,  as  amended)  of the  Employer,  any
"person" (as the term "person" is used for purposes of Section 13(d) or 14(d) of
the  Securities  Exchange Act of 1934,  as amended)  who  acquires  ownership or
effective  control of the Employer or ownership of a substantial  portion of the
Employer's  assets  (within the meaning of Section 280G of the Internal  Revenue
Code of 1986, as amended (the "Code"),  and the  regulations  thereunder) or any
"affiliate"  of  such  "person,"  whether  paid or  payable  or  distributed  or
distributable  pursuant  to the  terms  of  this  Agreement  or  otherwise  (the
"Payments"),  is or will be subject to the excise tax imposed by Section 4999 of
the Code or any  interest  or  penalties  with  respect to such excise tax (such
excise tax,  together with any such  interest and  penalties,  are  collectively
referred to as the "Excise Tax"),  then the Officer shall be entitled to receive
an  additional  payment  (a  "Gross-Up  Payment")  in an amount  such that after
payment by the Officer of all taxes (including any interest or penalties imposed
with respect to such taxes),  including any income tax, employment tax or Excise
Tax imposed  upon the  Gross-Up  Payment,  the Officer  retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Payments.

(B)  Notwithstanding  subsection (A) or any other provision of this Agreement to
the contrary, in the event that the Payments (excluding the payment provided for
in subsection  (A)) exceed by less than 10% or $100,000,  the maximum  amount of
Payments which if made or provided to the Officer would not be subject to an
Excise  Tax,  the Officer  will not be  entitled  to a Gross-Up  Payment and the
Payments  shall be reduced (but not below zero) to the extent  necessary so that
no Payment to be made or benefit to be provided to the Officer  shall be subject
to the Excise Tax; it being the intent of the parties that the Payments shall be
reduced  only if the economic  detriment to the Officer (on a pre-tax  basis) is
less than the  greater of $100,000  or 10% of the  Payments.  Unless the Officer
shall have given  prior  written  notice  specifying  a  different  order to the
Employer to effectuate the foregoing, the Employer shall reduce or eliminate the
Payments, by first reducing or eliminating the portion of the Payments which are
not payable in cash and then by reducing or eliminating  cash payments,  in each
case in reverse order  beginning  with payments or benefits which are to be paid
the farthest in time from the  "Determination"  (as defined  below).  Any notice
given by the Officer  pursuant to the preceding  sentence shall take  precedence
over the provisions of any other plan,  arrangement  or agreement  governing the
Officer's rights and entitlements to any benefits or compensation.

(C) The  determination of whether the Payments shall be reduced pursuant to this
Agreement and the amount of such reduction, all mathematical determinations, and
all determinations as to whether any of the Payments are "parachute payments"
(within the meaning of Section  280G of the Code),  that are required to be made
under this Section, including determinations as to whether a Gross-Up Payment is
required,  the amount of such Gross-Up  Payment and amounts relevant to the last
sentence of this subsection (C), shall be made by an independent accounting firm
selected by the Officer from among the five (5) largest  accounting firms in the
United  States or any  nationally  recognized  financial  planning  and benefits
consulting   company  (the   "Accounting   Firm"),   which  shall   provide  its
determination   (the   "Determination"),   together  with  detailed   supporting
calculations regarding the amount of any Gross-Up Payment and any other relevant
matter,  both to the  Employer  and the  Officer  by no later than ten (10) days
following  the  Termination  Date,  if  applicable,  or such  earlier time as is
requested  by the  Employer or the Officer (if the Officer  reasonably  believes
that any of the Payments may be subject to the Excise  Tax).  If the  Accounting
Firm determines  that no Excise Tax is payable by the Officer,  it shall furnish
the  Officer  and the  Employer  with an opinion  reasonably  acceptable  to the
Officer and the Employer  that no Excise Tax is payable  (including  the reasons
therefor)  and that the  Officer  has  substantial  authority  not to report any
Excise Tax on his federal income tax return. If a Gross-Up Payment is determined
to be payable,  it shall be paid (including through withholding of taxes) to the
Officer  no  later  than  the due  date  for  payment  of the  Excise  Tax.  Any
determination  by the Accounting Firm shall be binding upon the Employer and the
Officer, absent manifest error. As a result of uncertainty in the application of
Section  4999  of the  Code  at the  time of the  initial  determination  by the
Accounting Firm hereunder, it is possible that Gross-Up Payments not made by the
Employer should have been made ("Underpayment"),  or that Gross-Up Payments will
have been made by the Employer which should not have been made  ("Overpayment").
In either such event,  the  Accounting  Firm shall  determine  the amount of the
Underpayment or Overpayment  that has occurred.  In the case of an Underpayment,
the  amount of such  Underpayment  (together  with any  interest  and  penalties
payable by the Officer as a result of such Underpayment)  shall be promptly paid
by the  Employer  to or for  the  benefit  of the  Officer.  In the  case  of an
Overpayment,  the Officer  shall,  at the direction and expense of the Employer,
take such steps as are reasonably necessary (including the filing of returns and
claims  for  refund),   follow  reasonable  instructions  from,  and  procedures
established  by, the  Employer,  and  otherwise  reasonably  cooperate  with the
Employer to correct such Overpayment,  provided,  however,  that (i) the Officer
shall not in any event be obligated to return to the Employer an amount  greater
than the net after-tax  portion of the  Overpayment  that he has retained or has
recovered  as a refund  from the  applicable  taxing  authorities  and (ii) if a
Gross-Up  Payment  is  determined  to  be  payable,   this  provision  shall  be
interpreted in a manner  consistent with an intent to make the Officer whole, on
an after-tax basis,  from the application of the Excise Tax, it being understood
that the correction of an Overpayment may result in the Officer  repaying to the
Employer  an  amount  which is less than the  Overpayment.  The cost of all such
determinations made pursuant to this Section shall be paid by the Employer.

         6.  Reimbursement  of  Business  Expenses.  During  the  term  of  this
Agreement,  Employer  shall  reimburse  Officer  promptly  for all  expenditures
(including travel,  entertainment,  parking,  business meetings, and the monthly
costs (including dues) of maintaining  memberships at appropriate  clubs) to the
extent  that  such   expenditures   meet  the   requirements  of  the  Code  for
deductibility  by Employer for federal  income tax purposes or are  otherwise in
compliance  with the rules and  policies of Employer  and are  substantiated  by
Officer as required by the  Internal  Revenue  Service and rules and policies of
Employer.

         7.  Indemnity.   To  the  extent   permitted  by  applicable  law,  the
Certificate of  Incorporation  and the By-Laws of Employer (as from time to time
in effect) and any indemnity  agreements  entered into from time to time between
Employer and Officer, Employer shall indemnify Officer and hold him harmless for
any acts or decisions  made by him in good faith while  performing  services for
Employer,  and shall use  reasonable  efforts to obtain  coverage  for him under
liability  insurance policies now in force or hereafter obtained during the term
of this Agreement covering the other officers or directors of Employer.

         8.       Miscellaneous.
                  -------------

                  (a)  Succession.  This Agreement shall inure to the benefit of
and shall be binding upon Employer,  its successors and assigns, but without the
prior written consent of Officer,  this Agreement may not be assigned other than
in  connection  with a merger  or sale of  substantially  all the  assets of the
Employer  or  similar  transaction.   Employer  shall  not  agree  to  any  such
transaction unless the successor to or assignee of the Company's business and/or
assets in such  transaction  expressly  assumes all  obligations of the Employer
hereunder.  The  obligations  and duties of Officer hereby shall be personal and
not assignable.

