Obligation Freddy Mac 0% ( US312924C270 ) en USD

Freddy Mac

100 % ⇌

Etas-Unis

US312924C270 ( en USD )

26/12/2031

Prospectus brochure de l'obligation Freddie Mac US312924C270 en USD 0%, échéance 26/12/2031

1 000 USD

2 000 000 000 USD

312924C27

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 US312924C270, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 26/12/2031

PRICING SUPPLEMENT DATED December 7, 2001

(to Offering Circular Dated January 18, 2001)

$2,000,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due December 26, 2031
Redeemable periodically, beginning December 26, 2002

Issue Date:
December 26, 2001
Maturity Date:
December 26, 2031
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 26 and December 26, commencing December 26, 2002
Interest Rate Per Annum:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
312924C27

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 January 18, 2001 (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.

Proceeds to

Price to
Underwriting
Freddie Mac

Public (1)(2)
Discount (2)
(1)(3)
Per Medium-Term Notes
9.50604%
.05%
9.45604%
Total
$190,120,800
$1,000,000
$189,120,800
(1)
Plus return of discount, if any, from December 26, 2001.
(2)
See "Distribution Arrangements" in the Offering Circular for additional information concerning price to public and
underwriting compensation.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.

First Tennessee Bank N.A.

2

OFFERING

1. Pricing
date:
December 7, 2001
2.
Method of Distribution:
x Principal
Agent
3. Concession:
.025%
4. Reallowance:
N/A
5.
Underwriter:
First Tennessee Bank National Association

OTHER SPECIAL TERMS
x None

Yes; as follows:

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
Call Price
Redemption
Call Price
Redemption
Call Price
Date
Percentage
Date
Percentage
Date
Percentage
12/26/02 10.281733 12/26/12 22.528543 12/26/22 49.362812
06/26/03 10.693002 06/26/13 23.429685 06/26/23 51.337325
12/26/03 11.120722 12/26/13 24.366872 12/26/23 53.390818
06/26/04 11.565551 06/26/14 25.341547 06/26/24 55.526450
12/26/04 12.028173 12/26/14 26.355209 12/26/24 57.747508
06/26/05 12.509300 06/26/15 27.409417 06/26/25 60.057409
12/26/05 13.009672 12/26/15 28.505794 12/26/25 62.459705
06/26/06 13.530059 06/26/16 29.646026 06/26/26 64.958093
12/26/06 14.071262 12/26/16 30.831867 12/26/26 67.556417
06/26/07 14.634112 06/26/17 32.065141 06/26/27 70.258674
12/26/07 15.219476 12/26/17 33.347747 12/26/27 73.069021
06/26/08 15.828256 06/26/18 34.681657 06/26/28 75.991781
12/26/08 16.461386 12/26/18 36.068923 12/26/28 79.031453
06/26/09 17.119841 06/26/19 37.511680 06/26/29 82.192711
12/26/09 17.804635 12/26/19 39.012147 12/26/29 85.480419
06/26/10 18.516820 06/26/20 40.572633 06/26/30 88.899636
12/26/10 19.257493 12/26/20 42.195539 12/26/30 92.455621
06/26/11 20.027793 06/26/21 43.883360 06/26/31 96.153846
12/26/11 20.828904 12/26/21 45.638695 12/26/31 100.000000
06/26/12 21.662061 06/26/22 47.464242

r\legal\ftso\debent\dealers\zerocall\5470FTdec26.doc

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.
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Document Outline

#1">Freddie Mac
#1">Zero Coupon Medium-Term Notes Due December 26, 2031
#2">REDEMPTION