Bond Freddy Mac 3.125% ( US3137EABU21 ) in USD

Issuer Freddy Mac
Market price 100 %  ▼ 
Country  United States
ISIN code  US3137EABU21 ( in USD )
Interest rate 3.125% per year ( payment 2 times a year)
Maturity 25/10/2010 - Bond has expired



Prospectus brochure of the bond Freddie Mac US3137EABU21 in USD 3.125%, expired


Minimal amount 2 000 USD
Total amount 3 000 000 000 USD
Cusip 3137EABU2
Detailed description 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.

This financial analysis details a specific fixed-income instrument, an obligation identified by ISIN US3137EABU21 and CUSIP 3137EABU2, which was issued in the United States by Freddie Mac, formally known as the Federal Home Loan Mortgage Corporation, a critical government-sponsored enterprise (GSE) established to provide liquidity, stability, and affordability to the U.S. housing market by purchasing mortgages and selling mortgage-backed securities; this USD-denominated bond, part of a substantial $3,000,000,000 total issuance with a minimum acquisition threshold of $2,000, featured an annual interest rate of 3.125% distributed semi-annually, and notably reached its maturity on October 25, 2010, at which point it was fully redeemed by the issuer, having traded at its par value of 100% prior to its repayment.







Offering Circular dated July 22, 2008
Global Debt Facility
Offered Securities:
Debt Securities, including Medium-Term Notes and Discount Notes, among others.
Reference SecuritiesSM:
We will designate some Debt Securities as "Reference SecuritiesSM," which are scheduled
U.S. dollar denominated issues in large principal amounts.
Amount:
Unlimited.
Maturities:
One day or longer, but not more than one year in the case of Reference Bills» securities and
other Discount Notes.
Offering Terms:
We will offer the Debt Securities primarily through Dealers within the United States and
internationally on the terms described in this Offering Circular and, except as to Reference
Bills» and other Discount Notes, related Pricing Supplements.
Currencies:
U.S. dollars or other currencies specified in the applicable Pricing Supplement.
Priority:
The Debt Securities will be unsecured general obligations or unsecured subordinated
obligations of Freddie Mac.
Tax Status:
The Debt Securities are not tax-exempt. Non-U.S. Owners generally will be subject to United
States federal income and withholding tax unless they establish an exemption.
Form of Securities:
U.S. dollar denominated Debt Securities: Book-entry (U.S. Federal Reserve Banks) or
registered (global or definitive).
Non-U.S. dollar denominated Debt Securities: Registered (global or definitive).
We will provide you with a Pricing Supplement describing the specific terms, pricing information and other information for
each issue of Debt Securities, except Reference Bills» and other Discount Notes. The Pricing Supplement for a specific issue
of Debt Securities will supplement and may amend this Offering Circular with respect to that issue of Debt Securities. The
applicable Pricing Supplement will describe whether the related issue of Debt Securities is a general or subordinated
obligation, whether principal is payable at maturity or periodically, whether the Debt Securities are redeemable prior to
maturity, and whether interest is payable at a fixed or variable rate or if no interest is payable. Pursuant to the rules and
regulations of the Luxembourg Stock Exchange, this Offering Circular and any related Pricing Supplement, respectively,
should be deemed to constitute a base prospectus and final terms for the sole purpose of the application for admission to
trading of Debt Securities on the Euro MTF Market.
We may apply to have some Debt Securities issued under this Offering Circular admitted for trading on the Euro MTF
Market and listed on the Official List of the Luxembourg Stock Exchange or on the Singapore Exchange Securities Trading
Limited. Our application with the Euro MTF Market applies to Debt Securities issued within twelve months of the date of this
Offering Circular. We may also issue unlisted Debt Securities and Debt Securities listed on other exchanges under this Facility.
Some Debt Securities are complex financial instruments and may not be suitable investments for you. You
should consider carefully the risk factors described beginning on page 12. You should not purchase Debt
Securities unless you understand and are able to bear these and any other applicable risks. You should purchase
Debt Securities only if you understand the information contained in this Offering Circular, any Pricing Supplement
for the Debt Securities you are considering purchasing and the documents that we incorporate by reference in this
Offering Circular.
Because of applicable U.S. securities law exemptions, we have not registered the Debt Securities with any
U.S. federal or state securities commission. No U.S. securities commission has reviewed this Offering Circular.
The Debt Securities are obligations of Freddie Mac only. The Debt Securities, including any interest or return
of discount on the Debt Securities, are not guaranteed by, and are not debts or obligations of, the United States or
any agency or instrumentality of the United States other than Freddie Mac.
This Offering Circular may only be used for the purposes for which it has been published.
The Index of Defined Terms (Appendix A) shows where definitions of defined terms appear in this Offering
Circular.
"Reference SecuritiesSM" is a service mark of Freddie Mac. "Reference Bills»" is a registered trademark of Freddie Mac.


