COUNTRYWIDE CREDIT INDUSTRIES INC
EXHIBIT 10.61
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<DESCRIPTION>EXHIBIT 10.61
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                                                              AMENDMENT NO. 2002-1<BR>
                                                           EFFECTIVE JANUARY 1, 2002<BR>
                                                                TO THE<BR>
                                                  COUNTRYWIDE CREDIT INDUSTRIES, INC.<BR>
                        SPLIT DOLLAR LIFE INSURANCE AGREEMENT FOR<BR>
 <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
AS AMENDED AND RESTATED<BR>
         AND THE COUNTRYWIDE CREDIT INDUSTRIES, INC. SPLIT DOLLAR<BR>
 COLLATERAL ASSIGNMENTS FOR <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</FONT></H1>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WHEREAS, Countrywide Credit
Industries, Inc. (the &#147;Corporation&#148;), and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
(&#147;Executive&#148;) entered into a Split Dollar Life Insurance Agreement As
Amended and Restated (the &#147;Agreement&#148;), dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
199<U>&nbsp;&nbsp;</U>, and two
separate Split Dollar Collateral Assignments (the &#147;Collateral
Assignments&#148;), each dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> 199<U>&nbsp;&nbsp;</U> which obligated the Corporation to
make certain premium payments on life insurance contracts with Aetna Life
Insurance and Annuity Company (&#147;Aetna&#148;) and Manufacturers Life
Insurance Company (&#147;Manulife&#148;) (the &#147;Insurance Contacts&#148;)
associated with the Agreement; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
WHERAS, the Compensation Committee of the Board of Directors of the Corporation  has approved the increase in the Executive's  Death
Benefits;
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WHEREAS, the Corporation
and the Executive hereby agree that it is in the best interests of both parties
to exchange the Insurance Contracts, into one (1) life insurance contract with
John Hancock Variable Life Insurance Company pursuant to a tax-free exchange
under Section 1035 of the Internal Revenue Code (the &#147;Exchange&#148;); </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WHEREAS, the Corporation
and the Executive also agree that it is in the best interest of both parties to
amend the Agreement to reflect the Exchange into one insurance contract; and </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WHEREAS, the Corporation
and the Executive also agree that a new Collateral Assignment shall be recorded
with John Hancock Variable Life Insurance Company, Inc. to reflect the above
referenced changes to the Agreement and Insurance Contracts and the Exchange. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOW, THEREFORE, in
consideration of the premises and of the mutual promises contained herein, the
parties hereby agree to amend the Agreement and the Collateral Assignments so
that the following Agreement and Collateral Assignment is the exclusive binding
agreement between the parties: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The terms and provisions of the Agreement and Collateral Assignments between the
Corporation. and the Executive which Agreement and Collateral Assignments govern
the former Aetna and Manulife policies, are herein incorporated by reference and
reaffirmed by the parties, except as noted below.</FONT></TD>
</TR>
</TABLE>
<BR>

<HR SIZE=2 NOSHADE WIDTH=100% ALIGN=CENTER>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section 1(f) of the Agreement is amended in its entirety to read as follows:<BR><BR>
&#147;Collateral
Assignment&#148; shall mean the assignment made by the Executive in favor of the
Corporation in the form attached hereto, which will be recorded with John
Hancock Variable Life Insurance Company and will replace in its entirety the
former Split Dollar Collateral Assignments recorded with Aetna Life Insurance
and Annuity Company and Manufacturers Life Insurance Company. The former Split
Dollar Collateral Assignments recorded with Aetna Life Insurance and Annuity
Company and Manufacturers Life Insurance Company will be null and void upon the
completion of the Internal Revenue Code section 1035 exchange to the policy at
John Hancock Variable Life Insurance Company.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section 1(h) of the Agreement is amended in its entirety to read as follows:<BR><BR>
&#147;Executive&#146;s
Death Benefit&#148; shall mean an amount that is equal to the result of
multiplying the Executive&#146;s Base Annual Salary, determined as of [&nbsp;] or such
later date approved by the Corporation, by <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section 1(i) of the Agreement is amended in its entirety to read as follows:<BR><BR>

         "Insurer" shall mean John Hancock Variable Life Insurance Company.</FONT></TD>
</TR>
</TABLE>
<BR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section 1(l) of the Agreement is amended in its entirety to read as follows:<BR><BR>

&#147;Policy&#148;
shall mean the following policy on the life of the Executive that is issued by
the Insurer:</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>

         <U>Policy Number</U><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>

<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Insurance Company</U><BR>
<U>John Hancock Variable Life Insurance Company</U>
</FONT></TD>
</TR>
</TABLE>
<BR>



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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Section 3(b) of the Agreement is amended in its entirety to read as follows:<BR><BR>
<U>Additional
Compensation</U>. Each calendar year, the Executive shall be considered to have
taxable compensation income for that portion of the premiums paid by the
Corporation that is equal in amount to the value of the &#147;economic
benefit&#148; derived by the Executive from the Policy&#146;s life insurance
protection, as determined for Federal income tax purposes under then current
applicable authority as determined by the Corporation. The Corporation shall
withhold from the Executive&#146;s Base Annual Salary, or other compensation
paid to the Executive, in a manner determined by the Corporation, the
Executive&#146;s share of FICA and other employment and income taxes relating to
that taxable amount.</FONT></TD>
</TR>
</TABLE>
<BR>
<HR SIZE=2 NOSHADE WIDTH=100% ALIGN=CENTER>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
IN WITNESS WHEREOF, the Executive and the Corporation have signed this amendment as of <U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</U>
</FONT></P>
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<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>

                                                    &#147;Executive&#148;<BR><BR><BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR><BR>

                                                     &#147;Corporation&#148;<BR>
                                                      Countrywide Credit Industries, Inc.<BR><BR><BR>

                                                    By:&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
                                                    Its:&nbsp;&nbsp;<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
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