Obbligazione Freddy Mac 0% ( US312925QU72 ) in USD

Freddy Mac

100 USD ▲

Stati Uniti

US312925QU72 ( in USD )

05/06/2022 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Freddie Mac US312925QU72 in USD 0%, scaduta

312925QU7

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 US312925QU72, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 05/06/2022

Offering Circular dated February 18, 2016
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 BillsÈ
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 BillsÈ and other Discount Notes, related Pricing Supplements.
Currency:
U.S. dollars.
Priority:
The Debt Securities will be unsecured general 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:
Book-entry (U.S. Federal Reserve Banks) or 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 BillsÈ 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 principal is payable on the related issue of Debt Securities 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. 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 15 of this
Offering Circular and on page 176 of our Annual Report on Form 10-K for the year ended
December 31, 2015. 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 C) shows where definitions of defined terms appear in
this Offering Circular.
"Reference SecuritiesSM" is a service mark of Freddie Mac. "Reference BillsÈ" is a registered trademark of Freddie Mac.

The Debt Securities generally will not have an established trading market when issued. While
certain Dealers have advised Freddie Mac that they may make a secondary market for the Debt
Securities that they offer, they are not required to do so and 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 be maintained or provide liquidity.
Consequently, you may not be able to sell your Debt Securities readily or at prices that will enable you
to realize your anticipated yield. You therefore must be willing and able to hold the Debt Securities until
final maturity or until the relevant date(s) for early redemption or repayment, as applicable.
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 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.
For a description of some of the 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 B.
The Luxembourg Stock Exchange assumes no 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 is 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 or incorporated by reference
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 "2003 Prospectus
Directive") as implemented by Commission Regulation EC 809/2004 dated April 29, 2004, and as
amended, including by Directive 2010/71/EC (the "2010 PD Amending Directive" and together with
the 2003 Prospectus Directive and any other amendments thereto the "Prospectus Directive"), 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 B.
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 determine by reference to one or more interest rate, exchange rate, currency, swap
rate 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 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 February 19, 2015 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
Events of Default -- Discount Note
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42
Conservatorship and Related Matters . . . . . . . . .
4
Events of Default -- Global Debt Facility
Additional Information . . . . . . . . . . . . . . . . . . . . . . . . .
5
Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Rights Upon Event of Default -- Global Debt
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Facility Agreement . . . . . . . . . . . . . . . . . . . . . .
42
The Debt Securities May Not Be Suitable For
Amendment . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
You . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Replacement . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44
Structured Term Debt Securities May Be Complex
Debt Securities Acquired by Freddie Mac . . . . . .
44
and Involve Greater Risks . . . . . . . . . . . . . . . . .
15
Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
44
Exchange Rate Risks and Exchange Controls
Governing Law . . . . . . . . . . . . . . . . . . . . . . . . . . .
45
May Affect the Amount of Interest and Principal
Certain United States Federal Tax Consequences . . . .
45
Paid on Your Term Debt Securities . . . . . . . . . .
16
U.S. Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46
Various Factors Could Adversely Affect the
In General . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46
Trading Value and Yield of Your Debt
Payments of Interest . . . . . . . . . . . . . . . . . . . . .
47
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Debt Obligations with Original Issue
Secondary Markets and Market Values . . . . . . .
17
Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47
Redeemable Term Debt Securities . . . . . . . . . .
18
Callable or Extendible Debt Obligations . . . . . .
48
Fixed Rate Debt Securities . . . . . . . . . . . . . . . .
19
Debt Obligations with a Term of One Year or
