Bond Freddy Mac 0% ( US3128X33R20 ) in USD

Freddy Mac

100 % ⇌

United States

US3128X33R20 ( in USD )

26/01/2035

Prospectus brochure of the bond Freddie Mac US3128X33R20 en USD 0%, maturity 26/01/2035

1 000 USD

165 000 000 USD

3128X33R2

Freddie Mac is a U.S. government-sponsored enterprise (GSE) that buys mortgages from lenders, packages them into securities, and sells them to investors, thus providing liquidity to the mortgage market.

Freddie Mac issued a USD 165,000,000, 0% coupon bond (ISIN: US3128X33R20, CUSIP: 3128X33R2) maturing January 26, 2035, currently trading at 100% with a minimum purchase size of 1000, paying semi-annually, and unrated by S&P and Moody's.

PRICING SUPPLEMENT DATED January 20, 2005

(to Offering Circular Dated April 2, 2004)

$165,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due January 26, 2035
Redeemable periodically, beginning January 26, 2006

Issue Date:
January 26, 2005
Maturity Date:
January 26, 2035
Subject to Redemption:
Yes. The Medium-Term Notes are redeemable at our option, upon notice of not less than 5
Business Days. See "Redemption" herein. We will redeem all of the Medium-Term Notes if we
exercise our option.
Redemption Date(s):
Semiannually, on January 26 and July 26, commencing January 26, 2006
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X33R2

There will be no periodic payments of interest on the Medium-Term Notes. The only scheduled payment that will be made
to the holder of a Medium-Term Note will be made on the Maturity Date or the redemption date, as applicable, in an amount equal to
the product of the call price for such redemption date and the principal amount of the Medium-Term Notes. See "Redemption" herein.

The Medium-Term Notes will be issued with original issue discount. See "Certain United States Federal Tax Consequences
- U.S. Owners - Debt Obligations with Original Issue Discount" in the Offering Circular.

You should read this Pricing Supplement together with Freddie Mac's Debentures, Medium-Term Notes and Discount Notes
Offering Circular, dated April 2, 2004 (the "Offering Circular"), and all documents that are incorporated by reference in the Offering
Circular, which contain important detailed information about the Medium-Term Notes and Freddie Mac. See "Available Information"
in the Offering Circular. Capitalized terms used in this Pricing Supplement have the meanings we gave them in the Offering Circular,
unless we specify otherwise.

The Medium-Term Notes may not be suitable investments for you. You should not purchase the Medium-Term
Notes unless you understand and are able to bear the redemption, yield, market, liquidity and other possible risks associated
with the Medium-Term Notes. You should read and evaluate the discussion of risk factors (especially those risk factors that
may be particularly relevant to this security) that appears in the Offering Circular under "Risk Factors" before purchasing
any of the Medium-Term Notes.

The Medium-Term Notes, including any interest or return of discount on the Medium-Term Notes, are not
guaranteed by and are not debts or obligations of the United States or any federal agency or instrumentality other than
Freddie Mac.

Price to Public (1)(2)
Underwriting Discount (2)
Proceeds to Freddie Mac (1)(3)

Per Medium-Term Note
15.374258%
.05%
15.324258%
Total
$25,367,525.70
$82,500.00
$25,285,025.70

(1)
Plus return of discount, if any, from January 26, 2005.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.

NBC Capital Markets Group Inc.
Raymond James & Associates, Inc.

2

OFFERING:

1. Pricing
date:
January 20, 2005
2.
Method of Distribution:
x Principal
Agent
3. Concession:
N/A
4. Reallowance:
N/A
5. Syndication:
Yes:
Underwriters

Underwriting
Commitment

NBC Capital Markets Group Inc. (the "Representative") $82,500,000

Raymond James & Associates, Inc. 82,500,000

$165,000,000

REDEMPTION:

The Medium-Term Notes are subject to redemption by Freddie Mac, at its option, on the dates and at the respective call
prices set forth in the following Call Price Schedule. Upon exercise of Freddie Mac's option to redeem the Medium-Term Notes,
each investor will receive the product of the call price for such redemption date and the principal amount of Medium-Term
Notes held by such investor.
Call Price Schedule