                  (b) Notices.  Any notices provided for in this Agreement shall
be sent to Employer at 4500 Park Granada, Calabasas, CA 91302 Attention: General
Counsel/Secretary,  with a copy to the Chairman of the Compensation Committee at
the same address,  or to such other address as Employer may from time to time in
writing designate, and to Officer at his home address as reflected in Employer's
records  or at such  other  address  as he may  from  time  to  time in  writing
designate.  All notices shall be deemed to have been given two (2) business days
after they have been  deposited as certified  mail,  return  receipt  requested,
postage paid and properly  addressed to the  designated  address of the party to
receive the notices.
(c) Effective Date.  This Agreement  shall become  effective on August ___, 2000
(the --------------
"Effective Date").

                  (d) Entire  Agreement.  This  instrument  contains  the entire
agreement of the parties relating to the subject matter hereof,  and it replaces
and supersedes any prior agreements between the parties relating to said subject
matter,  including,  but not  limited  to,  the  Third  Restated  Agreement.  No
modifications or amendments of this Agreement (including, but not limited to the
provisions of Section 4 hereof) shall be valid unless made in writing and signed
by the parties hereto.

                  (e)  Waiver.  The  waiver of the  breach of any term or of any
condition of this Agreement  shall not be deemed to constitute the waiver of any
other breach of the same or any other term or condition.

     (f) California  Law. This Agreement  shall be construed and  interpreted in
accordance with -------------- the laws of California.

                  (g) Attorneys'  Fees in Action on Contract.  If any litigation
shall occur between the Officer and Employer,  which litigation arises out of or
as a result of this Agreement or the acts of the parties hereto pursuant to this
Agreement,  or which seeks an interpretation  of this Agreement,  the prevailing
party in such litigation,  in addition to any other judgment or award,  shall be
entitled to receive such sums as the arbitrator hearing the matter shall find to
be reasonable as and for the attorneys' fees of the prevailing party.

                  (h)  Confidentiality.  Officer agrees that he will not divulge
or  otherwise  disclose,  directly  or  indirectly,  any  trade  secret or other
confidential  information concerning the business or policies of Employer or any
of its  subsidiaries  which he may have  learned  as a result of his  employment
during the term of this  Agreement or prior  thereto as an employee,  officer or
director of or consultant to Employer or any of its subsidiaries,  except to the
extent such use or disclosure is (i) necessary or appropriate to the performance
of this Agreement and in furtherance of Employer's best interests, (ii) required
by  applicable  law,  (iii)  lawfully  obtainable  from other  sources,  or (iv)
authorized  by Employer.  The  provisions of this  subsection  shall survive the
expiration, suspension or termination, for any reason, of this Agreement.

                  (i)  Remedies  of  Employer.  Officer  acknowledges  that  the
services he is obligated to render under the provisions of this Agreement are of
a special,  unique,  unusual,  extraordinary and intellectual  character,  which
gives this  Agreement  peculiar  value to Employer.  The loss of these  services
cannot be reasonably or  adequately  compensated  in damages in an action at law
and it would be difficult  (if not  impossible)  to replace these  services.  By
reason  thereof,  Officer  agrees and  consents  that if he violates  any of the
material provisions of this Agreement, Employer, in addition to any other rights
and remedies  available  under this Agreement or under  applicable law, shall be
entitled  during the  remainder of the term to seek  injunctive  relief,  from a
tribunal of  competent  jurisdiction,  restraining  Officer from  committing  or
continuing any violation of this Agreement,  or from the performance of services
to any other business entity, or both.

                  (j)  Severability.  If any provision of this Agreement is held
invalid or  unenforceable,  the remainder of this Agreement  shall  nevertheless
remain  in full  force and  effect,  and if any  provision  is held  invalid  or
unenforceable  with respect to particular  circumstances,  it shall nevertheless
remain in full force and effect in all other circumstances.

                  (k) No Obligation  to Mitigate.  Officer shall not be required
to mitigate the amount of any payment  provided for in this Agreement by seeking
other  employment  or otherwise  and,  except as provided in Section  5(a)(i)(2)
hereof,  no  payment  hereunder  shall be offset or reduced by the amount of any
compensation or benefits provided to Officer in any subsequent employment.

                  (l)  Arbitration.  The  parties  acknowledge  that  they  have
previously entered into a Mutual Agreement to Arbitrate Claims (the "Arbitration
Agreement"). The parties hereby incorporate herein by reference the terms of the
Arbitration  Agreement.  Any dispute arising regarding this Agreement and/or any
other matter covered by the  Arbitration  Agreement  shall be subject to binding
arbitration  pursuant  to the  terms of the  Arbitration  Agreement,  except  as
expressly provided herein.

                  (m) Pooling Transactions.  Notwithstanding  anything contained
in this  Agreement to the  contrary,  in the event of a Change in Control of the
Employer  in a  transaction  which is  intended  to be treated as a "pooling  of
interests"   under  generally   accepted   accounting   principles  (a  "Pooling
Transaction"),  the Board shall take such actions,  if any, as are  specifically
recommended  by an independent  accounting  firm retained by the Employer to the
extent reasonably necessary in order to assure that the Pooling Transaction will
qualify  as such,  including  but not  limited  to (a)  deferring  the  vesting,
exercise,  payment,  settlement or lapsing of  restrictions  with respect to any
option or award,  (b) providing that the payment or settlement in respect of any
option  or  award  be made in the  form of  cash,  shares  of  common  stock  or
securities of a successor or acquirer of the Employer,  or a combination  of the
foregoing, (c) providing for the extension of the term of any option or award to
the extent  necessary to accommodate  the foregoing,  but not beyond the maximum
term  permitted  for any option or award and (d)  amending,  deleting  or making
inapplicable to the Officer any provision in this Agreement or other arrangement
pursuant to which he receives compensation, payments or benefits.

                  IN WITNESS  WHEREOF,  the parties have executed this Agreement
as of the date first above written.

COUNTRYWIDE CREDIT INDUSTRIES, INC. ATTEST:

By:                                   ------------------------------------------
----------------------------------------------------
Secretary
Title: -------------------------------------------------
                                    OFFICER
                                                       Angelo R. Mozilo, in his
                                                       individual capacity

342883.3

<PAGE>

- 18 - 342897.09

342897.09

                                   APPENDIX A

                    To Angelo R. Mozilo Employment Agreement

                  A "Change in  Control"  shall mean the  occurrence  during the
term of the Agreement, of any one of the following events:

(a) An  acquisition  (other than directly from  Employer) of any common stock or
other "Voting  Securities" (as hereinafter  defined) of Employer by any "Person"
(as the  term  person  is used for  purposes  of  Section  13(d) or 14(d) of the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")),  immediately
after which such Person has "Beneficial  Ownership"  (within the meaning of Rule
13d-3  promulgated  under the Exchange Act) of twenty five percent (25%) or more
of the then outstanding shares of Employer's common stock or the combined voting
power of Employer's then outstanding Voting Securities;  provided,  however,  in
determining  whether a Change in Control has -------- -------  occurred,  Voting
Securities  which are acquired in a "Non-Control  Acquisition"  (as  hereinafter
defined)  shall not  constitute  an  acquisition  which  would cause a Change in
Control.  For purposes of this  Agreement,  (1) "Voting  Securities"  shall mean
Employer's  outstanding  voting  securities  entitled to vote  generally  in the
election  of  directors  and  (2) a  "Non-Control  Acquisition"  shall  mean  an
acquisition by (i) an employee  benefit plan (or a trust forming a part thereof)
maintained  by (A)  Employer or (B) any  corporation  or other Person of which a
majority of its voting power or its voting equity  securities or equity interest
is owned, directly or indirectly,  by Employer (for purposes of this definition,
a "Subsidiary"),  (ii) Employer or any of its Subsidiaries,  or (iii) any Person
in connection with a "Non-Control Transaction" (as hereinafter defined); (b) The
individuals  who, as of the date of the  Agreement are members of the Board (the
"Incumbent  Board"),  cease for any reason to constitute at least  two-thirds of
the members of the Board; provided, however, that if the election, or nomination
for --------  -------  election by Employer's  common  stockholders,  of any new
director was approved by a vote of at least  two-thirds of the Incumbent  Board,
such new director  shall,  for purposes of this  Agreement,  be  considered as a
member of the Incumbent Board;  provided  further,  however,  that no individual
shall be considered a member of the -------- ------- -------  Incumbent Board if
such  individual  initially  assumed  office  as a result of either an actual or
threatened "Election Contest" (as described in Rule 14a-11 promulgated under the
Exchange Act) or other actual or threatened  solicitation of proxies or consents
by or on behalf of a Person other than the Board (a "Proxy  Contest")  including
by reason of any agreement  intended to avoid or settle any Election  Contest or
Proxy Contest; or
                  (c)      The consummation of:

                           (i)      A merger,  consolidation  or  reorganization
                                    involving  Employer,   unless  such  merger,
                                    consolidation   or   reorganization   is   a
                                    "Non-Control  Transaction."  A  "Non-Control
                                    Transaction"    shall    mean   a    merger,
                                    consolidation or  reorganization of Employer
                                    where:

(A) the stockholders of Employer,  immediately before such merger, consolidation
or reorganization, own directly or indirectly immediately following such merger,
consolidation or reorganization,  at least seventy percent (70%) of the combined
voting power of the outstanding  Voting Securities of the corporation  resulting
from such merger,  consolidation or reorganization (the "Surviving Corporation")
in substantially the same proportion as their ownership of the Voting Securities
immediately before such merger, consolidation or reorganization;
(B) the individuals who were members of the Incumbent Board immediately prior to
the  execution of the  agreement  providing  for such merger,  consolidation  or
reorganization  constitute  at least  two-thirds  of the members of the board of
directors  of the  Surviving  Corporation,  or in the  event  that,  immediately
following the consummation of such transaction, a corporation beneficially owns,
directly or  indirectly,  a majority of the Voting  Securities  of the Surviving
Corporation, the board of directors of such corporation; and
(C) no Person other than (i) Employer,  (ii) any Subsidiary,  (iii) any employee
benefit plan (or any trust forming a part thereof)  maintained by Employer,  the
Surviving  Corporation,  or any Subsidiary,  or (iv) any Person who, immediately
prior to such merger,  consolidation or reorganization had Beneficial  Ownership
of twenty five percent (25%) or more of the then outstanding  Voting  Securities
or common stock of  Employer,  has  Beneficial  Ownership of twenty five percent
(25%) or more of the combined voting power of the Surviving  Corporation's  then
outstanding Voting Securities or its common stock;
(ii) A complete liquidation or dissolution of Employer; or

(iii) The sale or other disposition of all or
                                    substantially  all of the assets of Employer
                                    to any Person  (other  than a transfer  to a
                                    Subsidiary).

                Notwithstanding the foregoing,  a Change in Control shall not be
deemed to occur  solely  because  any Person  (the  "Subject  Person")  acquired
Beneficial  Ownership of more than the permitted  amount of the then outstanding
common stock or Voting Securities as a result of the acquisition of common stock
or Voting  Securities  by Employer  which,  by reducing  the number of shares of
common stock or Voting Securities then  outstanding,  increases the proportional
number of shares Beneficially Owned by the Subject Persons;  provided,  however,
that if a Change in Control would occur (but for the operation of this sentence)
as a result of the acquisition of common stock or Voting Securities by Employer,
and after such share  acquisition  by Employer,  the Subject  Person becomes the
Beneficial  Owner of any  additional  common  stock or Voting  Securities  which
increases  the  percentage  of the  then  outstanding  common  stock  or  Voting
Securities  Beneficially  Owned by the Subject Person,  then a Change in Control
shall occur.

<PAGE>FIRST RESTATED EMPLOYMENT AGREEMENT
THIS FIRST RESTATED  EMPLOYMENT  AGREEMENT (the "Agreement") is made and entered
into as of  September  11, 2000 by and between  Countrywide  Credit  Industries,
Inc., a Delaware corporation ("Employer"), and Stanford L. Kurland ("Officer").

                              W I T N E S S E T H:

         WHEREAS,  Officer  currently  holds the offices of  Executive  Managing
Director  and Chief  Operating  Officer of  Employer,  and  President  and Chief
Executive Officer of Countrywide Home Loans, Inc. ("Home Loans"), a wholly-owned
subsidiary of Employer; and

         WHEREAS,  Employer desires to obtain the benefit of continued  services
of Officer and Officer  desires to continue to render  services to Employer  and
its subsidiaries, including Home Loans; and

         WHEREAS,   the  Board  of  Directors  of  Employer  (the  "Board")  has
determined that it is in Employer's  best interest and that of its  stockholders
to recognize the substantial  contribution that Officer has made and is expected
to continue to make to the Employer's business and to retain his services in the
future; and

         WHEREAS,  Employer  and Officer set forth the terms and  conditions  of
Officer's employment with Employer under an employment agreement entered into as
of March 1, 1999; and

         WHEREAS,  Employer and Officer desire to set forth the continued  terms
and conditions of Officer's employment with Employer under this Agreement.

         NOW,  THEREFORE,  in consideration of the mutual promises and covenants
herein contained, the parties hereto agree as follows:

         1. Term.  Employer agrees to employ Officer and Officer agrees to serve
Employer,  in  accordance  with the terms  hereof,  for a term  beginning on the
Effective  Date (as defined in Section  8(c)  hereof) and ending on February 28,
2003, unless earlier terminated in accordance with the provisions hereof.

         2. Specific Position; Duties and Responsibilities. Employer and Officer
hereby agree that,  subject to the provisions of this  Agreement,  Employer will
employ  Officer and Officer will serve Employer as Executive  Managing  Director
and Chief  Operating  Officer of Employer and as President  and Chief  Executive
Officer of Home Loans. Except as set forth in Section 5(d)(ii) hereof,  Employer
agrees that Officer's  duties  hereunder shall be the usual and customary duties
of such offices or such other duties as may be  designated  from time to time by
the Board  consistent  with his status as an  executive  officer of Employer any
such duties shall be consistent with the provisions of the charter  documents of
Employer  or  applicable  law.  Officer  shall  have  such  executive  power and
authority as shall  reasonably be required to enable him to discharge his duties
in the offices which he may hold. All  compensation  paid to Officer by Employer
or any of its  subsidiaries  shall be aggregated in determining  whether Officer
has received the benefits provided for herein.

         3. Scope of this Agreement and Outside Affiliations. During the term of
this Agreement,  Officer shall devote his full business time and energy,  except
as expressly provided below, to the business,  affairs and interests of Employer
and its  subsidiaries,  and  matters  related  thereto,  and  shall use his best
efforts and  abilities  to promote its  interests.  Officer  agrees that he will
diligently  endeavor to promote the business,  affairs and interests of Employer
and its subsidiaries and perform services contemplated hereby in accordance with
the policies  established by the Board,  which policies shall be consistent with
this Agreement.  Officer agrees to serve without  additional  remuneration as an
officer of one or more  (direct or  indirect)  subsidiaries  of  Employer as the
Board may from time to time request, subject to appropriate authorization by the
subsidiary or  subsidiaries  involved and any limitation  under  applicable law.
Officer's  failure to discharge an order or perform a function  because  Officer
reasonably  and in good faith believes such would violate a law or regulation or
be dishonest  shall not be deemed a breach by him of his  obligations  or duties
pursuant  to  any  of  the  provisions  of  this  Agreement,  including  without
limitation pursuant to Section 5(c) hereof.

