Obligation Freddy Mac 0% ( US3128X1JE80 ) en USD

Freddy Mac

100 % ⇌

Etas-Unis

US3128X1JE80 ( en USD )

20/06/2028

Prospectus brochure de l'obligation Freddie Mac US3128X1JE80 en USD 0%, échéance 20/06/2028

1 000 USD

120 000 000 USD

3128X1JE8

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 US3128X1JE80, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 20/06/2028

PRICING SUPPLEMENT DATED May 28, 2003
(to Offering Circular Dated April 4, 2003)

$120,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due June 20, 2028
Redeemable periodically, beginning June 20, 2005

Issue Date:
June 20, 2003
Maturity Date:
June 20, 2028
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 20 and December 20, commencing June 20, 2005
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X1JE8

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 April 4, 2003 (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
23.542174%
.1325%
23.409674%
Total
$28,250,609
$159,000
$28,091,609

(1)
Plus return of discount, if any, from June 20, 2003.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.

Lehman Brothers

2

OFFERING

1. Pricing
date:
May 28, 2003
2.
Method of Distribution:
x Principal
Agent
3. Concession:
.1325%
4. Reallowance:
N/A
5.
Underwriter:
Lehman Brothers Inc.

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
Call Price
Call Amount
Redemption
Call Price
Call Amount
Date
Percentage
Date
Percentage
6/20/2005 26.430102%
$31,716,122
6/20/2017 52.919104%
$63,502,925
12/20/2005 27.205825% $32,646,990
12/20/2017 54.472280% $65,366,736
6/20/2006 28.004316%
$33,605,179
6/20/2018 56.071041%
$67,285,249
12/20/2006 28.826243% $34,591,492
12/20/2018 57.716727% $69,260,072
6/20/2007 29.672293%
$35,606,752
6/20/2019 59.410712%
$71,292,854
12/20/2007 30.543175% $36,651,810
12/20/2019 61.154417% $73,385,300
6/20/2008 31.439617%
$37,727,540
6/20/2020 62.949299%
$75,539,159
12/20/2008 32.362370% $38,834,844
12/20/2020 64.796861% $77,756,233
6/20/2009 33.312205%
$39,974,646
6/20/2021 66.698649%
$80,038,379
12/20/2009 34.289918% $41,147,902
12/20/2021 68.656254% $82,387,505
6/20/2010 35.296328%
$42,355,594
6/20/2022 70.671315%
$84,805,578
12/20/2010 36.332275% $43,598,730
12/20/2022 72.745518% $87,294,622
6/20/2011 37.398627%
$44,878,352
6/20/2023 74.880599%
$89,856,719
12/20/2011 38.496277% $46,195,532
12/20/2023 77.078345% $92,494,014
6/20/2012 39.626142%
$47,551,370
6/20/2024 79.340594%
$95,208,713
12/20/2012 40.789170% $48,947,004
12/20/2024 81.669241% $98,003,089
6/20/2013 41.986332%
$50,383,598
6/20/2025 84.066233%
$100,879,480
12/20/2013 43.218631% $51,862,357
12/20/2025 86.533577% $103,840,292
6/20/2014 44.487098%
$53,384,518
6/20/2026 89.073337%
$106,888,004
12/20/2014 45.792794% $54,951,353
12/20/2026 91.687640% $110,025,168
6/20/2015 47.136812%
$56,564,174
6/20/2027 94.378672%
$113,254,406
12/20/2015 48.520278% $58,224,334
12/20/2027 97.148686% $116,578,423
6/20/2016 49.944348%
$59,933,218
6/20/2028 100.000000%
$120,000,000
12/20/2016 51.410215% $61,692,258
8265LBjun20.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.

8265Lbjun20.doc

Document Outline

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