Zero Coupon Debt Securities . . . . . . . . . . . . . .
19
Less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48
Step Debt Securities . . . . . . . . . . . . . . . . . . . . .
19
Acquisition Premium and Market Discount . . . .
49
Variable Rate Debt Securities . . . . . . . . . . . . . .
19
Debt Obligations Purchased at a Premium . . . .
50
Fixed/Variable Rate Debt Securities . . . . . . . . .
20
Accrual Method Election . . . . . . . . . . . . . . . . . .
50
Debt Securities with Variable or Amortizing
Disposition or Retirement of Debt
Principal Repayment . . . . . . . . . . . . . . . . . . .
21
Obligations . . . . . . . . . . . . . . . . . . . . . . . . . .
51
Debt Securities with Mortgage Linked
Extendible Variable Rate Debt Securities . . . . .
51
Amortizing Principal Repayment . . . . . . . . . .
21
Debt Securities Eligible for Stripping . . . . . . . . .
21
Stripped Debt Obligations . . . . . . . . . . . . . . . .
53
Legal Investment Considerations May Restrict
Deemed Debt Exchange Between Certain
Certain Investors . . . . . . . . . . . . . . . . . . . . . . . .
21
Holders and Freddie Mac . . . . . . . . . . . . . . .
54
Credit Ratings May Not Reflect All Risks . . . . . . .
22
Non-U.S. Owners . . . . . . . . . . . . . . . . . . . . . . . . .
56
Description of the Debt Securities . . . . . . . . . . . . . . . .
22
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
Disposition or Retirement of Debt
Specified Currency and Specified Payment
Obligations . . . . . . . . . . . . . . . . . . . . . . . . . .
57
Currency . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
U.S. Federal Estate and Gift Taxes . . . . . . . . . .
58
Denominations . . . . . . . . . . . . . . . . . . . . . . . . .
23
Reportable Transaction Disclosure Statement . . .
58
Status of Debt Securities . . . . . . . . . . . . . . . . .
23
Information Reporting and Backup
Term Debt Securities . . . . . . . . . . . . . . . . . . . . . .
23
Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
Maturity, Redemption and Optional
Application of Proceeds . . . . . . . . . . . . . . . . . . . . . . .
59
Repayment . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Legal Investment Considerations . . . . . . . . . . . . . . . .
59
Interest Payments . . . . . . . . . . . . . . . . . . . . . . .
26
Distribution Arrangements . . . . . . . . . . . . . . . . . . . . . .
59
Stripped Debt Securities . . . . . . . . . . . . . . . . . .
30
Term Debt Securities . . . . . . . . . . . . . . . . . . . . . .
59
Reopened Issues . . . . . . . . . . . . . . . . . . . . . . .
31
Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59
Discount Notes . . . . . . . . . . . . . . . . . . . . . . . . . .
31
Sales to Dealers as Principal . . . . . . . . . . . . . . .
59
Corrections . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
Non-Underwritten Sales . . . . . . . . . . . . . . . . . .
60
Business Day Convention . . . . . . . . . . . . . . . . . .
32
Sales Directly to Investors . . . . . . . . . . . . . . . . .
60
Clearance and Settlement . . . . . . . . . . . . . . . . . .
32
Discount Notes . . . . . . . . . . . . . . . . . . . . . . . . . .
60
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
Dealer Information . . . . . . . . . . . . . . . . . . . . . . . .
60
Clearance and Settlement Procedures --
Trading Markets . . . . . . . . . . . . . . . . . . . . . . . . . .
61
Primary Distribution . . . . . . . . . . . . . . . . . . . .
34
Selling Restrictions . . . . . . . . . . . . . . . . . . . . . . . .
61
Clearance and Settlement Procedures --
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61
Secondary Market Transfers . . . . . . . . . . . . .
35
Legality of the Debt Securities . . . . . . . . . . . . . . . . . . .
62
Fed Book-Entry Debt Securities . . . . . . . . . . . . . .
35
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . .
62
Title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
Capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
Selected Financial Data . . . . . . . . . . . . . . . . . . . . . . . .
65
Fiscal Agent . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
Appendix A -- Description of Indices . . . . . . . . . . . . .
A-1
Registered Debt Securities . . . . . . . . . . . . . . . . . .
36
Appendix B -- Selling Restrictions . . . . . . . . . . . . . . .
B-1
Ownership and Title . . . . . . . . . . . . . . . . . . . . .
37
Appendix C -- Index of Defined Terms* . . . . . . . . . . .
C-1
Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
Global Agent . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
* We use defined terms throughout this Offering Circular.
Exchange for Definitive Debt Securities . . . . . .
39
Appendix C provides the page locations of the definitions
Currency Conversions . . . . . . . . . . . . . . . . . . . . . . . . .
41
of these terms.
Payment for Debt Securities . . . . . . . . . . . . . . . . .
41
The Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41
Binding Effect of the Agreements . . . . . . . . . . . . .
41
Various Matters Regarding Freddie Mac . . . . . . .
41
3