         During  the  course of  Officer's  employment  as a  full-time  officer
hereunder,  Officer  shall not,  without  the  consent  of the  Board,  compete,
directly or  indirectly,  with  Employer in the  businesses  then  conducted  by
Employer or any of its subsidiaries.

         Officer  may  serve  as a  director  or in any  other  capacity  of any
business  enterprise,  including an enterprise  whose  activities may involve or
relate to the  business of  Employer,  provided  that such  service is expressly
approved by the Board. Officer may make and manage personal business investments
of his  choice  and  serve  in any  capacity  with  any  civic,  educational  or
charitable  organization,  or any  governmental  entity  or  trade  association,
without seeking or obtaining approval by the Board, provided such activities and
services do not  materially  interfere or conflict with the  performance  of his
duties hereunder.

         4.       Compensation and Benefits.
                  -------------------------

                  (a) Base Salary.  Employer  shall pay to Officer a base salary
after the Effective Date at the annual rate of $744,187.50  (the "Annual Rate").
In  respect  of the  Fiscal  Years  ending  in  2000,  2001,  2002  and 2003 the
Compensation Committee of the Board (the "Compensation  Committee") shall, based
upon the  recommendation  of Angelo R. Mozilo (or, if he is no longer an officer
of Employer, the Chairman of Employer), increase the Annual Rate by no less than
5% and no greater than 10% each year.  Any such increase  shall be effective not
later than June 1 of the fiscal year in which the increase is granted.

                  (b) Incentive Compensation.  Employer shall pay to Officer for
each of the Fiscal Years ending  during the term of this  Agreement an incentive
compensation award in an amount determined  pursuant to the terms and conditions
of the Countrywide  Credit  Industries,  Inc. Annual Incentive Plan (the "Annual
Incentive Plan") and set out in the Incentive Matrix attached hereto as Appendix
B; provided, however, that, unless a "Change in Control" (as defined in Appendix
A  to  this  Agreement)  has  occurred,   the  effectiveness  of  the  incentive
compensation award for the final two Fiscal Years ending during the term of this
Agreement is subject to the  approval by  Employer's  stockholders  of an annual
incentive plan containing  substantially  the terms of the Annual Incentive Plan
on or before the Employer's  2001 Annual Meeting of  Stockholders  in accordance
with  Section  162(m) of the  Internal  Revenue  Code of 1986,  as amended  (the
"Code")  and  the  regulations  promulgated   thereunder.   Any  such  incentive
compensation  award shall be paid to Officer no later than June 1 following  the
end of the fiscal year in respect of which the incentive  compensation  award is
being paid.

                  (c) Stock  Options.  Employer  shall  grant to  Officer  stock
options in respect of each of the Fiscal  Years  ending  during the term of this
Agreement  for  such  number  of  shares  of  Employer's  common  stock  as  the
Compensation  Committee in its sole discretion  determines,  taking into account
Officer's  and  Employer's  performance  in each of such  Fiscal  Years  and the
competitive  practices then prevailing  regarding the granting of stock options;
provided,  however,  that the number of shares in respect of each  annual  stock
option  grant shall be no less than  100,000 and no greater  than  250,000.  The
numbers  100,000  and  250,000  in the  preceding  sentence  shall  be  adjusted
proportionately  in the event  Employer  (A)  declares a stock  dividend  on its
common stock,  (B) subdivides  its  outstanding  common stock,  (C) combines the
outstanding  shares of its capital stock into a smaller  number of common stock,
or (D) issues  any  shares of its  capital  stock in a  reclassification  of the
common  stock  (including  any  such   reclassification  in  connection  with  a
consolidation  or  merger  in which  Employer  is the  continuing  or  surviving
corporation).  The stock options  described in this Section 4(c) in respect of a
Fiscal Year shall be granted at the same time as Employer  grants stock  options
to its other senior  executives  in respect of such Fiscal Year (but in no event
later than June 30 following the end of such Fiscal Year).

All stock  options  granted in accordance  with this Section 4(c):  (i) shall be
granted pursuant to the Countrywide  Credit  Industries,  Inc. 2000 Stock Option
Plan, as
amended (the "2000 Plan"), or such other stock option plan or plans as may be or
come into effect during the term of this Agreement,  (ii) shall have a per share
exercise  price equal to the fair  market  value (as defined in the 2000 Plan or
such other plan or plans) of the common stock at the time of grant,  (iii) shall
become  exercisable  in three  equal  installments  on each of the  first  three
anniversaries of the date of grant and (iv) shall be subject to such other terms
and conditions as may be determined by the Compensation  Committee and set forth
in the agreement  evidencing the award. In the event of a merger,  consolidation
or reorganization in which Employer is not the surviving corporation or in which
it survives as a subsidiary of another  corporation or entity (a "Transaction"),
and the shares of equity  securities of the surviving  corporation  or entity or
parent  thereof are publicly  traded on a recognized  stock exchange or over the
counter  market,  the stock options to be granted  pursuant to this Section 4(c)
after the date of the Transaction  shall be granted in accordance  herewith with
respect to securities of the surviving  corporation or entity or parent thereof,
as  applicable,  with the  number of shares  subject to options to be granted to
equal the  product of (x) the amount of shares  subject to the options set forth
in this Section 4(c) and (y) a fraction the  numerator of which is the per share
fair market value of the Employer's  securities and the  denominator of which is
the per share fair market value of the publicly-traded common or ordinary equity
securities of the surviving  corporation  or entity or parent  thereof,  in each
case as of the date of  consummation of the  Transaction,  and to give effect to
the intent of the parties as set forth in this Section  4(c).  The stock options
granted pursuant to this Section shall consist of incentive stock options to the
extent permitted by law or regulation.  From and after the Termination Date, the
Officer  shall no longer be entitled to receive  additional  options  under this
Section  4(c) other than those which were due for  previously  completed  fiscal
years.

                  (d) Additional Benefits. Officer shall also be entitled to all
rights and  benefits for which he is  otherwise  eligible  under any bonus plan,
stock  purchase  plan,  participation  or  extra  compensation  plan,  executive
compensation plan, pension plan, profit-sharing plan, life and medical insurance
policy,  executive medical examination  program,  executive long-term disability
policy,  financial  planning services program or other plans or benefits,  which
Employer or its  subsidiaries may provide for him, or provided he is eligible to
participate  therein,  for senior officers generally or for employees generally,
during the term of this Agreement  (collectively,  "Additional Benefits").  This
Agreement shall not affect the provision of any other  compensation,  retirement
or other benefit program or plan of Employer.

                  (e)  Continuation  of  Benefits.  If Officer's  employment  is
terminated  hereunder  pursuant to Section 5(a),  5(b) or 5(d),  Employer  shall
continue  for the period  specified  in  Section  5(a),  5(b) or 5(d)  hereof to
provide  benefits  that  are no  less  favorable  in the  aggregate  than  those
Additional  Benefits  (other  than  qualified  pension  or profit  sharing  plan
benefits  and  option,  equity or stock  appreciation  or other  incentive  plan
benefits as  distinguished  from health,  disability  and welfare type benefits)
which were being provided to the Officer and his  dependents  and  beneficiaries
immediately  prior to Officer's  Termination  Date,  but only to the extent that
Officer is not entitled to  comparable  benefits  from other  employment.  For a
period of two years  after the  Termination  Date,  Employer  shall  provide the
Officer outplacement services at its cost.

                  (f)  Deferral  of  Amounts  Payable  Hereunder.  In the  event
Officer  should  desire to defer  receipt of any cash payments to which he would
otherwise be entitled  hereunder,  he may present such a written  request to the
Compensation Committee which, in its sole discretion,  may enter into a separate
deferred compensation agreement with Officer.

