Obligation Freddy Mac 0% ( US3128X8E651 ) en USD

Freddy Mac

100 % ⇌

Etas-Unis

US3128X8E651 ( en USD )

0%

20/05/2024 - Obligation échue

Prospectus brochure de l'obligation Freddie Mac US3128X8E651 en USD 0%, échue

1 000 USD

10 000 000 USD

3128X8E65

AAA ( Première qualité )

Aaa ( Première qualité )

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 US3128X8E651, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 20/05/2024

L'Obligation émise par Freddy Mac ( Etas-Unis ) , en USD, avec le code ISIN US3128X8E651, a été notée Aaa ( Première qualité ) par l'agence de notation Moody's.

L'Obligation émise par Freddy Mac ( Etas-Unis ) , en USD, avec le code ISIN US3128X8E651, a été notée AAA ( Première qualité ) par l'agence de notation Standard & Poor's ( S&P ).

PRICING SUPPLEMENT DATED May 1, 2009

(to Offering Circular Dated April 3, 2009)

$10,000,000

Freddie Mac

Variable Rate Medium-Term Notes Due May 20, 2024
Redeemable periodically, beginning August 20, 2009

Issue Date:
May 20, 2009

Maturity Date:
May 20, 2024

Subject to Redemption:
Yes. The Medium-Term Notes are redeemable at our option, upon notice of not
less than 5 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):
Quarterly, on the 20th day of February, May, August, and November, commencing
August 20, 2009
Interest Rate:
See "Description of the Medium-Term Notes" herein
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X8E65

You should read this Pricing Supplement together with Freddie Mac's Global Debt Facility Offering Circular, dated
April 3, 2009 (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 "Additional 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%
.15%
99.85%
Total
$10,000,000
$15,000
$9,985,000

(1)
Plus accrued interest, if any, from May 20, 2009.
(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 Reuters Page:
LIBOR01
Reset Date:
Reset Dates will be quarterly, on the 20th day of each February, May, August, and
November, commencing August 20, 2009.
LIBOR Determination Date:
The second London Banking Day preceding the applicable Reset Date.
Spread:
Plus 125 basis points (+ 1.25 percentage points) subject to "Interest Rate"
provisions, as described below.
Interest Rate:
125 basis points above LIBOR (as defined in the Offering Circular) for the Index
Currency at the Index Maturity, subject to a minimum interest rate of 0.00%
provided that if the Interest Rate (as defined herein) is greater than 6.25% per
annum, interest will accrue on the Debt Securities 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 Debt Securities 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 125 basis points, subject to the "Interest Rate" provisions above.
Cap: 6.25%
Floor: 0.00%
Day Count Convention:
30/360 with no adjustment for period end dates
Payment of Interest:
Quarterly, in arrears, on the 20th day of February, May, August, and November
(each such date, an "Interest Payment Date"), commencing August 20, 2009.
Applicable Interest Rate Index:
LIBOR

RISK FACTORS:

An investment in the Debt Securities 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 Debt Securities will be equal to LIBOR for the Index Currency at the
Index Maturity plus a Spread of 125 basis points (+ 1.25 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 Debt Securities may be less than that payable on a conventional
fixed rate debt security issued by Freddie Mac at the same time. Because the Debt Securities may not pay a significant amount of
interest for extended periods of time, the Debt Securities are not a suitable investment for individuals seeking a steady stream of
income.

The secondary market for, and the market value of, the Debt Securities 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 Debt
Securities, 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 Debt Securities, the
aggregate principal amount of the Debt Securities 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:
16725-3128X8E65

3

Historical Levels of USD 3-Month LIBOR

Hypothetical
3-Month LIBOR
Determination Date
Percentage
5/18/2007 5.36000
8/18/2007 5.50000
11/18/2007 4.95000
2/18/2008 3.07000
5/18/2008 2.69500
8/18/2008 2.81000
11/18/2008 2.22000
2/18/2009 1.25000

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, 2009
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.

16725-3128X8E65