Bond Freddy Mac 0% ( US3128X54W50 ) in USD

Freddy Mac

100 % ⇌

United States

US3128X54W50 ( in USD )

0%

30/04/2037

Prospectus brochure of the bond Freddie Mac US3128X54W50 en USD 0%, maturity 30/04/2037

1 000 USD

100 000 000 USD

3128X54W5

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.

An analysis of the bond market reveals a notable obligation, identified by ISIN US3128X54W50 and CUSIP 3128X54W5, issued by Freddie Mac, formally known as the Federal Home Loan Mortgage Corporation. As a Government-Sponsored Enterprise (GSE) chartered by the U.S. Congress, Freddie Mac plays a pivotal role in the American housing finance system by purchasing mortgages from lenders and packaging them into mortgage-backed securities, thereby providing essential liquidity to the mortgage market and supporting homeownership. This particular debt instrument, denominated in USD, is currently trading at 100% of its par value, representing a significant aspect of its structure as a zero-coupon bond, meaning it carries a 0% interest rate and consequently makes no periodic coupon payments throughout its life, despite a stated payment frequency field of two which, in this context, refers to an underlying convention rather than actual cash distributions. The total issue size for this security stands at $100,000,000, with a minimum purchase increment set at $1,000. Investors in this U.S.-issued bond can anticipate its maturity on April 30, 2037, at which point the principal will be repaid at par, noting that as a zero-coupon bond currently priced at 100% and bearing 0% interest, the yield to maturity for an investor purchasing at this precise market price point is effectively zero, with any potential return historically derived from purchasing such bonds at a discount to their par value.

PRICING SUPPLEMENT DATED April 19, 2007
(to Offering Circular Dated July 28, 2006)

$100,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due April 30, 2037
Redeemable periodically, beginning April 30, 2009

Issue Date:
April 30, 2007
Maturity Date:
April 30, 2037
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 April 30 and October 30, commencing April 30, 2009
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X54W5

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
(i) the principal amount of the Medium-Term Notes or (ii) the product of the call price percentage for such redemption date and the
principal amount of the Medium-Term Notes, as applicable. 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 Global Debt Facility Offering Circular, dated July 28,
2006 (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.

Any discussion of tax issues set forth in this Pricing Supplement and the related Offering Circular was written to
support the promotion and marketing of the transactions described in this Pricing Supplement. Such discussion was not
intended or written to be used, and it cannot be used, by any person for the purpose of avoiding any tax penalties that may
be imposed on such person. Each investor should seek advice based on its particular circumstances from an independent tax
advisor.

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

Per Medium-Term Note
14.548259%
.15%
14.398259%
Total
$14,548,259
$150,000
$14,398,259

(1)
Plus return of discount, if any, from April 30, 2007.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $1,000.

First Tennessee Bank N.A.

2

OFFERING:

1. Pricing
date:
April 19, 2007
2.
Method of Distribution:
x Principal
Agent
3. Concession:
N/A
4. Reallowance:
N/A
5.
Underwriter:
First Tennessee Bank National Association

OTHER SPECIAL TERMS:
x
Yes; as follows:

In connection with the issuance of the Medium-Term Notes, Freddie Mac may enter
into a swap or other hedging agreement with the Underwriter, one of its affiliates or a
third party. Any such agreement may provide for the payment of fees or other
compensation or provide other economic benefits (including trading gains or temporary
funding) to, and will impose obligations on, the parties, but will not affect the rights of
Holders of, or the obligations of Freddie Mac as to, the Medium-Term Notes. The
existence of such an agreement may influence our decision to exercise our right of
optional redemption as to the Medium-Term Notes.

REDEMPTION:

The Medium-Term Notes are subject to redemption by Freddie Mac, at its option, on the redemption dates and based on
the applicable call price percentages 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 percentage for such redemption date and
the principal amount of Medium-Term Notes held by such investor.
13616-3128X54W5

3

Call Price Schedule

Redemption Date
Call Price Percentage
Redemption Date
Call Price Percentage
4/30/2009 16.543357
10/30/2023 42.001516
10/30/2009 17.083497
4/30/2024 43.372866
4/30/2010 17.641274
10/30/2024 44.788990
10/30/2010 18.217261
4/30/2025 46.251350
4/30/2011 18.812055
10/30/2025 47.761457
10/30/2011 19.426268
4/30/2026 49.320868
4/30/2012 20.060536
10/30/2026 50.931195
10/30/2012 20.715512
4/30/2027 52.594098
4/30/2013 21.391874
10/30/2027 54.311295
10/30/2013 22.090319
4/30/2028 56.084559
4/30/2014 22.811567
10/30/2028 57.915720
10/30/2014 23.556365
4/30/2029 59.806668
4/30/2015 24.325480
10/30/2029 61.759356
10/30/2015 25.119707
4/30/2030 63.775799
4/30/2016 25.939866
10/30/2030 65.858079
10/30/2016 26.786802
4/30/2031 68.008345
4/30/2017 27.661392
10/30/2031 70.228818
10/30/2017 28.564536
4/30/2032 72.521789
4/30/2018 29.497168
10/30/2032 74.889625
10/30/2018 30.460251
4/30/2033 77.334771
4/30/2019 31.454778
10/30/2033 79.859751
10/30/2019 32.481776
4/30/2034 82.467172
4/30/2020 33.542306
10/30/2034 85.159726
10/30/2020 34.637463
4/30/2035 87.940191
4/30/2021 35.768376
10/30/2035 90.811438
10/30/2021 36.936213
4/30/2036 93.776431
4/30/2022 38.142181
10/30/2036 96.838232
10/30/2022 39.387523
*4/30/2037 100.000000
4/30/2023 40.673525 *Maturity Date

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, will pay 100% of their principal
amount, or in the case of redemption, the product of the applicable call price percentage and the principal amount thereof, 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.
13616-3128X54W5