Obligation Freddy Mac 0% ( US3128X3Z632 ) en USD

Freddy Mac

100 % ⇌

Etas-Unis

US3128X3Z632 ( en USD )

29/12/2034

Prospectus brochure de l'obligation Freddie Mac US3128X3Z632 en USD 0%, échéance 29/12/2034

1 000 USD

345 000 000 USD

3128X3Z63

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 US3128X3Z632, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 29/12/2034

PRICING SUPPLEMENT DATED December 16, 2004

(to Offering Circular Dated April 2, 2004)

$345,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due December 29, 2034
Redeemable periodically, beginning December 29, 2005

Issue Date:
December 29, 2004
Maturity Date:
December 29, 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 29 and December 29, commencing December 29, 2005
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X3Z63

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
14.675617%
.05%
14.625617%
Total
$50,630,878.65
$172,500
$50,458,378.65

(1)
Plus return of discount, if any, from December 29, 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:
December 16, 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.
172,500,000

$345,000,000

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
12/29/2005
15.645034
12/29/2020
40.839302
6/29/2006
16.153497
6/29/2021
42.166579
12/29/2006
16.678486
12/29/2021
43.536993
6/29/2007
17.220537
6/29/2022
44.951945
12/29/2007
17.780204
12/29/2022
46.412884
6/29/2008
18.358061
6/29/2023
47.921302
12/29/2008
18.954698
12/29/2023
49.478745
6/29/2009
19.570725
6/29/2024
51.086804
12/29/2009
20.206774
12/29/2024
52.747125
6/29/2010
20.863494
6/29/2025
54.461407
12/29/2010
21.541558
12/29/2025
56.231402
6/29/2011
22.241658
6/29/2026
58.058923
12/29/2011
22.964512
12/29/2026
59.945838
6/29/2012
23.710859
6/29/2027
61.894078
12/29/2012
24.481462
12/29/2027
63.905635
6/29/2013
25.277109
6/29/2028
65.982568
12/29/2013
26.098615
12/29/2028
68.127002
6/29/2014
26.946820
6/29/2029
70.341129
12/29/2014
27.822592
12/29/2029
72.627216
6/29/2015
28.726826
6/29/2030
74.987601
12/29/2015
29.660448
12/29/2030
77.424698
6/29/2016
30.624413
6/29/2031
79.941000
12/29/2016
31.619706
12/29/2031
82.539083
6/29/2017
32.647346
6/29/2032
85.221603
12/29/2017
33.708385
12/29/2032
87.991305
6/29/2018
34.803908
6/29/2033
90.851022
12/29/2018
35.935035
12/29/2033
93.803681
6/29/2019
37.102923
6/29/2034
96.852300
12/29/2019
38.308768
12/29/2034
100.000000
6/29/2020
39.553803
11003-3128X3Z63

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.

11003-3128X3Z63

Document Outline

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