5.  Termination.  The  compensation  and  benefits  provided  for herein and the
employment of Officer  ----------- by Employer shall be terminated  prior to the
expiration of the term of this Agreement only as provided for below
in this Section 5:

                  (a) Disability.  In the event that Officer shall fail, because
of illness, injury or similar incapacity ("Disability"),  to render for four (4)
consecutive  calendar months, or for shorter periods  aggregating eighty (80) or
more  business days in any twelve (12) month period,  services  contemplated  by
this Agreement,  Officer's full-time employment hereunder may be terminated,  by
written Notice of Termination from Employer to Officer; and thereafter, Employer
shall  continue,  from the  Termination  Date until Officer's death or the fifth
anniversary  of such notice,  whichever  first occurs (the  "Disability  Payment
Period"),  (i) to pay  compensation to Officer,  in the same manner as in effect
immediately  prior to the  Termination  Date,  in an  amount  equal to (1) fifty
percent (50%) of the then existing base salary payable  immediately prior to the
termination, minus (2) the amount of any cash payments to him under the terms of
Employer's  disability insurance or other disability benefit plans or Employer's
tax-qualified  Defined Benefit Pension Plan, and any compensation he may receive
pursuant  to any other  employment,  and (ii) to provide  during the  Disability
Payment Period the benefits specified in Section 4(e) hereof.

                  The  determination  of Disability  shall be made only after 30
days notice to Officer and only if Officer has not  returned to  performance  of
his duties during such 30-day  period.  In order to determine  Disability,  both
Employer and Officer shall have the right to provide medical evidence to support
their respective  positions,  with the ultimate decision regarding Disability to
be made by a majority of Employer's disinterested directors.

                  (b) Death. In the event that Officer shall die during the term
of this  Agreement,  Employer  shall pay  Officer's  base salary for a period of
twelve  (12)  months  following  the date of  Officer's  death and in the manner
otherwise  payable  hereunder,  to such person or persons as Officer  shall have
directed  in writing  or, in the  absence of a  designation,  to his estate (the
"Beneficiary").  Employer  shall also  provide  during the  twelve-month  period
following the date of the Officer's death the benefits specified in Section 4(e)
hereof. If Officer's death occurs while he is receiving  payments for Disability
under Section 5(a)(i) above, such payments shall cease and the Beneficiary shall
be entitled to the payments and benefits under this  Subsection (b), which shall
continue  for a  period  of  twelve  months  thereafter  at  the  full  rate  of
compensation in effect  immediately  prior to the Disability.  This Agreement in
all other respects will terminate upon the death of Officer; provided,  however,
that the termination of the Agreement shall not affect Officer's  entitlement to
all other benefits in which he has become vested or which are otherwise  payable
in respect of periods ending prior to its termination.

                  (c) Cause.  Employer may terminate Officer's  employment under
this  Agreement for "Cause." A termination  for Cause is a termination by reason
of (i) a material breach of this Agreement by Officer (other than as a result of
incapacity due to physical or mental illness) which is committed in bad faith or
without  reasonable belief that such breach is in the best interests of Employer
and which is not remedied  within a reasonable  period of time after  receipt of
written  notice  from  Employer   specifying  such  breach,  or  (ii)  Officer's
conviction by a court of competent  jurisdiction of a felony,  or (iii) entry of
an  order  duly  issued  by  any  federal  or  state  regulatory  agency  having
jurisdiction  in the matter  removing  Officer  from  office of  Employer or its
subsidiaries or permanently prohibiting him from participating in the conduct of
the  affairs  of  Employer  or any of its  subsidiaries.  If  Officer  shall  be
convicted  of a felony  or shall  be  removed  from  office  and/or  temporarily
prohibited  from  participating  in  the  conduct  of  Employer's  or any of its
subsidiaries'  affairs  by any  federal  or state  regulatory  authority  having
jurisdiction in the matter, Employer's obligations under Sections 4(a), 4(b) and
4(c) hereof shall be automatically  suspended;  provided,  however,  that if the
charges  resulting in such removal or prohibition are finally  dismissed or if a
final  judgment on the merits of such charges is issued in favor of Officer,  or
if the  conviction is overturned on appeal,  then Officer shall be reinstated in
full with back pay for the removal period plus accrued interest at the rate then
payable on  judgments.  During  the period  that  Employer's  obligations  under
Sections 4(a), 4(b) and 4(c) hereof are suspended,  Officer shall continue to be
entitled to receive Additional  Benefits under Section 4(d) until the conviction
of the felony or removal from office has become final and  non-appealable.  When
the  conviction  of the felony or  removal  from  office  has  become  final and
non-appealable,   all  of  Employer's  obligations  hereunder  shall  terminate;
provided, however, that the termination of Officer's employment pursuant to this
Section 5(c) shall not affect Officer's  entitlement to all benefits in which he
has become  vested or which are otherwise  payable in respect of periods  ending
prior to his termination of employment.

                  (d) Severance.  (i) Except as provided in Section 5(d)(ii), if
during the term of this Agreement  Officer's  employment  shall be terminated by
Employer  other than for Cause,  then (A) until  February 28, 2003 or the second
anniversary  of  the  Termination  Date,  whichever  is  later  (the  "Severance
Period"),  Employer shall (1) continue to pay Officer his annual base salary, at
the Annual Rate in effect on the Termination  Date, and (2) provide the benefits
specified  in Section 4(e) hereof,  (B) Employer  shall pay Officer,  within ten
(10) days after the end of each Fiscal Year ending during the Severance  Period,
an amount equal to the total amount of incentive compensation paid or payable to
Officer  pursuant  to Section  4(b) in respect  of the Fiscal  Year  immediately
preceding the Fiscal Year in which Officer's Termination Date occurs (the "Bonus
Rate"); provided, however, that in the event the Severance Period ends on a date
prior to the end of a Fiscal  Year,  Employer  shall also pay  Officer an amount
equal to the  product of (1) the Bonus  Rate and (2) the  fraction  obtained  by
dividing  (x)  the  number  of days  elapsed  since  the end of the  immediately
preceding  Fiscal Year through the end of the  Severance  Period by (y) 365, and
(C) all stock  options  held by Officer  on the  Termination  Date shall  become
immediately and fully exercisable.

(ii) If after a "Change in Control" (as defined in Appendix A to this Agreement)
  and during the term of this Agreement Officer's employment shall be terminated
  by  Employer  other than for Cause or by  Officer  for Good  Reason,  then (A)
  Employer shall pay Officer in a single  payment as soon as  practicable  after
  the  Termination  Date, as severance pay and in lieu of any further salary and
  incentive  compensation  for periods  subsequent to the  Termination  Date, an
  amount in cash  equal to three  times  the sum of (1)  Officer's  annual  base
  salary at the  Termination  Date and (2) the greater of (x) the average of the
  aggregate bonus and/or incentive award, if any, paid or payable to the Officer
  for each of the two (2) Fiscal  Years  preceding  the Fiscal Year in which the
  Officer's  termination  of  employment  occurs (or such fewer number of Fiscal
  Years for which the Officer was eligible to receive a bonus  and/or  incentive
  award) and (y) the bonus  and/or  incentive  award  paid for the  Fiscal  Year
  immediately  preceding the date of the Change in Control,  (B) Employer  shall
  continue  to provide for three years from the  Termination  Date the  benefits
  specified  in Section  4(e)  hereof,  provided  that the coverage and benefits
  provided  during this  period  shall be no less  favorable  to Officer and his
  dependents  than the most  favorable of such  coverages and benefits  provided
  Officer and his dependents during the 90-day period immediately  preceding the
  Change in  Control  or as of any date  following  the  Change in  Control  but
  preceding the date of Officer's  termination and (C) all stock options held by
  Officer  on  the   Termination   Date  shall  become   immediately  and  fully
  exercisable.  For purposes of this Agreement, "Good Reason" shall be deemed to
  occur if Employer (x) breaches  this  Agreement in any material  respect,  (y)
  requires  that Officer be based  anywhere  more than fifty (50) miles from the
  office where Officer is located as of the date hereof,  or (z) takes any other
  action which results in the diminution in Officer's  status,  title,  position
  and responsibilities other than an insubstantial action not taken in bad faith
  and which is remedied by Employer promptly after receipt of notice by Officer.
  Notwithstanding  the  foregoing,  the  Officer  shall not have Good  Reason to
  terminate  employment  with the Employer (or otherwise have the right to claim
  that he or she has been constructively  terminated from employment) due solely
  to the fact that the  Employer  shall  cease to be a public  company and shall
  become a subsidiary of another publicly-traded corporation.