FREDDIE MAC
General
Freddie Mac is a government-sponsored enterprise chartered by Congress in 1970 under the
Federal Home Loan Mortgage Corporation Act (the "Freddie Mac Act"). Freddie Mac's public
mission is to provide liquidity, stability and affordability to the U.S. housing market. We do this
primarily by purchasing residential loans originated by mortgage lenders. In most instances, we
package these loans into mortgage-related securities, which are guaranteed by us and sold in the
global capital markets. We also invest in mortgage loans and mortgage-related securities. We do not
originate loans or lend money directly to consumers.
Although we are chartered by Congress, we alone are responsible for making payments on our
securities. Neither the U.S. government nor any agency or instrumentality of the U.S. government
other than Freddie Mac guarantees our securities and other obligations.
Our statutory mission as defined in our charter is to:
· Provide stability in the secondary market for residential mortgages;
· Respond appropriately to the private capital market;
· Provide ongoing assistance to the secondary market for residential mortgages (including
activities related to mortgages on housing for low- and moderate-income families
involving a reasonable economic return that may be less than the return received on other
activities) by increasing the liquidity of mortgage investments and improving the
distribution of investment capital available for residential mortgage financing; and
· Promote access to mortgage credit throughout the U.S. (including central cities, rural
areas and other underserved areas) by increasing the liquidity of mortgage investments
and improving the distribution of investment capital available for residential mortgage
financing.
Conservatorship and Related Matters
Since September 2008, we have been operating in conservatorship with the Federal Housing
Finance Agency ("FHFA") acting as our conservator (the "Conservator"). Upon its appointment,
FHFA, as Conservator, immediately succeeded to all rights, titles, powers and privileges of Freddie
Mac, and of any stockholder, officer or director of Freddie Mac with respect to Freddie Mac and its
assets, and succeeded to the title to all books, records and assets of Freddie Mac held by any other
legal custodian or third party. The Conservator has delegated certain authority to the Board of
Directors to oversee, and management to conduct, business operations so that the company can
continue to operate in the ordinary course. The directors serve on behalf of, and exercise authority as
directed by, the Conservator. The conservatorship and related matters significantly affect our
management, business activities, financial condition and results of operations. Our future is uncertain,
and the conservatorship has no specified termination date. We do not know what changes may occur
to our business model during or following conservatorship, including whether we will continue to
exist. We are not aware of any current plans of our Conservator to significantly change our business
model or capital structure in the near-term. Our future structure and role will be determined by the
executive branch of the U.S. government (the "Administration") and Congress, and it is possible and
perhaps likely that there will be significant changes beyond the near-term. We have no ability to
predict the outcome of these deliberations.
We are dependent upon the continued support of the U.S. Department of the Treasury
("Treasury") in order to continue operating our business. Our ability to access funds from Treasury
under our senior preferred stock purchase agreement with Treasury (the "Purchase Agreement") is
critical to keeping us solvent and avoiding the appointment of a receiver by FHFA under statutory
mandatory receivership provisions. Under the Purchase Agreement, Treasury committed to provide
4

funding to us under certain terms and conditions. As of December 31, 2015, the amount of available
funding remaining under the Purchase Agreement was $140.5 billion. This amount will be reduced by
any future draws. While we believe that the support provided by Treasury pursuant to the Purchase
Agreement currently enables us to maintain our access to the debt markets and to have adequate
liquidity to conduct our normal business activities, the costs and availability of our debt funding could
vary for a number of reasons, including the uncertainty about the future of Freddie Mac and Fannie
Mae.
ADDITIONAL INFORMATION
Our common stock is registered with the Securities and Exchange Commission (the "SEC")
under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Accordingly, we file
annual, quarterly and current reports and other information with the SEC. In view of the Conservator's
succession to all of the voting power of our stockholders, we have not prepared or provided proxy
statements for the solicitation of proxies from stockholders since we entered into conservatorship,
and we do not expect to do so while we remain in conservatorship.
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
(1) our annual report on Form 10-K for the year ended December 31, 2015, filed with the SEC on
February 18, 2016 (the "Annual Report"); (2) all other reports we have filed with the SEC pursuant to
Section 13(a) of the Exchange Act since December 31, 2015, excluding any information "furnished" to
the SEC on Form 8-K; and (3) all documents that we file with the SEC pursuant to Sections 13(a),
13(c) or 14 of the Exchange Act after the date of this Offering Circular and prior to the termination of
the offering of the related Debt Securities, excluding any information that we "furnish" to the SEC on
Form 8-K. 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 information 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
information on the public reference room. The SEC also maintains a website at http://www.sec.gov**
that contains reports, proxy and information statements, and other information regarding companies
that file electronically with the SEC.
You may also obtain, without charge, copies of 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
**
We are providing this and other internet addresses solely for the information of investors. We do not intend these internet
addresses to be active links and we are not using references to these addresses to incorporate additional information into
this Offering Circular, except as specifically stated in this Offering Circular.
5

