Obligation Freddy Mac 0% ( US3128X3W258 ) en USD

Freddy Mac

100 % ⇌

Etas-Unis

US3128X3W258 ( en USD )

22/12/2034

Prospectus brochure de l'obligation Freddie Mac US3128X3W258 en USD 0%, échéance 22/12/2034

1 000 USD

360 000 000 USD

3128X3W25

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 US3128X3W258, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 22/12/2034

PRICING SUPPLEMENT DATED November 30, 2004

(to Offering Circular Dated April 2, 2004)

$360,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due December 22, 2034
Redeemable periodically, beginning December 22, 2005

Issue Date:
December 22, 2004
Maturity Date:
December 22, 2034
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 22 and December 22, commencing December 22, 2005
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X3W25

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 2, 2004 (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
14.463979%
.05%
14.413979%
Total
$52,070,324.40
$180,000
$51,890,324.40

(1)
Plus return of discount, if any, from December 22, 2004.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000

Raymond James & Associates, Inc.
NBC Capital Markets Group Inc.

2

OFFERING:

1. Pricing
date:
November 30, 2004
2.
Method of Distribution:
x Principal
Agent
3. Concession:
.05%
4. Reallowance:
N/A
5. Syndication:
Yes:

Underwriters

Underwriting Commitment

Raymond James & Associates, Inc. (the "Representative")
$172,500,000

NBC Capital Markets Group Inc.
187,500,000

$360,000,000

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 Percentage
Redemption Date
Call Price Percentage
12/22/2005 15.426883
12/22/2020 40.563395
6/22/2006 15.932114
6/22/2021 41.891846
12/22/2006 16.453890
12/22/2021 43.263804
6/22/2007 16.992755
6/22/2022 44.680694
12/22/2007 17.549268
12/22/2022 46.143987
6/22/2008 18.124006
6/22/2023 47.655202
12/22/2008 18.717568
12/22/2023 49.215910
6/22/2009 19.330568
6/22/2024 50.827731
12/22/2009 19.963644
12/22/2024 52.492339
6/22/2010 20.617453
6/22/2025 54.211463
12/22/2010 21.292675
12/22/2025 55.986889
6/22/2011 21.990010
6/22/2026 57.820459
12/22/2011 22.710183
12/22/2026 59.714079
6/22/2012 23.453941
6/22/2027 61.669716
12/22/2012 24.222058
12/22/2027 63.689399
6/22/2013 25.015330
6/22/2028 65.775227
12/22/2013 25.834582
12/22/2028 67.929365
6/22/2014 26.680665
6/22/2029 70.154052
12/22/2014 27.554457
12/22/2029 72.451597
6/22/2015 28.456865
6/22/2030 74.824387
12/22/2015 29.388828
12/22/2030 77.274886
6/22/2016 30.351312
6/22/2031 79.805638
12/22/2016 31.345317
12/22/2031 82.419273
6/22/2017 32.371876
6/22/2032 85.118504
12/22/2017 33.432055
12/22/2032 87.906135
6/22/2018 34.526955
6/22/2033 90.785061
12/22/2018 35.657713
12/22/2033 93.758272
6/22/2019 36.825503
6/22/2034 96.828855
12/22/2019 38.031538
12/22/2034 100.000000
6/22/2020 39.277071
10962-3128X3W25

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.

10962-3128X3W25

Document Outline

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