                  (e)  Resignation.  Except  as  provided  in  Section  5(d)(ii)
hereof, if during the term of this Agreement,  Officer shall resign voluntarily,
all of his rights to payment or benefits hereunder shall immediately  terminate;
provided, however, that the termination of Officer's employment pursuant to this
Section 5(e) shall not affect Officer's  entitlement to all benefits in which he
has become  vested or which are otherwise  payable in respect of periods  ending
prior to his termination of employment.

                  (f)  Notice  of  Termination.  Any  purported  termination  by
Employer or by Officer shall be  communicated by a written Notice of termination
(the "Notice of  Termination")  to the other party hereto  which  indicates  the
specific termination provision in this Agreement,  if any, relied upon and which
sets forth in reasonable detail the facts and circumstances,  if any, claimed to
provide a basis for termination of Officer's  employment  under the provision so
indicated.  For purposes of this Agreement,  no such purported termination shall
be effective  without such Notice of Termination.  The "Termination  Date" shall
mean the date  specified  in the Notice of  Termination,  which shall be no less
than 30 or more  than  60 days  from  the  date of the  Notice  of  Termination.
Notwithstanding  any  other  provision  of this  Agreement,  in the event of any
termination of Officer's employment hereunder for any reason, Employer shall pay
Officer his full base salary through the  Termination  Date, plus any Additional
Benefits which have been earned or become  payable,  but which have not yet been
paid as of such Termination Date.

                  (g)  Disputes.  In  the  event  of a  dispute  concerning  the
validity of a  purported  termination  which is  maintained  in good faith,  the
Termination  Date  shall  mean the date the  dispute  is  finally  resolved  and
Employer will  continue to provide  Officer with the  compensation  and benefits
provided for under this Agreement, until the dispute is finally resolved without
any   obligation   by  Officer  to  repay  any  of  such  amounts  to  Employer,
notwithstanding  the final outcome of the dispute.  Payments required to be made
by this Section 5(g) are in addition to all other amounts due under Section 5 of
this  Agreement and shall not be offset  against or reduce any other amounts due
under Section 5 of this Agreement.  Officer shall be required to render services
to Employer  during the period  following  his  Termination  Date but before the
dispute  concerning the termination is finally  determined unless Employer fails
to provide  Officer  with a reasonable  opportunity  to perform his duties under
this Agreement during such period.

                  (h)      Excise Tax Gross-Up.
                           -------------------

(A) Except as provided in  subsection  (B), in the event it shall be  determined
that any payment or distribution of any type, including  accelerated vesting, to
or for the benefit of the Officer, by the Employer,  any "affiliate" (as defined
in Rule 405 of the Securities Act of 1933, as amended) of the Employer, any
"person",  (as the term  "person" is used for purposes of Section 13(d) or 14(d)
of the  Securities  Exchange Act of 1934, as amended) who acquires  ownership or
effective  control of the Employer or ownership of a substantial  portion of the
Employer's  assets  (within the meaning of Section 280G of the Internal  Revenue
Code of 1986, as amended (the "Code"),  and the  regulations  thereunder) or any
"affiliate"  of  such  "person",  whether  paid or  payable  or  distributed  or
distributable  pursuant  to the  terms  of  this  Agreement  or  otherwise  (the
"Payments"),  is or will be subject to the excise tax imposed by Section 4999 of
the Code or any  interest  or  penalties  with  respect to such excise tax (such
excise tax,  together with any such  interest and  penalties,  are  collectively
referred to as the "Excise Tax"),  then the Officer shall be entitled to receive
an  additional  payment  (a  "Gross-Up  Payment")  in an amount  such that after
payment by the Officer of all taxes (including any interest or penalties imposed
with respect to such taxes),  including any income tax, employment tax or Excise
Tax imposed  upon the  Gross-Up  Payment,  the Officer  retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Payments.

                  (B)  Notwithstanding  subsection (A) or any other provision of
this  Agreement to the contrary,  in the event that the Payments  (excluding the
payment provided for in subsection (A)) exceed by less than 10% or $100,000, the
maximum amount of Payments which if made or provided to the Officer would not be
subject to an Excise Tax, the Officer will not be entitled to a Gross-Up Payment
and the Payments  shall be reduced (but not below zero) to the extent  necessary
so that no Payment to be made or benefit to be provided to the Officer  shall be
subject to the Excise Tax; it being the intent of the parties  that the Payments
shall be reduced  only if the  economic  detriment  to the Officer (on a pre-tax
basis) is less than the greater of $100,000 or 10% of the  Payments.  Unless the
Officer shall have given prior written  notice  specifying a different  order to
the Employer to effectuate the foregoing, the Employer shall reduce or eliminate
the Payments, by first reducing or eliminating the portion of the Payments which
are not payable in cash and then by reducing or eliminating  cash  payments,  in
each case in reverse order  beginning  with payments or benefits which are to be
paid the  farthest  in time from the  "Determination"  (as defined  below).  Any
notice  given by the  Officer  pursuant  to the  preceding  sentence  shall take
precedence  over the  provisions  of any other plan,  arrangement  or  agreement
governing the Officer's rights and entitlements to any benefits or compensation.