The Debt Securities generally will not have an established trading market when issued. Certain Dealers
have advised Freddie Mac that they intend to use reasonable efforts to make a secondary market in the Debt
Securities that they offer. However, they are not obligated to do so. These Dealers could discontinue their
secondary market activities at any time without notice. There is no assurance that a secondary market for any of
the Debt Securities will develop or, if such a market develops, that it will continue or will be liquid. Consequently, you
may not be able to sell your Debt Securities readily or at prices that will enable you to realize your anticipated yield.
If you intend to purchase Debt Securities, you should rely only on the information in this Offering Circular
and in any related Pricing Supplement for those Debt Securities, including the information in any documents we
incorporate by reference. We have not authorized anyone to provide you with different information. We are not
offering the Debt Securities in any jurisdiction that prohibits their offer. This Offering Circular, any related Pricing
Supplements and any incorporated documents speak only as of their dates, regardless of the date you receive
these documents or purchase Debt Securities. These documents may not be correct after their dates.
Some jurisdictions may restrict by law the distribution of this Offering Circular or any Pricing Supplement
and the offer, sale and delivery of Debt Securities. Persons who receive this Offering Circular or any Pricing
Supplement should know and observe these restrictions.
We have not registered the Debt Securities under the Financial Instruments and Exchange Law of Japan
(the "Financial Instruments and Exchange Law"), and we may not directly or indirectly offer and sell Debt
Securities in Japan or to any resident of Japan or to any person for reoffer or resale, directly or indirectly, in Japan
or to any resident of Japan except in compliance with, or under an available exemption from, the registration
requirements of the Financial Instruments and Exchange Law and in compliance with other relevant laws of
Japan.
For a further description of some additional restrictions on offers, sales and deliveries of Debt Securities
and on the distribution of the Offering Circular, any Pricing Supplement or any other supplement or amendment,
see "Distribution Arrangements -- Selling Restrictions," "General Information" and Appendix C.
Neither the Luxembourg Stock Exchange nor the Singapore Exchange Securities Trading Limited (the
"Singapore Stock Exchange") assumes responsibility for the correctness of any of the statements made or
opinions expressed or reports contained or incorporated by reference in this Offering Circular. Admission to
trading on the Euro MTF Market (the "Euro MTF Market") and listing on the Official List of the Luxembourg
Stock Exchange or on the Singapore Stock Exchange are not to be taken as an indication of the merits of Freddie
Mac or the Debt Securities. No person has been authorized to give any information about Freddie Mac or the
Debt Securities other than the information contained in this Offering Circular.
After making all reasonable inquiries as of the date of this Offering Circular, we confirm that this Offering
Circular contains all the information about the Debt Securities which, when read together with the applicable
Pricing Supplement and the Incorporated Documents, is material, in the context of the initial issue of each
offering of the Debt Securities. We also confirm that the information in this Offering Circular, together with the
information in such Incorporated Documents, as of their respective dates, is true and accurate in all respects and
is not misleading and that there are no facts the omission of which makes this Offering Circular and such
Incorporated Documents as a whole or any such information misleading in any material respect.
This Offering Circular has not been drafted in accordance with the provisions of Directive 2003/71/EC of the
European Parliament and of the Council of November 4, 2003 on the prospectus to be published when securities
are offered to the public or admitted to trading (the "Prospectus Directive") as implemented by Commission
Regulation EC 809/2004 dated April 29, 2004, and has not been subject to approval by any home member
state's competent authority pursuant to the Prospectus Directive. Accordingly, any Debt Securities offered within
the European Union will be subject to the relevant selling restrictions described in Appendix C.
Neither this Offering Circular nor any Pricing Supplement describes all of the risks and investment
considerations applicable to Debt Securities, especially those whose principal or interest we pay in or
determine by reference to one or more foreign currencies or to one or more interest rate, currency or other
indices or formulas. We and the Dealers disclaim any responsibility to advise prospective investors of these
risks and investment considerations as they exist at the date of this Offering Circular or any Pricing
Supplement or as these risks may change from time to time. Prospective investors should consult their own
financial, tax and legal advisors as to the risks and investment considerations arising from an investment in
such Debt Securities. The Debt Securities are not an appropriate investment for investors who are
unsophisticated regarding debt securities, currency transactions or transactions involving the applicable
interest rate, currency, swap or other indices or formulas. See "Risk Factors."
This Offering Circular replaces and supersedes the Global Debt Facility Offering Circular dated
March 17, 2008 for issues of Debt Securities priced on and after the date of this Offering Circular. This
Offering Circular relates to Debt Securities issued under this Facility and not to any other securities of
Freddie Mac.
2


TABLE OF CONTENTS
Description
Page
Description
Page
Freddie Mac . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
The Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Binding Effect of the Agreements . . . . . . . . . . . . .
43
Our Charter and Mission. . . . . . . . . . . . . . . . . . .
4
Various Matters Regarding Freddie Mac . . . . . . . .
43
Additional Information . . . . . . . . . . . . . . . . . . . . . . . .
4
Events of Default -- Discount Note Agreement . . . .
