Obligation Freddy Mac 0% ( US312925PR52 ) en USD

Freddy Mac

100 % ⇌

Etas-Unis

US312925PR52 ( en USD )

10/06/2032

Prospectus brochure de l'obligation Freddie Mac US312925PR52 en USD 0%, échéance 10/06/2032

1 000 USD

435 000 000 USD

312925PR5

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 US312925PR52, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 10/06/2032

PRICING SUPPLEMENT DATED May 15, 2002

(to Offering Circular Dated May 7, 2002)

$435,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due June 10, 2032
Redeemable periodically, beginning June 10, 2003

Issue Date:
June 10, 2002
Maturity Date:
June 10, 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 June 10 and December 10, commencing June 10, 2003
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
312925PR5

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 Public (1)(2)
Underwriting Discount (2)
Proceeds to Freddie Mac (1)(3)
Per Medium-Term Note
10.36597%
.05%
10.31597%
Total
$45,091,969.50
$217,500
$44,874,469.50

(1)
Plus return of discount, if any, from June 10, 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.

Legg Mason Wood Walker Inc.

OFFERING

1.
Pricing date:
May 15, 2002
2.
Method of Distribution:
x Principal
Agent
3.
Concession:
N/A
4.
Reallowance:
N/A
5.
Underwriter:
Legg Mason Wood Walker 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

Date
Call Price %
Call Amount
Date
Call Price %
Call Amount
6/10/2003
11.179515
$48,630,890
6/10/2018
34.723059
$151,045,307
12/10/2003
11.609926
$50,503,178
12/10/2018
36.059897
$156,860,552
6/10/2004
12.056908
$52,447,550
6/10/2019
37.448203
$162,899,683
12/10/2004
12.521099
$54,466,781
12/10/2019
38.889958
$169,171,317
6/10/2005
13.003161
$56,563,750
6/10/2020
40.387222
$175,684,416
12/10/2005
13.503783
$58,741,456
12/10/2020
41.942130
$182,448,266
6/10/2006
14.023679
$61,003,004
6/10/2021
43.556902
$189,472,524
12/10/2006
14.563590
$63,351,617
12/10/2021
45.233843
$196,767,217
6/10/2007
15.124289
$65,790,657
6/10/2022
46.975345
$204,342,751
12/10/2007
15.706574
$68,323,597
12/10/2022
48.783896
$212,209,948
6/10/2008
16.311277
$70,954,055
6/10/2023
50.662076
$220,380,031
12/10/2008
16.939261
$73,685,785
12/10/2023
52.612566
$228,864,662
6/10/2009
17.591423
$76,522,690
6/10/2024
54.638150
$237,675,953
12/10/2009
18.268692
$79,468,810
12/10/2024
56.741719
$246,826,478
6/10/2010
18.972037
$82,528,361
6/10/2025
58.926275
$256,329,296
12/10/2010
19.702460
$85,705,701
12/10/2025
61.194937
$266,197,976
6/10/2011
20.461005
$89,005,372
6/10/2026
63.550942
$276,446,598
12/10/2011
21.248754
$92,432,080
12/10/2026
65.997653
$287,089,791
6/10/2012
22.066831
$95,990,715
6/10/2027
68.538562
$298,142,745
12/10/2012
22.916404
$99,686,357
12/10/2027
71.177297
$309,621,242
6/10/2013
23.798685
$103,524,280
6/10/2028
73.917623
$321,541,660
12/10/2013
24.714935
$107,509,967
12/10/2028
76.763452
$333,921,016
6/10/2014
25.666460
$111,649,101
6/10/2029
79.718844
$346,776,971
12/10/2014
26.654618
$115,947,588
12/10/2029
82.788020
$360,127,887
6/10/2015
27.680821
$120,411,571
6/10/2030
85.975359
$373,992,812
12/10/2015
28.746533
$125,047,419
12/10/2030
89.285410
$388,391,534
6/10/2016
29.853274
$129,861,742
6/10/2031
92.722898
$403,344,606
12/10/2016
31.002625
$134,861,419
12/10/2031
96.292730
$418,873,376
6/10/2017
32.196226
$140,053,583
6/10/2032
100.000000
$435,000,000
12/10/2017
33.435781
$145,445,647
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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 Macs'
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 investors 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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