Obligation Freddy Mac 0% ( US3128X55P90 ) en USD

Freddy Mac

100 % ⇌

Etas-Unis

US3128X55P90 ( en USD )

16/05/2022 - Obligation échue

Prospectus brochure de l'obligation Freddie Mac US3128X55P90 en USD 0%, échue

1 000 USD

100 000 000 USD

3128X55P9

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 US3128X55P90, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 16/05/2022

PRICING SUPPLEMENT DATED May 1, 2007
(to Offering Circular Dated July 28, 2006)

$100,000,000

Freddie Mac

Variable Rate Medium-Term Notes Due May 16, 2022
Redeemable periodically, beginning May 16, 2008

Issue Date:
May 16, 2007

Maturity Date:
May 16, 2022

Subject to
Yes. The Medium-Term Notes are redeemable at our option, upon notice of not less than 5
Redemption:
Business Days, at a price of 100% of the principal amount, plus accrued interest to the
Redemption Date. We will redeem all of the Medium-Term Notes if we exercise our option.
Redemption Date(s):
Semiannually, on May 16 and November 16, commencing May 16, 2008
Interest Rate:
See "Description of the Medium-Term Notes" herein
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X55P9

You should read this Pricing Supplement together with Freddie Mac's Global Debt Facility Offering Circular, dated July 28,
2006 (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 offered pursuant to this Pricing Supplement are complex and highly structured debt
securities that may not pay a significant amount of interest for extended periods of time. The Medium-Term Notes are not a
suitable investment for individuals seeking a steady stream of income

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
100%
0.00%
100.00%
Total
$100,000,000
$0.00
$100,000,000

(1)
Plus accrued interest, if any, from May 16, 2007.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $1,000.

JPMorgan

2

DESCRIPTION OF THE MEDIUM-TERM NOTES

Applicable Interest Rate Index:
LIBOR
Index Currency:
U.S. Dollars
Index Maturity:
3-Month
Designated Telerate Page:
3750
Reset Date:
Quarterly, on the 16th day of February, May, August and November
LIBOR Determination Date:
The second London Banking Day preceding the applicable Reset Date
Spread:
Plus 180 basis points (+ 1.80 percentage points) subject to "Interest Rate"
provisions, as described below.
Interest Rate:
180 basis points above LIBOR (as defined in the Offering Circular) for the Index
Currency at the Index Maturity, provided that if the Interest Rate (as defined herein)
is greater than 6.25% per annum, interest will accrue on the Medium-Term Notes at
6.25% per annum. The Interest Rate will be adjusted on each Reset Date to reflect
LIBOR for the Index Currency at the Index Maturity as of the applicable LIBOR
Determination Date.
Initial Interest Rate:
The initial interest rate for the Medium-Term Notes applicable from, and including,
the Issue Date to, but excluding, the first Reset Date, will be equal to LIBOR for the
Index Currency at the Index Maturity two London Banking Days prior to the Issue
Date, plus 180 basis points, subject to the "Interest Rate" provisions above.
Cap: 6.25%
Denomination:
$100,000 minimum, $1,000 multiples thereafter
Day Count Convention:
30/360
Payment of Interest:
Quarterly, in arrears, on the 16th day of February, May, August and November
(each such date, an "Interest Payment Date"), commencing August 16, 2007

RISK FACTORS:

An investment in the Medium-Term Notes entails certain risks not associated with an investment in conventional fixed rate
debt securities. See "Risk Factors" generally and "Various Factors Could Adversely Affect the Trading Value and Yield of Your
Debt Securities" in the Offering Circular. The interest rate of the Medium-Term Notes will be equal to LIBOR for the Index
Currency at the Index Maturity plus a Spread of 180 basis points (+ 1.80 percentage points), subject to the "Interest Rate" provisions
above. Investors should consider the risk that, if the Interest Rate (as defined above) is greater than 6.25% per annum, interest will
accrue at 6.25% per annum and the risk that the variable interest rate on the Medium-Term Notes may be less than that payable on a
conventional fixed rate debt security issued by Freddie Mac at the same time. Because the Medium-Term Notes may not pay a
significant amount of interest for extended periods of time, the Medium-Term Notes are not a suitable investment for individuals
seeking a steady stream of income.

The secondary market for, and the market value of, the Medium-Term Notes will be affected by a number of factors
independent of the creditworthiness of Freddie Mac, including the level and direction of interest rates, the variable rate of interest
payable on the Medium-Term Notes, the anticipated level and potential volatility of LIBOR for the Index Currency at the Index
Maturity, the method of calculating LIBOR for the Index Currency at the Index Maturity, the time remaining to the maturity of the
Medium-Term Notes, the aggregate principal amount of the Medium-Term Notes and the availability of comparable instruments. The
level of LIBOR for the Index Currency at the Index Maturity depends on a number of interrelated factors, including economic,
financial and political events, over which Freddie Mac has no control. The following table, showing the level of LIBOR for the Index
Currency at the Index Maturity in effect for the Hypothetical Determination Dates listed below, illustrates the variability of that rate:
13647-3128X55P9

3

Historical Levels of 3-Month LIBOR

Hypothetical
3-Month LIBOR
Determination Date
Percentage
5/14/2004 1.26000
8/14/2004 1.72000
11/14/2004 2.29000
2/14/2005 2.80000
5/14/2005 3.27000
8/14/2005 3.79000
11/14/2005 4.34000
2/14/2006 4.75000
5/14/2006 5.17000
8/14/2006 5.41625
11/14/2006 5.38000
2/14/2007 5.36000

The historical experience of LIBOR for the Index Currency at the Index Maturity should not be taken as an indication of
the future performance of LIBOR for the Index Currency at the Index Maturity during the term of the Medium-Term Notes.
Fluctuations in the level of LIBOR for the Index Currency at the Index Maturity make the Medium-Term Notes interest rates
difficult to predict and can result in actual interest rates to investors that are lower than anticipated. In addition, historical interest
rates are not necessarily indicative of future interest rates. Fluctuations in interest rates and interest rate trends that have occurred in
the past are not necessarily indicative of fluctuations that may occur in the future, which may be wider or narrower than those that
have occurred historically.

OFFERING:

1. Pricing
date:
May 1, 2007
2.
Method of Distribution:
x Principal
Agent
3. Concession:
N/A
4. Reallowance:
N/A
5. Underwriter:
J.P. Morgan Securities Inc.
6. Underwriter's
Counsel:
Sidley Austin LLP

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 (including trading gains or temporary
funding) 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.

13647-3128X55P9