43
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Events of Default -- Global Debt Facility
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
Agreement . . . . . . . . . . . . . . . . . . . . . . . . . .
43
The Debt Securities May Not Be Suitable For You . .
12
Rights Upon Event of Default -- Global Debt Facility
Structured Term Debt Securities May Be Complex
Agreement . . . . . . . . . . . . . . . . . . . . . . . . . .
44
and Involve Greater Risks . . . . . . . . . . . . . . . .
12
Amendment . . . . . . . . . . . . . . . . . . . . . . . . . . .
44
Exchange Rate Risks and Exchange Controls May
Replacement . . . . . . . . . . . . . . . . . . . . . . . . . .
46
Affect the Timing or Amount of Interest and
Debt Securities Acquired by Freddie Mac . . . . . . .
46
Principal Paid on Your Term Debt Securities . . . .
13
Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46
Various Factors Could Adversely Affect the Trading
Governing Law . . . . . . . . . . . . . . . . . . . . . . . . .
47
Value and Yield of Your Debt Securities . . . . . . .
14
Certain United States Federal Tax Consequences . . . . .
47
Secondary Markets and Market Values . . . . . . .
14
U.S. Owners . . . . . . . . . . . . . . . . . . . . . . . . . . .
48
Subordinated Debt Securities . . . . . . . . . . . . . .
15
In General . . . . . . . . . . . . . . . . . . . . . . . . . . .
48
Redeemable Term Debt Securities . . . . . . . . . .
16
Payments of Interest . . . . . . . . . . . . . . . . . . . .
49
Fixed Rate Debt Securities. . . . . . . . . . . . . . . .
16
Debt Obligations with Original Issue Discount . . .
49
Zero Coupon Debt Securities . . . . . . . . . . . . . .
16
Callable Debt Obligations . . . . . . . . . . . . . . . . .
50
Step Debt Securities . . . . . . . . . . . . . . . . . . . .
17
Debt Obligations with a Term of One Year or
Variable Rate Debt Securities . . . . . . . . . . . . . .
17
Less . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51
Fixed/Variable Rate Debt Securities . . . . . . . . . .
18
Acquisition Premium and Market Discount . . . . .
51
Debt Securities with Variable or Amortizing
Debt Obligations Purchased at a Premium . . . . .
52
Principal Repayment . . . . . . . . . . . . . . . . . .
18
Accrual Method Election . . . . . . . . . . . . . . . . .
53
Debt Securities Eligible for Stripping . . . . . . . . .
18
Disposition or Retirement of Debt Obligations . . .
53
Legal Investment Considerations May Restrict
Exchange of Amounts in Non-U.S. Currency . . . .
54
Certain Investors . . . . . . . . . . . . . . . . . . . . . .
18
Stripped Debt Obligations . . . . . . . . . . . . . . . .
54
Credit Ratings May Not Reflect All Risks . . . . . . . .
19
Subordinated Debt Obligations . . . . . . . . . . . . .
55
Description of the Debt Securities. . . . . . . . . . . . . . . .
19
Deemed Debt Exchange Between Certain
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
Holders and Freddie Mac . . . . . . . . . . . . . . .
55
Specified Currencies and Specified Payment
Non-U.S. Owners . . . . . . . . . . . . . . . . . . . . . . .
57
Currencies . . . . . . . . . . . . . . . . . . . . . . . . .
20
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
Denominations . . . . . . . . . . . . . . . . . . . . . . . .
21
Disposition or Retirement of Debt Obligations . . .
58
Status of Debt Securities . . . . . . . . . . . . . . . . .
21
U.S. Federal Estate and Gift Taxes . . . . . . . . . .
59
Term Debt Securities . . . . . . . . . . . . . . . . . . . . .
21
Reportable Transaction Disclosure Statement . . . . .
59
Maturity, Redemption and Optional Repayment . .
21
Information Reporting and Backup Withholding . . . .
59
Interest Payments. . . . . . . . . . . . . . . . . . . . . .
22
Application of Proceeds . . . . . . . . . . . . . . . . . . . . . .
60
Subordinated Debt Securities . . . . . . . . . . . . . .
26
Legal Investment Considerations . . . . . . . . . . . . . . . .
60
Stripped Debt Securities . . . . . . . . . . . . . . . . .
30
Distribution Arrangements . . . . . . . . . . . . . . . . . . . . .
60
Reopened Issues . . . . . . . . . . . . . . . . . . . . . .
31
Term Debt Securities . . . . . . . . . . . . . . . . . . . . .
60
Discount Notes . . . . . . . . . . . . . . . . . . . . . . . . .
31
Distribution . . . . . . . . . . . . . . . . . . . . . . . . . .
60
Corrections. . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
Sales to Dealers as Principal . . . . . . . . . . . . . .
60
Business Day Convention . . . . . . . . . . . . . . . . . .
32
Non-Underwritten Sales . . . . . . . . . . . . . . . . . .
61
Targeted Registered Issues . . . . . . . . . . . . . . . . .