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 BNP Paribas Securities Services Luxembourg Branch in
Luxembourg. The Offering Circular 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 and obtain free of charge copies of the Fiscal Agency
Agreement dated July 20, 2006, the Global Agency Agreement dated May 19, 1995 and the bylaws of
Freddie Mac as amended and restated July 13, 2015 at the principal offices of BNP Paribas Securities
Services Luxembourg Branch 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, we have agreed that, so long as
any Debt Securities remain outstanding and listed, 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.
6

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 government-sponsored enterprise chartered
by Congress, is the "Issuer" of Debt Securities.
Debt Securities . . . . . . . . . . . . . . . . . . "Debt Securities" are unsecured notes, bonds and other
debt securities issued from time to time. We will issue
Debt Securities with maturities of one day or longer. Debt
Securities with maturities of more than one day 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;
· 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
Securities," which are scheduled issues in large principal
amounts. Reference Bills are issued under our Discount
Notes program ("Reference Bills"). Reference NotesÈ
securities ("Reference Notes") are non-callable Term
Debt Securities with maturities of more than one year.
Reference BondsÈ securities ("Reference Bonds") are
non-callable Term Debt Securities with maturities of more
than ten years. Callable Reference NotesSM securities
("Callable Reference Notes") are 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.
"Callable Reference NotesSM" is a service mark of Freddie Mac. "Reference NotesÈ" and "Reference BondsÈ" are registered
trademarks of Freddie Mac.
7

Amount . . . . . . . . . . . . . . . . . . . . . . . . We may issue an unlimited amount of Debt Securities under
this debt facility (the "Facility"), subject to the limits under
the Purchase Agreement and FHFA regulation on the
aggregate amount of indebtedness that we may incur. See
"NOTE 2: CONSERVATORSHIP AND RELATED MATTERS"
in our Annual Report at page 216.
Legal Status . . . . . . . . . . . . . . . . . . . . Unless otherwise specified in the applicable Pricing Supple-
ment, the Debt Securities will be unsecured general
obligations having the same priority as all of our other
unsecured and unsubordinated debt and ranking senior to
any subordinated debt. The United States does not
guarantee the Debt Securities 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
Supplements" 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 Offering Circular, you should rely on
the Pricing Supplement as to the related issue of Term
Debt Securities.
Specified Currency . . . . . . . . . . . . . . U.S. dollars.
Denominations . . . . . . . . . . . . . . . . . . Unless otherwise indicated in the related Pricing Supplement
or otherwise required by law, we will issue and maintain
Debt Securities in minimum principal amounts of U.S.
$1,000 and additional increments of U.S. $1,000.
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, in each case, 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 equivalent
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
circumstances
which
do
not
constitute
a
contravention of section 19 (the general prohibition) of the
Financial Services and Markets Act 2000 (the "FSMA").
8

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.
We announce our intent to redeem certain Term Debt
Securities
on
the
Freddie
Mac
website
at
http://www.freddiemac.com/debt/html/
redemption_release.html. 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 Securities 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
Amount . . . . . . . . . . . . . . . . . . . . Amounts of periodic payments of principal that may be
prescribed in advance or may be determined by reference
to one or more indices, such as interest rate, exchange
rate or swap rate indices or other formulas.
Mortgage Linked Amortizing
Principal Repayment
Amount . . . . . . . . . . . . . . . . . . . . Amounts
of periodic payments of principal that are
determined by the rate of payments on referenced
mortgage or mortgage-related assets.
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, currency 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.
9

Variable Rate . . . . . . . . . . . . . . . . . Term Debt Securities that bear interest at a variable rate
determined by reference to one or more specified indices
or otherwise. The interest rate formula for a Variable Rate
may include a constant or variable percentage or number
to be added to or subtracted from the relevant index or
formula.
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 . . . . . . . . . . . . . . . . Variable Rate Debt Securities that may not bear interest
during periods when the applicable index is outside a
specified range.
Extendible Variable Rate . . . . . . . . Variable Rate Debt Securities, the maturity of which may be
extended at a Beneficial Owner's option effective as of
certain specified dates, subject to a final maturity date,
and that bear interest at variable rates subject to different
Spreads for different specified periods.
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.
Fed Book-Entry Debt
Securities . . . . . . . . . . . . . . . . . . . "Fed Book-Entry Debt Securities" are Debt Securities 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 nominee or 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
10