Redemption Date
Call Price Percentage
Redemption Date
Call Price Percentage
1/26/2006 16.364435
1/26/2021 41.735339
7/26/2006 16.883188
7/26/2021 43.058349
1/26/2007 17.418385
1/26/2022 44.423299
7/26/2007 17.970548
7/26/2022 45.831517
1/26/2008 18.540214
1/26/2023 47.284377
7/26/2008 19.127939
7/26/2023 48.783291
1/26/2009 19.734295
1/26/2024 50.329722
7/26/2009 20.359872
7/26/2024 51.925174
1/26/2010 21.005280
1/26/2025 53.571202
7/26/2010 21.671147
7/26/2025 55.269409
1/26/2011 22.358123
1/26/2026 57.021449
7/26/2011 23.066875
7/26/2026 58.829029
1/26/2012 23.798095
1/26/2027 60.693909
7/26/2012 24.552495
7/26/2027 62.617906
1/26/2013 25.330809
1/26/2028 64.602894
7/26/2013 26.133795
7/26/2028 66.650806
1/26/2014 26.962237
1/26/2029 68.763636
7/26/2014 27.816940
7/26/2029 70.943443
1/26/2015 28.698737
1/26/2030 73.192351
7/26/2015 29.608487
7/26/2030 75.512548
1/26/2016 30.547076
1/26/2031 77.906296
7/26/2016 31.515418
7/26/2031 80.375925
1/26/2017 32.514457
1/26/2032 82.923842
7/26/2017 33.545165
7/26/2032 85.552528
1/26/2018 34.608547
1/26/2033 88.264543
7/26/2018 35.705638
7/26/2033 91.062529
1/26/2019 36.837506
1/26/2034 93.949211
7/26/2019 38.005255
7/26/2034 96.927401
1/26/2020 39.210022
1/26/2035 100.000000
7/26/2020 40.452979
11070-3128X33R2

3

RISK FACTORS:

An investment in the Medium-Term Notes entails certain risks not associated with an investment in conventional fixed-rate
debt securities that pay interest periodically. While the Medium-Term Notes, if held to maturity or redemption, will provide return
of their principal, including return of the accreted value to the optional redemption date, their market value could be adversely
affected by changes in prevailing interest rates and the optional redemption feature. This effect on the market value could be
magnified in a rising interest rate environment in the case of the Medium-Term Notes due to their relatively long remaining term to
maturity. In such an environment, the market value of the Medium-Term Notes generally will fall, which could result in significant
losses to investors whose circumstances do not permit them to hold the Medium-Term Notes until maturity. It is also unlikely that
Freddie Mac would redeem the Medium-Term Notes in such an interest rate environment, when Freddie Mac's costs of borrowing
would be relatively high. On the other hand, in a falling interest rate environment, in which the market value of the Medium-Term
Notes generally would rise, it is likely that Freddie Mac would redeem the Medium-Term Notes, when its costs of borrowing would
be relatively low; under those circumstances, it is likely that the optional redemption provision would restrict the market value that
the Medium-Term Notes otherwise would have. Those factors, combined with the fact that payments on the Medium-Term Notes
will be made only at maturity or upon redemption, and not periodically, also could affect the secondary market for and the liquidity
of the Medium-Term Notes. Investors therefore should have the financial status and, either alone or with a financial advisor, the
knowledge and experience in financial and business matters sufficient to evaluate the merits and to bear the risks of investing in the
Medium-Term Notes in light of each investor's particular circumstances and should consider whether their circumstances permit
them to hold the Medium-Term Notes until maturity, or otherwise to bear the risks of illiquidity, redemption and changes in interest
rates. See "Risk Factors" in the Offering Circular.

11070-3128X33R2

Document Outline

#1">Freddie Mac
#2">REDEMPTION:
- #2">
  - #2">
    - #2">Call Price Schedule