Obbligazione Freddy Mac 0% ( US3128X0PC77 ) in USD

Freddy Mac

100 USD ⇌

Stati Uniti

US3128X0PC77 ( in USD )

23/12/2032

Prospetto opuscolo dell'obbligazione Freddie Mac US3128X0PC77 en USD 0%, scadenza 23/12/2032

1 000 USD

400 000 000 USD

3128X0PC7

Freddie Mac è una società pubblica statunitense che acquista e garantisce mutui ipotecari residenziali, contribuendo alla stabilità del mercato immobiliare.

Freddie Mac ha emesso un'obbligazione (ISIN: US3128X0PC77, CUSIP: 3128X0PC7) denominata in USD, con scadenza il 23/12/2032, a tasso zero, per un ammontare totale di 400.000.000 USD, con taglio minimo di 1.000 USD e frequenza di pagamento semestrale, attualmente negoziata al 100%.

PRICING SUPPLEMENT DATED November 21, 2002

(to Offering Circular Dated May 7, 2002)

$400,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due December 23, 2032
Redeemable periodically, beginning December 23, 2003

Issue Date:
December 23, 2002
Maturity Date:
December 23, 2032
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 June 23 and December 23, commencing December 23, 2003
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X0PC7

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 May 7, 2002 (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
12.693431%
.04%
12.653431%
Total
$50,773,724
$160,000
$50,613,724

(1)
Plus return of discount, if any, from December 23, 2002.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.

Goldman, Sachs & Co.
7351GSdec23.doc

2

OFFERING

1. Pricing
date:
November 21, 2002
2.
Method of Distribution:
x Principal
Agent
3. Concession:
N/A
4. Reallowance:
N/A
5.
Underwriter:
Goldman, Sachs & Co.
6. Underwriter's
Counsel:
Cleary, Gottlieb, Steen & Hamilton

OTHER SPECIAL TERMS
None
x
Yes; as follows:
In connection with the issuance of the Medium-Term Notes, the
Underwriter may receive compensation in connection with a related swap
transaction Freddie Mac has entered into with an affiliate of the
Underwriter. See "Distribution Arrangements" in the Offering Circular.

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
Redemption Date
Call Price
12/23/2003 13.597520%
12/23/2018 38.165434%
06/23/2004 14.073433%
06/23/2019 39.501224%
12/23/2004 14.566004%
12/23/2019 40.883767%
06/23/2005 15.075814%
06/23/2020 42.314699%
12/23/2005 15.603467%
12/23/2020 43.795713%
06/23/2006 16.149589%
06/23/2021 45.328563%
12/23/2006 16.714824%
12/23/2021 46.915063%
06/23/2007 17.299843%
06/23/2022 48.557090%
12/23/2007 17.905337%
12/23/2022 50.256588%
06/23/2008 18.532024%
06/23/2023 52.015569%
12/23/2008 19.180645%
12/23/2023 53.836114%
06/23/2009 19.851968%
06/23/2024 55.720378%
12/23/2009 20.546787%
12/23/2024 57.670591%
06/23/2010 21.265924%
06/23/2025 59.689062%
12/23/2010 22.010231%
12/23/2025 61.778179%
06/23/2011 22.780590%
06/23/2026 63.940415%
12/23/2011 23.577910%
12/23/2026 66.178330%
06/23/2012 24.403137%
06/23/2027 68.494571%
12/23/2012 25.257247%
12/23/2027 70.891881%
06/23/2013 26.141250%
06/23/2028 73.373097%
12/23/2013 27.056194%
12/23/2028 75.941156%
06/23/2014 28.003161%
06/23/2029 78.599096%
12/23/2014 28.983272%
12/23/2029 81.350064%
06/23/2015 29.997686%
06/23/2030 84.197317%
12/23/2015 31.047605%
12/23/2030 87.144223%
06/23/2016 32.134271%
06/23/2031 90.194271%
12/23/2016 33.258971%
12/23/2031 93.351070%
06/23/2017 34.423035%
06/23/2032 96.618357%
12/23/2017 35.627841%
12/23/2032 100.000000%
06/23/2018 36.874815%
7351GSdec23.doc

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.
7351GSdec23.doc

Document Outline

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