33
Targeted Registered Debt Securities . . . . . . . . .
61
Clearance and Settlement . . . . . . . . . . . . . . . . . .
33
Sales Directly to Investors . . . . . . . . . . . . . . . .
61
General . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
Stabilization and Other Market Transactions . . . .
61
Clearance and Settlement Procedures -- Primary
Discount Notes . . . . . . . . . . . . . . . . . . . . . . . . .
62
Distribution . . . . . . . . . . . . . . . . . . . . . . . . .
35
Dealer Information . . . . . . . . . . . . . . . . . . . . . . .
62
Clearance and Settlement Procedures --
Trading Markets . . . . . . . . . . . . . . . . . . . . . . . .
63
Secondary Market Transfers . . . . . . . . . . . . .
35
Selling Restrictions . . . . . . . . . . . . . . . . . . . . . .
63
Fed Book-Entry Debt Securities . . . . . . . . . . . . . .
36
General . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63
Title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
Targeted Registered Debt Securities . . . . . . . . .
63
Payments . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
Legality of the Debt Securities . . . . . . . . . . . . . . . . . .
64
Fiscal Agent . . . . . . . . . . . . . . . . . . . . . . . . .
37
General Information . . . . . . . . . . . . . . . . . . . . . . . . .
64
Registered Debt Securities . . . . . . . . . . . . . . . . .
37
Capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66
Title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
Selected Financial Data and Other Operating
Payments . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
Measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67
Global Agent . . . . . . . . . . . . . . . . . . . . . . . . .
39
Appendix A -- Index of Defined Terms* . . . . . . . . . . . . A-1
Exchange for Definitive Debt Securities . . . . . . .
39
Appendix B -- Descriptions of Indices . . . . . . . . . . . . . B-1
Currency Conversions . . . . . . . . . . . . . . . . . . . . . . .
42
Appendix C -- Selling Restrictions . . . . . . . . . . . . . . . C-1
Payment for Debt Securities . . . . . . . . . . . . . . . .
42
Payment on DTC Registered Debt Securities . . . . .
42
* We use defined terms throughout this Offering Circular.
Appendix A provides the page locations of the definitions of
these terms.
3


FREDDIE MAC
Overview
The Federal Home Loan Mortgage Corporation ("Freddie Mac") is a stockholder-owned company
chartered by Congress in 1970 to stabilize the nation's residential mortgage markets and expand
opportunities for homeownership and affordable rental housing. Our mission is to provide liquidity, stability
and affordability to the U.S. housing market. We fulfill our mission by purchasing residential mortgages and
mortgage-related securities in the secondary mortgage market and securitizing them into mortgage-
related securities that can be sold to investors. We are one of the largest purchasers of mortgage loans in
the U.S. Our purchases of mortgage assets provide lenders with a steady flow of low-cost mortgage
fundings. We purchase single-family and multifamily mortgage-related securities for our investments
portfolio. We also purchase multifamily residential mortgages in the secondary mortgage market and hold
those loans for investment. We finance our purchases for our investments portfolio and our multifamily
mortgage loan portfolio, and manage interest-rate and other market risks, primarily by issuing a variety of
debt instruments and entering into derivative contracts in the capital markets.
Though we are chartered by Congress, our business is funded with private capital. We are respon-
sible for making payments on our securities. Neither the U.S. government nor any other agency or
instrumentality of the U.S. government is obligated to fund our mortgage purchase or financing activities or
to guarantee our securities and other obligations.
Our Charter and Mission
The Federal Home Loan Mortgage Corporation Act (the "Freddie Mac Act"), which we refer to as our
charter, forms the framework for our business activities, the products we bring to market and the services
we provide to the nation's residential housing and mortgage industries. Our charter also determines the
types of mortgage loans that we are permitted to purchase.
Our mission is defined in our charter:
· to provide stability in the secondary market for residential mortgages;
· to respond appropriately to the private capital market;
· to provide ongoing assistance to the secondary market for residential mortgages (including activ-
ities relating to mortgages for low- and moderate-income families involving an economic return that
may be less than the return earned on other activities); and
· to promote access to mortgage credit throughout the U.S. (including central cities, rural areas and
other underserved areas).
Our activities in the secondary mortgage market benefit consumers by providing lenders a steady flow
of low-cost mortgage funding. This flow of funds helps moderate cyclical swings in the housing market,
equalizes the flow of mortgage funds regionally throughout the U.S. and makes mortgage funds available
in a variety of economic conditions. In addition, the supply of cash made available to lenders through this
process reduces mortgage rates on loans within the dollar limits set in accordance with our charter. These
lower rates help make homeownership affordable for more families and individuals than would be possible
without our participation in the secondary mortgage market.
