Obligation Freddy Mac 0% ( US3128X4QW45 ) en USD

Freddy Mac

100 % ⇌

Etas-Unis

US3128X4QW45 ( en USD )

24/10/2035

Prospectus brochure de l'obligation Freddie Mac US3128X4QW45 en USD 0%, échéance 24/10/2035

1 000 USD

100 000 000 USD

3128X4QW4

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 US3128X4QW45, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 24/10/2035

PRICING SUPPLEMENT DATED September 30, 2005
(to Offering Circular Dated April 2, 2004)

$100,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due October 24, 2035
Redeemable periodically, beginning October 24, 2006

Issue Date:
October 24, 2005
Maturity Date:
October 24, 2035
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 April 24 and October 24, commencing October 24, 2006
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X4QW4

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.

Any discussion of tax issues set forth in this Pricing Supplement and the related Offering Circular was written to
support the promotion and marketing of the transactions described in this Pricing Supplement. Such discussion was not
intended or written to be used, and it cannot be used, by any person for the purpose of avoiding any tax penalties that may
be imposed on such person. Each investor should seek advice based on its particular circumstances from an independent tax
advisor.

Price to Public (1)(2)
Underwriting Discount (2)
Proceeds to Freddie Mac (1)(3)

Per Medium-Term Note
14.675617%
.10%
14.575617%
Total
$14,675,617
$100,000
$14,575,617

(1)
Plus return of discount, if any, from October 24, 2005.
(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.
Wachovia Capital Markets, LLC

2

OFFERING:

1. Pricing
date:
September 30, 2005
2.
Method of Distribution:
x Principal
Agent
3. Concession:
.075%
4. Reallowance:
N/A
5. Syndication:
Yes:

Underwriters

Underwriting Commitment

First Tennessee Bank National Association (the "Representative" $75,000,000

Wachovia Capital Markets, Inc. 25,000,000

$100,000,000

OTHER SPECIAL TERMS:
x
Yes; as follows:

In connection with the issuance of the Medium-Term Notes, Freddie Mac may enter
into a swap or other hedging agreement with the Underwriter, one of its affiliates or a
third party. Any such agreement may provide for the payment of fees or other
compensation or provide other economic benefits to, and will impose obligations on,
the parties, but will not affect the rights of Holders of, or the obligations of Freddie
Mac as to, the Medium-Term Notes. The existence of such an agreement may
influence our decision to exercise our right of optional redemption as to the Medium-
Term Notes.

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.
11735-3128X4QW4

3

Call Price Schedule

Redemption Date
Call Price Percentage
Redemption Date
Call Price Percentage
10/24/2006 15.645034
10/24/2021 40.839302
4/24/2007 16.153497
4/24/2022 42.166579
10/24/2007 16.678486
10/24/2022 43.536993
4/24/2008 17.220537
4/24/2023 44.951945
10/24/2008 17.780204
10/24/2023 46.412884
4/24/2009 18.358061
4/24/2024 47.921302
10/24/2009 18.954698
10/24/2024 49.478745
4/24/2010 19.570725
4/24/2025 51.086804
10/24/2010 20.206774
10/24/2025 52.747125
4/24/2011 20.863494
4/24/2026 54.461407
10/24/2011 21.541558
10/24/2026 56.231402
4/24/2012 22.241658
4/24/2027 58.058923
10/24/2012 22.964512
10/24/2027 59.945838
4/24/2013 23.710859
4/24/2028 61.894078
10/24/2013 24.481462
10/24/2028 63.905635
4/24/2014 25.277109
4/24/2029 65.982568
10/24/2014 26.098615
10/24/2029 68.127002
4/24/2015 26.946820
4/24/2030 70.341129
10/24/2015 27.822592
10/24/2030 72.627216
4/24/2016 28.726826
4/24/2031 74.987601
10/24/2016 29.660448
10/24/2031 77.424698
4/24/2017 30.624413
4/24/2032 79.941000
10/24/2017 31.619706
10/24/2032 82.539083
4/24/2018 32.647346
4/24/2033 85.221603
10/24/2018 33.708385
10/24/2033 87.991305
4/24/2019 34.803908
4/24/2034 90.851022
10/24/2019 35.935035
10/24/2034 93.803681
4/24/2020 37.102923
4/24/2035 96.852300
10/24/2020 38.308768
10/24/2035 100.000000
4/24/2021 39.553803

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.

11735-3128X4QW4