                  (C) The determination of whether the Payments shall be reduced
pursuant to this Agreement and the amount of such  reduction,  all  mathematical
determinations,  and all  determinations  as to whether any of the  Payments are
"parachute  payments" (within the meaning of Section 280G of the Code), that are
required to be made under this Section, including determinations as to whether a
Gross-Up  Payment is required,  the amount of such Gross-Up  Payment and amounts
relevant  to the  last  sentence  of this  subsection  (C),  shall be made by an
independent  accounting  firm  selected by the  Officer  from among the five (5)
largest  accounting  firms in the  United  States or any  nationally  recognized
financial  planning and benefits  consulting  company (the  "Accounting  Firm"),
which shall  provide its  determination  (the  "Determination"),  together  with
detailed  supporting  calculations  regarding the amount of any Gross-Up Payment
and any other relevant matter,  both to the Employer and the Officer by no later
than ten (10) days  following  the  Termination  Date,  if  applicable,  or such
earlier  time as is  requested  by the  Employer  or the Officer (if the Officer
reasonably  believes that any of the Payments may be subject to the Excise Tax).
If the Accounting  Firm determines that no Excise Tax is payable by the Officer,
it shall  furnish  the  Officer  and the  Employer  with an  opinion  reasonably
acceptable  to the  Officer  and the  Employer  that no  Excise  Tax is  payable
(including the reasons therefor) and that the Officer has substantial  authority
not to report any Excise Tax on his  federal  income tax  return.  If a Gross-Up
Payment  is  determined  to be  payable,  it  shall be paid  (including  through
withholding  of taxes) to the  Officer no later than the due date for payment of
the Excise Tax. Any  determination  by the Accounting Firm shall be binding upon
the Employer and the Officer,  absent manifest error. As a result of uncertainty
in the  application  of  Section  4999 of the  Code at the  time of the  initial
determination  by the Accounting  Firm  hereunder,  it is possible that Gross-Up
Payments not made by the  Employer  should have been made  ("Underpayment"),  or
that Gross-Up Payments will have been made by the Employer which should not have
been made  ("Overpayment").  In either such  event,  the  Accounting  Firm shall
determine the amount of the  Underpayment or Overpayment  that has occurred.  In
the case of an Underpayment,  the amount of such Underpayment (together with any
interest and penalties payable by the Officer as a result of such  Underpayment)
shall be promptly paid by the Employer to or for the benefit of the Officer.  In
the case of an  Overpayment,  the Officer shall, at the direction and expense of
the Employer,  take such steps as are reasonably necessary (including the filing
of returns and claims for refund),  follow  reasonable  instructions  from,  and
procedures established by, the Employer, and otherwise reasonably cooperate with
the  Employer  to correct  such  Overpayment,  provided,  however,  that (i) the
Officer  shall not in any event be obligated to return to the Employer an amount
greater than the net after-tax  portion of the Overpayment  that he has retained
or has recovered as a refund from the applicable taxing  authorities and (ii) if
a  Gross-Up  Payment  is  determined  to be  payable,  this  provision  shall be
interpreted in a manner  consistent with an intent to make the Officer whole, on
an after-tax basis,  from the application of the Excise Tax, it being understood
that the correction of an Overpayment may result in the Officer  repaying to the
Employer  an  amount  which is less than the  Overpayment.  The cost of all such
determinations made pursuant to this Section shall be paid by the Employer.

         6.  Reimbursement  of  Business  Expenses.  During  the  term  of  this
Agreement,  Employer  shall  reimburse  Officer  promptly  for all  expenditures
(including travel,  entertainment,  parking,  business meetings, and the monthly
costs (including dues) of maintaining  memberships at appropriate  clubs) to the
extent  that  such   expenditures   meet  the   requirements  of  the  Code  for
deductibility  by Employer for federal  income tax purposes or are  otherwise in
compliance  with the rules and  policies of Employer  and are  substantiated  by
Officer as required by the  Internal  Revenue  Service and rules and policies of
Employer.

         7.  Indemnity.   To  the  extent   permitted  by  applicable  law,  the
Certificate of  Incorporation  and the By-Laws of Employer (as from time to time
in effect) and any indemnity  agreements  entered into from time to time between
Employer and Officer, Employer shall indemnify Officer and hold him harmless for
any acts or decisions  made by him in good faith while  performing  services for
Employer,  and shall use  reasonable  efforts to obtain  coverage  for him under
liability  insurance policies now in force or hereafter obtained during the term
of this Agreement covering the other officers or directors of Employer.

         8.       Miscellaneous.
                  -------------

                  (a)  Succession.  This Agreement shall inure to the benefit of
and shall be binding upon Employer,  its successors and assigns, but without the
prior written consent of Officer,  this Agreement may not be assigned other than
in  connection  with a merger  or sale of  substantially  all the  assets of the
Employer  or  similar  transaction.   Employer  shall  not  agree  to  any  such
transaction unless the successor to or assignee of the Company's business and/or
assets in such  transaction  expressly  assumes all  obligations of the Employer
hereunder.  The  obligations  and duties of Officer hereby shall be personal and
not assignable.

                  (b) Notices.  Any notices provided for in this Agreement shall
be  sent  to  Employer  at  4500  Park  Granada,  Calabasas,  California  91302,
Attention:  General  Counsel/Secretary,  with a  copy  to  the  Chairman  of the
Compensation Committee at the same address, or to such other address as Employer
may from time to time in writing  designate,  and to Officer at his home address
as reflected in Employer's  records or at such other address as he may from time
to time in writing designate. All notices shall be deemed to have been given two
(2)  business  days after they have been  deposited as  certified  mail,  return
receipt requested, postage paid and properly addressed to the designated address
of the party to receive the notices.

(c) Effective Date. This Agreement is effective as of March 1, 1999.
                           --------------

                  (d) Entire  Agreement.  This  instrument  contains  the entire
agreement of the parties relating to the subject matter hereof,  and it replaces
and supersedes any prior agreements between the parties relating to said subject
matter.  No  modifications or amendments of this Agreement shall be valid unless
made in writing and signed by the parties hereto.

                  (e)  Waiver.  The  waiver of the  breach of any term or of any
condition of this Agreement  shall not be deemed to constitute the waiver of any
other breach of the same or any other term or condition.

(f)  California  Law.  This  Agreement  shall be construed  and  interpreted  in
accordance with -------------- the laws of California.

                  (g) Attorneys'  Fees in Action on Contract.  If any litigation
shall occur between the Officer and Employer,  which litigation arises out of or
as a result of this Agreement or the acts of the parties hereto pursuant to this
Agreement,  or which seeks an interpretation  of this Agreement,  the prevailing
party in such litigation,  in addition to any other judgment or award,  shall be
entitled to receive  such sums as the court  hearing the matter shall find to be
reasonable as and for the attorneys' fees of the prevailing party.

                  (h)  Confidentiality.  Officer agrees that he will not divulge
or  otherwise  disclose,  directly  or  indirectly,  any  trade  secret or other
confidential  information concerning the business or policies of Employer or any
of its  subsidiaries  which he may have  learned  as a result of his  employment
during the term of this  Agreement or prior  thereto as an employee,  officer or
director of or consultant to Employer or any of its subsidiaries,  except to the
extent such use or disclosure is (i) necessary or appropriate to the performance
of this Agreement and in furtherance of Employer's best interests, (ii) required
by  applicable  law,  (iii)  lawfully  obtainable  from other  sources,  or (iv)
authorized  by Employer.  The  provisions of this  subsection  shall survive the
expiration, suspension or termination, for any reason, of this Agreement.

                  (i)  Remedies  of  Employer.  Officer  acknowledges  that  the
services he is obligated to render under the provisions of this Agreement are of
a special,  unique,  unusual,  extraordinary and intellectual  character,  which
gives this  Agreement  peculiar  value to Employer.  The loss of these  services
cannot be reasonably or  adequately  compensated  in damages in an action at law
and it would be difficult  (if not  impossible)  to replace these  services.  By
reason  thereof,  Officer  agrees and  consents  that if he violates  any of the
material provisions of this Agreement, Employer, in addition to any other rights
and remedies  available  under this Agreement or under  applicable law, shall be
entitled  during the  remainder of the term to seek  injunctive  relief,  from a
tribunal of  competent  jurisdiction,  restraining  Officer from  committing  or
continuing any violation of this Agreement,  or from the performance of services
to any other business entity, or both.

                  (j)  Severability.  If any provision of this Agreement is held
invalid or  unenforceable,  the remainder of this Agreement  shall  nevertheless
remain  in full  force and  effect,  and if any  provision  is held  invalid  or
unenforceable  with respect to particular  circumstances,  it shall nevertheless
remain in full force and effect in all other circumstances.

                  (k) No Obligation  to Mitigate.  Officer shall not be required
to mitigate the amount of any payment  provided for in this Agreement by seeking
other  employment  or otherwise  and,  except as provided in Section  5(a)(i)(2)
hereof,  no  payment  hereunder  shall be offset or reduced by the amount of any
compensation or benefits provided to Officer in any subsequent employment.