To facilitate our mission, our charter provides us with special attributes, including:
· exemption from the registration and reporting requirements of the Securities Act of 1933 and the
Securities Exchange Act of 1934 (the "Exchange Act"). We are, however, subject to the general
antifraud provisions of the federal securities laws and have committed to the voluntary registration
of our common stock with the Securities and Exchange Commission under the Exchange Act;
· favorable treatment of our securities under various investment laws and other regulations;
· discretionary authority of the Secretary of the Treasury to purchase up to $2.25 billion of our
securities; and
· exemption from state and local taxes, except for taxes on real property that we own.
ADDITIONAL INFORMATION
We registered our common stock with the U.S. Securities and Exchange Commission (the "SEC")
under the Exchange Act, effective July 18, 2008. As a result, we now file annual, quarterly and current
4


reports, proxy statements and other information with the SEC. Prior to July 18, 2008, we prepared an
annual Information Statement (containing annual financial disclosures and audited consolidated financial
statements) and Information Statement Supplements (containing periodic updates to the annual Infor-
mation Statement).
As described below, we incorporate certain documents by reference in this Offering Circular, which
means that we are disclosing information to you by referring you to those documents rather than by
providing you with separate copies. We incorporate by reference in this Offering Circular our proxy
statement, and all documents that we file with the SEC pursuant to Section 13(a), 13(c) or 14 of the
Exchange Act, after the date of this Offering Circular and prior to the completion of the offering of the
related Debt Securities, excluding any information that we may "furnish" to the SEC but that is not deemed
to be "filed." We also incorporate by reference our Registration Statement on Form 10, in the form declared
effective by the SEC on July 18, 2008 (the "Registration Statement"). These documents are collectively
referred to as the "Incorporated Documents" and are considered part of this Offering Circular. You should
read this Offering Circular, and any applicable supplements or amendments, in conjunction with the
Incorporated Documents. Information that we incorporate by reference will automatically update infor-
mation in this Offering Circular. Therefore, you should rely only on the most current information provided or
incorporated by reference in this Offering Circular and any applicable supplement or amendment.
You may read and copy any document we file with the SEC at the SEC's public reference room at
100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further infor-
mation on the public reference room. These SEC filings are also available to the public from the SEC's web
site at http://www.sec.gov.
You may also obtain any of the Incorporated Documents and any other documents that we make
available by contacting us at:
Freddie Mac Debt Operations
1551 Park Run Drive, Mailstop D5N
McLean, Virginia U.S.A. 22102-3110
Telephone: 1-888-882-6275
(571-382-3700 within Washington, D.C. area)
E-Mail: debt [email protected]
www.freddiemac.com*
So long as any Debt Securities are admitted to trading on the Euro MTF Market and listed on the
Official List of the Luxembourg Stock Exchange, and the rules of such exchange or any relevant authority
so require, copies of the Offering Circular (and all Incorporated Documents) will be available free of charge
from the principal offices of Fortis Banque Luxembourg S.A. in Luxembourg. The Offering Circular (and all
Incorporated Documents) and the Pricing Supplements for all Debt Securities admitted to trading on the
Euro MTF Market and listed on the Official List of the Luxembourg Stock Exchange will be published and
available on the website of the Luxembourg Stock Exchange (http://www.bourse.lu). You may inspect
copies of the Fiscal Agency Agreement and the Global Agency Agreement at the principal offices of Fortis
Banque Luxembourg S.A. in Luxembourg.
In connection with the admission to trading on the Euro MTF Market and the listing of the Debt
Securities on the Official List of the Luxembourg Stock Exchange and the Singapore Stock Exchange, we
have agreed that, so long as any Debt Securities remain outstanding and listed on one of those exchanges,
in the event of any material adverse change in the business or the financial position of Freddie Mac that is
not reflected in this Offering Circular as then amended or supplemented (including the Incorporated
Documents), we will prepare an amendment or supplement to this Offering Circular or publish a new
Offering Circular if we subsequently offer or list Debt Securities. If the terms of the Facility are modified or
amended in a manner that would make this Offering Circular, as amended or supplemented, inaccurate or
misleading, we will prepare a further amendment to this Offering Circular or a new Offering Circular.
* We are providing this Internet address solely for the information of prospective investors. We are not using reference to this
address to incorporate additional information into this Offering Circular or any Pricing Supplement, except as specifically stated in
this Offering Circular.
5


SUMMARY
This Summary contains selected information about the Debt Securities. It does not contain all of the
information you should consider before purchasing the Debt Securities. You should refer to the remainder of this
Offering Circular and to any related Pricing Supplement for further information. If a Pricing Supplement contains
different information from this Offering Circular, you should rely on the Pricing Supplement.
Issuer . . . . . . . . . . . . . . . . . . . . . . . . .
Freddie Mac, a stockholder-owned company chartered by Con-
gress, is the "Issuer" of Debt Securities.
Debt Securities . . . . . . . . . . . . . . . . .
"Debt Securities" are unsecured subordinated or unsubordinated
notes, bonds and other debt securities issued from time to time.
