Obligation Freddy Mac 0% ( US3128X0V488 ) en USD

Société émettrice Freddy Mac
Prix sur le marché 100 %  ⇌ 
Pays  Etas-Unis
Code ISIN  US3128X0V488 ( en USD )
Coupon 0%
Echéance 24/03/2023 - Obligation échue



Prospectus brochure de l'obligation Freddie Mac US3128X0V488 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 100 000 000 USD
Cusip 3128X0V48
Description détaillée Freddie Mac est une société publique américaine qui achète et garantit des prêts hypothécaires résidentiels, contribuant ainsi à la stabilité du marché du logement.

L'Obligation émise par Freddy Mac ( Etas-Unis ) , en USD, avec le code ISIN US3128X0V488, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 24/03/2023









PRICING SUPPLEMENT DATED March 14, 2003
(to Offering Circular Dated May 7, 2002)

$100,000,000


Freddie Mac

Zero Coupon Medium-Term Notes Due March 24, 2023
Redeemable periodically, beginning March 24, 2004

Issue Date:
March 24, 2003
Maturity Date:
March 24, 2023
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 March 24 and September 24, commencing March 24, 2004
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X0V48


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
30.359532%
.09%
30.269532%
Total
$30,359,532
$90,000
$30,269,532

(1)
Plus return of discount, if any, from March 24, 2003.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.

Merrill Lynch & Co.




2


OFFERING


1. Pricing
date:
March 14, 2003
2.
Method of Distribution:
x Principal
Agent
3. Concession:
.050%
4. Reallowance:
N/A
5.
Underwriter:
Merrill Lynch, Pierce, Fenner & Smith Incorporated
6. Underwriter's
Counsel:
Sidley Austin Brown & Wood LLP


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 %
3/24/2004 32.224065
3/24/2014 58.483423
9/24/2004 33.198843
9/24/2014 60.252546
3/24/2005 34.203107
3/24/2015 62.075186
9/24/2005 35.237751
9/24/2015 63.952960
3/24/2006 36.303693
3/24/2016 65.887537
9/24/2006 37.401880
9/24/2016 67.880635
3/24/2007 38.533287
3/24/2017 69.934025
9/24/2007 39.698919
9/24/2017 72.049529
3/24/2008 40.899811
3/24/2018 74.229027
9/24/2008 42.137031
9/24/2018 76.474455
3/24/2009 43.411676
3/24/2019 78.787807
9/24/2009 44.724879
9/24/2019 81.171139
3/24/2010 46.077807
3/24/2020 83.626566
9/24/2010 47.471660
9/24/2020 86.156269
3/24/2011 48.907678
3/24/2021 88.762496
9/24/2011 50.387135
9/24/2021 91.447562
3/24/2012 51.911346
3/24/2022 94.213851
9/24/2012 53.481664
9/24/2022 97.063820
3/24/2013 55.099485
3/24/2023 100.000000
9/24/2013 56.766244
7874MLmar24.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.
7874Mlmar24.doc


Document Outline