Obbligazione Freddy Mac 0% ( US312925ZB90 ) in USD

Freddy Mac

100 USD ⇌

Stati Uniti

US312925ZB90 ( in USD )

30/07/2032

Prospetto opuscolo dell'obbligazione Freddie Mac US312925ZB90 en USD 0%, scadenza 30/07/2032

1 000 USD

230 000 000 USD

312925ZB9

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 US312925ZB90, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 30/07/2032

PRICING SUPPLEMENT DATED July 9, 2002

(to Offering Circular Dated May 7, 2002)

$230,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due July 30, 2032
Redeemable periodically, beginning July 30, 2003

Issue Date:
July 30, 2002
Maturity Date:
July 30, 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, January 30 and July 30, commencing July 30, 2003
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
312925ZB9

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
10.982815%
.05%
10.932815%
Total
$25,260,475
$115,000
$25,145,475

(1)
Plus return of discount, if any, from July 30, 2002.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.

First Tennessee Bank N.A.

OFFERING

1.
Pricing date:
July 9, 2002
2.
Method of Distribution:
x Principal
Agent
3.
Concession:
N/A
4.
Reallowance:
N/A
5.
Underwriter:
First Tennessee Bank National Association

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

Date
Call Price
Call Amount
Date
Call Price
Call Amount
07/30/03
11.821971%
$27,190,533
07/30/18
35.672459%
$82,046,656
01/30/04
12.265295%
$28,210,179
01/30/19
37.010176%
$85,123,405
07/30/04
12.725243%
$29,268,059
07/30/19
38.398058%
$88,315,533
01/30/05
13.202440%
$30,365,612
01/30/20
39.837985%
$91,627,366
07/30/05
13.697532%
$31,504,324
07/30/20
41.331910%
$95,063,393
01/30/06
14.211189%
$32,685,735
01/30/21
42.881856%
$98,628,269
07/30/06
14.744109%
$33,911,451
07/30/21
44.489926%
$102,326,830
01/30/07
15.297013%
$35,183,130
01/30/22
46.158298%
$106,164,085
07/30/07
15.870651%
$36,502,497
07/30/22
47.889234%
$110,145,238
01/30/08
16.465800%
$37,871,340
01/30/23
49.685080%
$114,275,684
07/30/08
17.083268%
$39,291,516
07/30/23
51.548271%
$118,561,023
01/30/09
17.723890%
$40,764,947
01/30/24
53.481331%
$123,007,061
07/30/09
18.388536%
$42,293,633
07/30/24
55.486881%
$127,619,826
01/30/10
19.078106%
$43,879,644
01/30/25
57.567639%
$132,405,570
07/30/10
19.793535%
$45,525,131
07/30/25
59.726426%
$137,370,780
01/30/11
20.535793%
$47,232,324
01/30/26
61.966167%
$142,522,184
07/30/11
21.305885%
$49,003,536
07/30/26
64.289898%
$147,866,765
01/30/12
22.104855%
$50,841,167
01/30/27
66.700769%
$153,411,769
07/30/12
22.933788%
$52,747,712
07/30/27
69.202048%
$159,164,710
01/30/13
23.793805%
$54,725,752
01/30/28
71.797125%
$165,133,388
07/30/13
24.686072%
$56,777,966
07/30/28
74.489517%
$171,325,889
01/30/14
25.611800%
$58,907,140
01/30/29
77.282874%
$177,750,610
07/30/14
26.572242%
$61,116,157
07/30/29
80.180981%
$184,416,256
01/30/15
27.568702%
$63,408,015
01/30/30
83.187768%
$191,331,866
07/30/15
28.602528%
$65,785,814
07/30/30
86.307310%
$198,506,813
01/30/16
29.675123%
$68,252,783
01/30/31
89.543834%
$205,950,818
07/30/16
30.787940%
$70,812,262
07/30/31
92.901727%
$213,673,972
01/30/17
31.942487%
$73,467,720
01/30/32
96.385542%
$221,686,747
07/30/17
33.140331%
$76,222,761
07/30/32
100.000000% $230,000,000
01/30/18
34.383093%
$79,081,114

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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 investors 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.
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