We will issue Debt Securities in U.S. dollars or other currencies
with maturities of one day or longer. Debt Securities with matu-
rities of more than one year may be called "Notes" and those with
maturities of more than ten years may be called "Bonds." These
Debt Securities may be callable or non-callable. We use the
phrase "Term Debt Securities" to refer to Debt Securities other
than Reference Bills and other Discount Notes.
Discount Notes . . . . . . . . . . . . . . . . .
A "Discount Note" will:
· have a maturity of one year or less from its Issue Date;
· be sold at a discount to its stated principal amount;
· not bear interest; and
· be paid only at maturity.
Medium-Term Notes . . . . . . . . . . . . .
"Medium-Term Notes" are Term Debt Securities that will:
· pay principal in one or more of the following methods: (1) only at
maturity; (2) periodically until maturity; or (3) upon redemption
or repayment before maturity;
· bear interest at a fixed or variable interest rate or bear no
interest; and
· have a maturity of one day or more from their Issue Dates.
Reference Securities . . . . . . . . . . . . .
We will designate some Debt Securities as "Reference Securi-
ties," which are scheduled U.S. dollar denominated issues in
large principal amounts. Reference Bills are U.S. Dollar denom-
inated Discount Notes ("Reference Bills"). Reference Notes»
securities ("Reference Notes") are U.S. dollar denominated,
non-callable Term Debt Securities with maturities of more than
one year. Reference Bonds» securities ("Reference Bonds") are
U.S. dollar denominated, non-callable Term Debt Securities with
maturities of more than ten years. Callable Reference NotesSM
securities ("Callable Reference Notes") are U.S. dollar denom-
inated, callable Term Debt Securities with maturities of more than
one year. Issuances may consist of new issues of Reference
Securities or the "reopening" of an existing issue.
FreddieNotes» . . . . . . . . . . . . . . . . . .
FreddieNotes» ("FreddieNotes") are Medium-Term Notes that per-
mit persons acting on behalf of deceased beneficial owners to
require us to repay principal prior to their Maturity Date.
Amount . . . . . . . . . . . . . . . . . . . . . . .
We may issue an unlimited amount of Debt Securities under this
debt facility (the "Facility").
Legal Status. . . . . . . . . . . . . . . . . . . .
Unless otherwise specified in the applicable Pricing Supplement,
the Debt Securities will be unsecured general obligations having
the
same
priority
as
all
of
our
other
unsecured
and
"Callable Reference NotesSM" is a service mark of Freddie Mac. "Reference Notes»," "Reference Bonds»" and "FreddieNotes»" are
registered trademarks of Freddie Mac.
6


unsubordinated debt and ranking senior to any subordinated debt.
If specified in the applicable Pricing Supplement, certain Term
Debt Securities will be unsecured subordinated obligations with
the terms, including, but not limited to, terms relating to payment
priority or payment suspension, limitation or deferral (if any), set
forth in that Pricing Supplement ("Subordinated Debt Securi-
ties"). The United States does not guarantee the Debt Secu-
rities or any interest or return of discount on the Debt
Securities. The Debt Securities are not debts or obligations
of the United States or any agency or instrumentality of the
United States other than Freddie Mac.
Pricing Supplements . . . . . . . . . . . . .
We will offer Term Debt Securities by means of "Pricing Supple-
ments" that will describe the specific terms, pricing information
and other information for each issue of Term Debt Securities. If a
Pricing Supplement contains different information from this Offer-
ing Circular, you should rely on the Pricing Supplement as to the
related issue of Term Debt Securities.
Specified Currencies . . . . . . . . . . . . .
We may denominate and make payments of principal and interest on
the Debt Securities in any of the following Specified Currencies or
in another currency specified in the applicable Pricing Supple-
ment, subject to compliance with all relevant laws and regulations.
Australian dollars
Japanese yen ("Yen")
British pounds sterling ("Sterling")
Mexican pesos
Canadian dollars
New Zealand dollars
Danish kroner
Singapore dollars
Euros
Swedish kronor
Hong Kong dollars
Swiss francs
U.S. dollars
Government or monetary authorities or clearing systems may
require that Debt Securities denominated in certain currencies
or currency units have certain denominations or have minimum or
maximum maturities. The current minimum maturity for Debt
Securities admitted to trading on the Euro MTF Market and listed
on the Official List of the Luxembourg Stock Exchange is seven
days.
Denominations . . . . . . . . . . . . . . . . .
Unless otherwise indicated in the related Pricing Supplement or
otherwise required by law, we will issue and maintain U.S. dollar
denominated Debt Securities in minimum principal amounts of
U.S. $1,000 and additional increments of U.S. $1,000. The
denominations for all non-U.S. dollar denominated Debt Securi-
ties will be set forth in the applicable Pricing Supplement.