                  (l)  Arbitration.  The  parties  acknowledge  that  they  have
previously entered into a Mutual Agreement to Arbitrate Claims (the "Arbitration
Agreement"). The parties hereby incorporate herein by reference the terms of the
Arbitration  Agreement.  Any dispute arising regarding this Agreement and/or any
other matter covered by the  Arbitration  Agreement  shall be subject to binding
arbitration  pursuant  to the  terms of the  Arbitration  Agreement,  except  as
expressly provided herein.

(m) Pooling Transactions.  Notwithstanding  anything contained in this Agreement
to the contrary, in
--------------------------------------
the event of a Change in  Control  of the  Employer  in a  transaction  which is
intended  to be treated as a "pooling of  interests"  under  generally  accepted
accounting  principles  (a  "Pooling  Transaction"),  the Board  shall take such
actions,  if any, as are specifically  recommended by an independent  accounting
firm  retained by the  Employer to the extent  reasonably  necessary in order to
assure that the Pooling  Transaction  will  qualify as such,  including  but not
limited to (a) deferring the vesting, exercise,  payment,  settlement or lapsing
of  restrictions  with respect to any option or award,  (b)  providing  that the
payment or  settlement  in respect of any option or award be made in the form of
cash,  shares of common  stock or  securities  of a successor or acquirer of the
Employer, or a combination of the foregoing, and (c) providing for the extension
of the term of any option or award to the extent  necessary to  accommodate  the
foregoing, but not beyond the maximum term permitted for any option or award and
(d) amending,  deleting or making  inapplicable  to the Officer any provision in
this Agreement or other arrangement pursuant to which he receives  compensation,
payments or benefits.

                  IN WITNESS  WHEREOF,  the parties have executed this Agreement
as of the date first above written.

COUNTRYWIDE CREDIT INDUSTRIES, INC.
ATTEST:    By:
                    Secretary   Title:   -------------------------------------
                    OFFICER:

         Stanford L. Kurland, in his individual capacity

                                   APPENDIX A

                   To Stanford L. Kurland Employment Agreement

                  A "Change in  Control"  shall mean the  occurrence  during the
term of the Agreement, of any one of the following events:

(a) An  acquisition  (other than directly from  Employer) of any common stock or
other "Voting  Securities" (as hereinafter  defined) of Employer by any "Person"
(as the  term  person  is used for  purposes  of  Section  13(d) or 14(d) of the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")),  immediately
after which such Person has "Beneficial  Ownership"  (within the meaning of Rule
13d-3  promulgated  under the Exchange Act) of twenty five percent (25%) or more
of the then outstanding shares of Employer's common stock or the combined voting
power of Employer's then outstanding Voting Securities;  provided,  however,  in
determining  whether a Change in Control has -------- -------  occurred,  Voting
Securities which are acquired in a "Non-Control Acquisition" (as
hereinafter  defined) shall not  constitute an  acquisition  which would cause a
Change in Control. For purposes of this Agreement, (1) "Voting Securities" shall
mean Employer's  outstanding voting securities entitled to vote generally in the
election  of  directors  and  (2) a  "Non-Control  Acquisition"  shall  mean  an
acquisition by (i) an employee  benefit plan (or a trust forming a part thereof)
maintained  by (A)  Employer or (B) any  corporation  or other Person of which a
majority of its voting power or its voting equity  securities or equity interest
is owned, directly or indirectly,  by Employer (for purposes of this definition,
a "Subsidiary"),  (ii) Employer or any of its Subsidiaries,  or (iii) any Person
in connection with a "Non-Control Transaction" (as hereinafter defined);

(b) The  individuals  who,  as of the date of the  Agreement  are members of the
Board  (the  "Incumbent  Board"),  cease for any reason to  constitute  at least
two-thirds of the members of the Board; provided, however, that if the election,
or nomination for -------- ------- election by Employer's  common  stockholders,
of any new  director  was  approved  by a vote  of at  least  two-thirds  of the
Incumbent  Board,  such new director shall,  for purposes of this Agreement,  be
considered as a member of the Incumbent Board;  provided further,  however, that
no  individual  shall be  considered  a member of the --------  -------  -------
Incumbent  Board if such  individual  initially  assumed  office  as a result of
either an actual or threatened  "Election  Contest" (as described in Rule 14a-11
promulgated  under the Exchange Act) or other actual or threatened  solicitation
of  proxies  or  consents  by or on behalf of a Person  other  than the Board (a
"Proxy  Contest")  including  by reason of any  agreement  intended  to avoid or
settle any Election Contest or Proxy Contest; or
                  (c)      The consummation of:

                           (i)      A merger,  consolidation  or  reorganization
                                    involving  Employer,   unless  such  merger,
                                    consolidation   or   reorganization   is   a
                                    "Non-Control  Transaction."  A  "Non-Control
                                    Transaction"    shall    mean   a    merger,
                                    consolidation or  reorganization of Employer
                                    where:

(A) the stockholders of Employer,  immediately before such merger, consolidation
or reorganization, own directly or indirectly immediately following such merger,
consolidation or reorganization,  at least seventy percent (70%) of the combined
voting power of the outstanding  voting securities of the corporation  resulting
from such merger,  consolidation or reorganization (the "Surviving Corporation")
in substantially the same proportion as their ownership of the Voting Securities
immediately before such merger, consolidation or reorganization;
(B) the individuals who were members of the Incumbent Board immediately prior to
the  execution of the  agreement  providing  for such merger,  consolidation  or
reorganization  constitute  at least  two-thirds  of the members of the board of
directors  of the  Surviving  Corporation,  or in the  event  that,  immediately
following the consummation of such transaction, a corporation beneficially owns,
directly or  indirectly,  a majority of the Voting  Securities  of the Surviving
Corporation, the board of directors of such corporation; and

(C) no Person other than (i) Employer,  (ii) any Subsidiary,  (iii) any employee
benefit plan (or any trust forming a part thereof)  maintained by Employer,  the
Surviving  Corporation,  or any Subsidiary,  or (iv) any Person who, immediately
prior to such merger,  consolidation or reorganization had Beneficial  Ownership
of twenty five percent (25%) or more of the then outstanding  Voting  Securities
or common stock of  Employer,  has  Beneficial  Ownership of twenty five percent
(25%) or more of the combined voting power of the Surviving  Corporation's  then
outstanding Voting Securities or
                                            its common stock;

(ii) A complete liquidation or dissolution of Employer; or
(iii) The sale or other disposition of all or substantially all of the assets of
Employer to any Person (other than a transfer to a Subsidiary).

                Notwithstanding the foregoing,  a Change in Control shall not be
deemed to occur  solely  because  any Person  (the  "Subject  Person")  acquired
Beneficial  Ownership of more than the permitted  amount of the then outstanding
common stock or Voting Securities as a result of the acquisition of common stock
or Voting  Securities  by Employer  which,  by reducing  the number of shares of
common stock or Voting Securities then  outstanding,  increases the proportional
number of shares Beneficially Owned by the Subject Persons;  provided,  however,
that if a Change in Control would occur (but for the operation of this sentence)
as a result of the acquisition of common stock or Voting Securities by Employer,
and after such share  acquisition  by Employer,  the Subject  Person becomes the
Beneficial  Owner of any  additional  common  stock or Voting  Securities  which
increases  the  percentage  of the  then  outstanding  common  stock  or  Voting
Securities  Beneficially  Owned by the Subject Person,  then a Change in Control
shall occur.

<PAGE>

- 17 - 343010.6 343010.6
APPENDIX B

         The Annual Incentive Plan,  approved by the Employer's  stockholders at
the 1996 Annual Meeting of  Stockholders,  grants  authority to the Compensation
Committee to determine  Employee's  incentive  compensation award. The Incentive
Matrix,  as amended,  referred to in section 4.(b), was approved by the Board of
Directors on September 11, 2000.

<PAGE>

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