Obligation Freddy Mac 0% ( US312925MM92 ) en USD

Freddy Mac

100 % ⇌

Etas-Unis

US312925MM92 ( en USD )

28/05/2032

Prospectus brochure de l'obligation Freddie Mac US312925MM92 en USD 0%, échéance 28/05/2032

1 000 USD

515 000 000 USD

312925MM9

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 US312925MM92, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 28/05/2032

PRICING SUPPLEMENT DATED May 7, 2002

(to Offering Circular Dated May 7, 2002)

$515,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due May 28, 2032
Redeemable periodically, beginning May 28, 2003

Issue Date:
May 28, 2002
Maturity Date:
May 28, 2032
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 November 28 and May 28, commencing May 28, 2003
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
312925MM9

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 May 7, 2002 (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
Underwriting
Proceeds to Freddie Mac

Public (1)(2)
Discount (2)
(1)(3)
Per Medium-Term Note
10.66986%
.05%
10.61986%
Total
$54,949,789.30
$257,500
$54,692,289.30

(1)
Plus return of discount, if any, from May 28, 2002.
(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.

NBC Capital Markets Group Inc.

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OFFERING

1.
Pricing date:
May 7, 2002
2.
Method of Distribution:
x Principal Agent
3.
Concession:
N/A
4.
Reallowance:
N/A
5.
Underwriter:
NBC Capital Markets Group Inc.

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

Call Date
Call Price %
Call Date
Call Price %
Call Date
Call Price %
05/28/03
11.496178
05/28/13
24.238211
05/28/23
51.103146
11/28/03
11.933033
11/28/13
25.159263
11/28/23
53.045066
05/28/04
12.386488
05/28/14
26.115315
05/28/24
55.060778
11/28/04
12.857175
11/28/14
27.107697
11/28/24
57.153088
05/28/05
13.345748
05/28/15
28.137790
05/28/25
59.324905
11/28/05
13.852886
11/28/15
29.207026
11/28/25
61.579251
05/28/06
14.379296
05/28/16
30.316893
05/28/26
63.919263
11/28/06
14.925709
11/28/16
31.468935
11/28/26
66.348195
05/28/07
15.492886
05/28/17
32.664754
05/28/27
68.869426
11/28/07
16.081616
11/28/17
33.906015
11/28/27
71.486464
05/28/08
16.692717
05/28/18
35.194443
05/28/28
74.202950
11/28/08
17.327040
11/28/18
36.531832
11/28/28
77.022662
05/28/09
17.985468
05/28/19
37.920042
05/28/29
79.949523
11/28/09
18.668916
11/28/19
39.361004
11/28/29
82.987605
05/28/10
19.378334
05/28/20
40.856722
05/28/30
86.141134
11/28/10
20.114711
11/28/20
42.409277
11/28/30
89.414497
05/28/11
20.879070
05/28/21
44.020830
05/28/31
92.812248
11/28/11
21.672475
11/28/21
45.693621
11/28/31
96.339114
05/28/12
22.496029
05/28/22
47.429979
05/28/32
100.000000
11/28/12
23.350878
11/28/22
49.232318

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
r\legal\ftso\debent\dealers\zerocall\6203NBCmay28.doc

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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 their 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.
r\legal\ftso\debent\dealers\zerocall\6203NBCmay28.doc