Any Debt Securities in respect of which either (a) the issue proceeds
are received by us in the United Kingdom; or (b) the activity of
issuing the Debt Securities is carried on from an establishment
maintained in the United Kingdom and which have a maturity of
less than one year from the date of issue must (x)(i) have a
minimum redemption value of £100,000 (or an amount of equiv-
alent value denominated wholly or partly in another currency) and
no part of any such Debt Security may be transferred unless the
redemption value of that part is not less than £100,000 (or such
equivalent amount), and (ii) be issued only to persons whose
ordinary activities involve them in acquiring, holding, managing or
disposing of investments (as principal or agent) for the purposes
of their businesses, or who it is reasonable to expect will acquire,
hold, manage or dispose of investments (as principal or agent) for
the purposes of their businesses; or (y) be issued in other cir-
cumstances which do not constitute a contravention of section 19
7


(the general prohibition) of the Financial Services and Markets Act
2000 (the "FSMA").
Term Debt Securities Redemption and
Repayment . . . . . . . . . . . . . . . . . . .
We may have the option to redeem some Term Debt Securities, in
whole or in part, before their Maturity Dates. Also, holders of some
Term Debt Securities may have the option to require repayment of
Term Debt Securities, in whole or in part, before their Maturity
Dates. The Pricing Supplement for an issue of Term Debt Secu-
rities will say whether those Term Debt Securities are redeemable
at our option or repayable at your option and will describe the
redemption or repayment right.
Term Debt Securities Payment
Terms . . . . . . . . . . . . . . . . . . . . . . .
The related Pricing Supplement will specify the payment terms of
Term Debt Securities.
Principal . . . . . . . . . . . . . . . . . . . . . .
Term Debt Securities may provide for payment of principal in several
ways, including the following:
Fixed Principal Repayment
Amount . . . . . . . . . . . . . . . . . . . .
Either (1) an amount equal to 100% of the principal amount of a Term
Debt Security, payable on the applicable Maturity Date or date of
redemption or earlier repayment; or (2) a specified amount above
or below its principal amount, payable on that date.
Variable Principal Repayment
Amount . . . . . . . . . . . . . . . . . . . .
A principal amount determined by reference to one or more indices,
such as interest rate, exchange rate or swap rate indices or other
formulas, payable on the applicable Maturity Date or date of
redemption or repayment.
Amortizing Principal Repayment
Amounts . . . . . . . . . . . . . . . . . . .
Amounts of periodic payments of principal made during the term of a
Term Debt Security.
Interest . . . . . . . . . . . . . . . . . . . . . . .
Term Debt Securities may bear interest at fixed or variable rates (or a
combination of fixed and variable rates), or may bear interest that
is indexed by reference to an interest rate, exchange rate or swap
rate or in some other manner, or may not bear interest. Term Debt
Securities may be described in terms of various interest rate
types, including these types:
Fixed Rate . . . . . . . . . . . . . . . . . . .
Term Debt Securities that bear interest at a single fixed rate.
Variable Rate . . . . . . . . . . . . . . . . .
Term Debt Securities that bear interest at a variable rate determined
by reference to one or more specified indices or otherwise.
Fixed/Variable Rate . . . . . . . . . . . .
Term Debt Securities that bear interest at a single fixed rate during
one or more specified periods and at a variable rate during other
periods.
Range Accrual . . . . . . . . . . . . . . . .
Term Debt Securities that may not bear interest during periods when
the applicable index is outside a specified range.
Step . . . . . . . . . . . . . . . . . . . . . . . .
Term Debt Securities that bear interest at different fixed rates during
different periods.
Zero Coupon . . . . . . . . . . . . . . . . .
Term Debt Securities that do not bear interest and are issued at a
discount to their principal amount.
Stripping . . . . . . . . . . . . . . . . . . . . . .
The applicable Pricing Supplement will indicate whether Term Debt
Securities may be stripped into interest and principal components.
Form of Debt Securities . . . . . . . . . .
We will issue Debt Securities in either book-entry form or registered
form. We will not issue Debt Securities in bearer form.
8


Fed Book-Entry Debt
Securities . . . . . . . . . . . . . . . . . .
"Fed Book-Entry Debt Securities" are Debt Securities denomi-
nated and payable in U.S. dollars that are issued in book-entry
form on the book-entry system ("Fed Book-Entry System") of
the U.S. Federal Reserve Banks (individually, a "Federal
Reserve Bank" and, collectively, the "Federal Reserve
Banks"). Debt Securities on the Fed Book-Entry System may
be held of record only by entities eligible to maintain book-entry
accounts with a Federal Reserve Bank ("Fed Participants").
Holders may not exchange Fed Book-Entry Debt Securities for
definitive Debt Securities.
Registered Debt Securities . . . . . . .
"Registered Debt Securities" are Debt Securities that are not Fed
Book-Entry Debt Securities. We generally will issue Registered
Debt Securities in global registered form. Registration will be in
the name of the common depository for a clearing system through
which investors will maintain ownership interests in Registered
Debt Securities in global registered form. Interests in such Debt
Securities may be exchanged for definitive Debt Securities only in
the limited circumstances described in this Offering Circular. In
addition, we may issue Registered Debt Securities in definitive
registered form if specified in the applicable Pricing Supplement.
See "Description of the Debt Securities -- Registered Debt
Securities -- Exchange for Definitive Debt Securities."
