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PRICING SUPPLEMENT DATED November 26, 2001 (To Offering Circular dated January 5, 2001 and the Offering Circular Supplement Dated June 19, 2001) $119,325,000 Freddie Mac GLOBAL DEBT FACILITY Variable Rate Debt Securities Due December 19, 2008 Redeemable periodically, beginning March 19, 2002 This Pricing Supplement relates to the Debt Securities of the Federal Home Loan Mortgage Corporation ("Freddie Mac") described below and should be read in conjunction with the Offering Circular dated January 5, 2001 and the Offering Circular Supplement dated June 19, 2001 (together, the “Offering Circular”) and all documents incorporated by reference in the Offering Circular including Freddie Mac's Information Statement dated March 26, 2001 and any supplements to such Information Statement. Capitalized terms used in this Pricing Supplement and not otherwise defined in this Pricing Supplement have the meanings given to them in the Offering Circular. The Debt Securities are not suitable investments for all investors. In particular, no investor should purchase the Debt Securities unless the investor understands and is able to bear the yield, market and liquidity risks associated with the Debt Securities. See "Risk Factors - The Debt Securities May Not Be Suitable For You” in the Offering Circular. The Debt Securities are obligations of Freddie Mac only. The Debt Securities, including any interest or return of discount on the Debt Securities, are not guaranteed by, and are not debts or obligations of, the United States or any agency or instrumentality of the United States other than Freddie Mac. The Debt Securities are not tax-exempt. Non-U.S. owners generally will be subject to the United States federal income and withholding tax unless they establish an exemption. Because of applicable U.S. securities law exemptions, we have not registered the Debt Securities with any U.S. federal or state securities commission. No U.S. securities commission has reviewed the Offering Circular or this Pricing Supplement. 2 Certain Debt Securities Terms 1. Title: 2. Variable Rate Debt Securities Due December 19, 2008 Form: Book-Entry Registered DTC Registered Debt Securities Global Registered Debt Securities 3. Specified Payment Currency: a. b. Specified Interest Currency: Specified Principal Currency: U.S. dollars U.S. dollars 4. Aggregate Original Principal Amount: $119,325,000 5. Issue Date: December 19, 2001 6. Denominations: $1,000, and additional increments of $1,000 7. Maturity Date: December 19, 2008 a. Amount Payable on the Maturity Date Fixed Principal Repayment Amount 100% of principal amount _____% of principal amount Variable Principal Repayment Amount 8. Subject to Redemption or Repayment Prior to Maturity Date No Yes Mandatory Redemption at Option of Freddie Mac In whole only, on the 19th day of March, June, September and December, commencing March 19, 2002 (each such date a "Redemption Date"), upon notice to Holders not less than 5 New York Business Days nor more than 60 calendar days prior to redemption, at a redemption price of 100% of the principal amount redeemed, plus accrued interest on the Debt Securities to the Redemption Date 9. Payment Terms of the Debt Securities: Fixed Rate Debt Securities Step Debt Securities Variable Rate Debt Securities Fixed/Variable Rate Debt Securities Zero Coupon Debt Securities r:\legal\ftso\debent\Global248(5389).doc 3 10. Interest: Applicable Interest Rate Index: Index Currency: Index Maturity: Designated Telerate Page: Reset Date: Interest Rate: Interest Accrual: Day Count Convention: LIBOR Observation Date: LIBOR Suspension Period: LIBOR Range: Payment of Interest: r:\legal\ftso\debent\Global248(5389).doc U.S. LIBOR ("USD LIBOR") U.S. Dollars 3-Month 3750 Quarterly, on the 19th day of each March, June, September and December 8.30%, subject to “Interest Accrual” below. As described below, interest is payable on the Debt Securities on a quarterly basis. Interest will accrue on the Debt Securities on each day during an Interest Payment Period on which USD LIBOR for the Index Maturity for the relevant LIBOR Observation Date is within the LIBOR Range. If the value of USD LIBOR for the Index Maturity on the relevant LIBOR Observation Date is greater than 0.00% per annum and equal to or less than 7.00% per annum, interest will accrue on the Debt Securities for the related day at 8.30% per annum. If, however, the value of USD LIBOR for the Index Maturity is less than or equal to 0.00% per annum or greater than 7.00% per annum on the relevant LIBOR Observation Date, then no interest will accrue on the Debt Securities for the related day. See “Risk Factors” below for relevant considerations. Actual/Actual, with to no adjustment for period end dates. With respect to each London Banking Day during the applicable Interest Payment Period not occurring during the LIBOR Suspension Period, that London Banking Day. With respect to each day that is not a London Banking Day during the applicable Interest Payment Period not occurring during the LIBOR Suspension Period, the last preceding London Banking Day. With respect to each day during the applicable Interest Payment Period occurring during the LIBOR Suspension Period, the LIBOR Observation Date will be the last London Banking Day preceding the first day of such LIBOR Suspension Period. The period beginning on the seventh (7th) New York Banking Day prior to but excluding each Interest Payment Date (including the Maturity Date) 3-Month USD LIBOR >0.00and