Obbligazione Freddy Mac 0% ( US3128X7FE96 ) in USD

Freddy Mac

100 USD ⇌

Stati Uniti

US3128X7FE96 ( in USD )

14/04/2038

Prospetto opuscolo dell'obbligazione Freddie Mac US3128X7FE96 en USD 0%, scadenza 14/04/2038

1 000 USD

150 000 000 USD

3128X7FE9

N/A

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

The Obbligazione issued by Freddy Mac ( United States ) , in USD, with the ISIN code US3128X7FE96, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 14/04/2038

PRICING SUPPLEMENT DATED March 25, 2008
(to Offering Circular Dated March 17, 2008)

$150,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due April 14, 2038
Redeemable periodically, beginning April 14, 2009

Issue Date:
April 14, 2008
Maturity Date:
April 14, 2038
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 14 and October 14, commencing April 14, 2009
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X7FE9

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
March 17, 2008 (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 "Additional 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
16.973309%
.275%
16.698309%
Total
$25,459,964
$412,500
$25,047,464

(1)
Plus return of discount, if any, from April 14, 2008.
(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:
March 25, 2008
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.
15023-3128X7FE9

3

Call Price Schedule

Redemption Date
Call Price Percentage
Redemption Date
Call Price Percentage
4/14/2009 18.006984
4/14/2024 43.707675
10/14/2009 18.547193
10/14/2024 45.018906
4/14/2010 19.103609
4/14/2025 46.369473
10/14/2010 19.676717
10/14/2025 47.760557
4/14/2011 20.267019
4/14/2026 49.193374
10/14/2011 20.875029
10/14/2026 50.669175
4/14/2012 21.501280
4/14/2027 52.189250
10/14/2012 22.146318
10/14/2027 53.754928
4/14/2013 22.810708
4/14/2028 55.367575
10/14/2013 23.495029
10/14/2028 57.028603
4/14/2014 24.199880
4/14/2029 58.739461
10/14/2014 24.925876
10/14/2029 60.501645
4/14/2015 25.673653
4/14/2030 62.316694
10/14/2015 26.443862
10/14/2030 64.186195
4/14/2016 27.237178
4/14/2031 66.111781
10/14/2016 28.054294
10/14/2031 68.095134
4/14/2017 28.895922
4/14/2032 70.137988
10/14/2017 29.762800
10/14/2032 72.242128
4/14/2018 30.655684
4/14/2033 74.409391
10/14/2018 31.575355
10/14/2033 76.641673
4/14/2019 32.522615
4/14/2034 78.940923
10/14/2019 33.498294
10/14/2034 81.309151
4/14/2020 34.503243
4/14/2035 83.748426
10/14/2020 35.538340
10/14/2035 86.260878
4/14/2021 36.604490
4/14/2036 88.848705
10/14/2021 37.702625
10/14/2036 91.514166
4/14/2022 38.833703
4/14/2037 94.259591
10/14/2022 39.998715
10/14/2037 97.087379
4/14/2023 41.198676
*4/14/2038 100.000000
10/14/2023 42.434636 *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.
15023-3128X7FE9