Fiscal Agent. . . . . . . . . . . . . . . . . . . .
The Federal Reserve Bank of New York ("FRBNY") will act as fiscal
agent for Fed Book-Entry Debt Securities ("Fiscal Agent") under
a Uniform Fiscal Agency Agreement (as amended, supplemented
or replaced from time to time, the "Fiscal Agency Agreement").
Global Agent . . . . . . . . . . . . . . . . . . .
Citibank, N.A.'s London office ("Citibank -- London") is the global
agent for Registered Debt Securities (the "Global Agent") under
a Global Agency Agreement (as amended, supplemented or
replaced from time to time, the "Global Agency Agreement").
Registrar . . . . . . . . . . . . . . . . . . . . . .
Citigroup Global Markets Deutschland AG & Co. KGaA is the Reg-
istrar for Registered Debt Securities.
Clearance and Settlement . . . . . . . . .
Depending on the terms of an issue of Debt Securities and where
they are offered, the Debt Securities may clear and settle through
one or more of the following:
· the Federal Reserve Banks;
· The Depository Trust Company ("DTC");
· Euroclear;
· Clearstream, Luxembourg; or
· any other designated clearing systems.
Most Debt Securities denominated and payable in U.S. dollars,
including all Reference Securities, will clear and settle through
the Fed Book-Entry System, if distributed within the United States,
and through Euroclear and/or Clearstream, Luxembourg, if dis-
tributed outside the United States. Most Debt Securities denom-
inated and payable in a Specified Currency other than U.S. dollars
will clear and settle through DTC, if distributed within the United
States, and through Euroclear and/or Clearstream, Luxembourg,
if distributed outside the United States.
Holders . . . . . . . . . . . . . . . . . . . . . . .
The term "Holders" means:
· in the case of an issue of Fed Book-Entry Debt Securities, the
Fed Participants appearing on the book-entry records of a
Federal Reserve Bank as Holders;
9


· in the case of an issue of Registered Debt Securities in global
registered form, the depository or its nominee in whose name
the issue is registered on behalf of a related clearing system; or
· in the case of an issue of Registered Debt Securities in definitive
form, the persons in whose name such Debt Securities are
registered.
A Holder of a Debt Security is not necessarily the beneficial owner of
that Debt Security. Investors owning beneficial interests in Debt
Securities will typically do so through the Fed Book-Entry System
in the case of Fed Book-Entry Securities, or the book-entry facil-
ities of the clearing system that maintains ownership in the case of
Registered Debt Securities in global registered form. Therefore,
beneficial owners ordinarily will hold Debt Securities through one
or more financial intermediaries, such as banks, brokerage firms
and other participants in securities clearing organizations. A
Holder that is not the beneficial owner of a Debt Security, and
each other financial intermediary in the chain between the Holder
and the beneficial owner, will be responsible for establishing and
maintaining accounts for their respective customers and for remit-
ting payments to those accounts.
See "Description of the Debt Securities -- Fed Book-Entry Debt
Securities" and "-- Registered Debt Securities."
Securities Agreements . . . . . . . . . . .
We will issue Term Debt Securities under the Global Debt Facility
Agreement, dated the same date as this Offering Circular, among
Freddie Mac and the Holders of the Term Debt Securities("Global
Debt Facility Agreement").
We will issue Discount Notes, including Reference Bills, under the
Discount Note Agreement, dated the same date as this Offering
Circular, among Freddie Mac and the Holders of Discount Notes
("Discount Note Agreement").
We refer to the Global Debt Facility Agreement and the Discount
Note Agreement, collectively, as the "Agreements" and, individ-
ually, as an "Agreement."
Method of Payment . . . . . . . . . . . . . .
We will make payments on Fed Book-Entry Debt Securities through
the FRBNY as our fiscal agent. The FRBNY will credit payments
on such Debt Securities to the accounts of Fed Participants. Each
Holder, and each other financial intermediary in the chain to the
beneficial owner, will be responsible for remitting payments to
their customers.
We will make payments on Registered Debt Securities to the appli-
cable clearing system (or its nominee) in the Specified Currency in
immediately available funds or, in the case of definitive Registered
Debt Securities, to the registered Holders by check unless oth-
erwise arranged.
Governing Law . . . . . . . . . . . . . . . . .
The Debt Securities will be governed by the federal laws of the
United States. The laws of the State of New York will be deemed to
reflect the federal laws of the United States, unless there is
applicable precedent under federal law or the application of
New York law would frustrate the purposes of the Freddie Mac
Act or the applicable Agreement.
Tax Status . . . . . . . . . . . . . . . . . . . . .
The Debt Securities and income or return of discount derived from
the Debt Securities generally are subject to taxation by the United
States and generally are not exempt from taxation by other U.S. or
non-U.S. taxing jurisdictions. Unless they establish an exemption
by filing a Form W-8BEN or otherwise, Non-U.S. Owners gener-
ally will be subject to United States federal income and
10