OÅering Circular Supplement (To OÅering Circular $1,137,286,917 Dated March 1, 2002) Freddie Mac Multiclass CertiÑcates, Series 2461 V OÅered Classes: REMIC Classes shown below and MACR Classes shown on Appendix A Underlying Assets: Groups 1, 2 and 4: Freddie Mac PCs Group 3: Freddie Mac REMIC CertiÑcates and Freddie Mac Stripped Giant CertiÑcates Payment Dates: Monthly beginning in July 2002 Tax Status: Double-Tier REMIC Form of Classes: Regular and MACR Classes: Book-entry on Fed System Residual Classes: CertiÑcated OÅering Terms: The underwriter named below is oÅering the Classes in negotiated transactions at varying prices Closing Date: June 28, 2002 REMIC Original Principal Class Interest CUSIP Final Payment REMIC Original Principal Class Interest CUSIP Final Payment Classes Balance Type(1) Coupon Type(1) Number Date Classes Balance Type(1) Coupon Type(1) Number Date Group 1 DA ÏÏÏÏÏÏÏÏÏ $ 69,602,518 SEQ 6.0% FIX 31392MJW3 September 15, 2028 BE ÏÏÏÏÏÏÏÏÏ $ 28,705,778 NSJ/SCH 6.25% FIX 31392M K 3 5 June 15, 2032 DB ÏÏÏÏÏÏÏÏÏ 14,054,355 SEQ 6.0 FIX 31392M J Y 9 August 15, 2030 FE ÏÏÏÏÏÏÏÏÏ 3,588,222 NSJ/SCH (2) FLT 31392M K J 0 June 15, 2032 FB ÏÏÏÏÏÏÏÏÏ 40,130,743 SEQ (2) FLT 31392M J Z 6 August 15, 2030 FH ÏÏÏÏÏÏÏÏÏ 25,523,062 NSJ/SUP (2) FLT 31392MKK7 December 15, 2031 FG ÏÏÏÏÏÏÏÏÏ 23,629,000 SEQ (2) FLT 31392MKL5 September 15, 2028 FP ÏÏÏÏÏÏÏÏÏ 32,698,666 PAC (2) FLT 31392M J R 4 May 15, 2026 IG ÏÏÏÏÏÏÏÏÏ 3,866,635 NTL(AD/SEQ) 6.5 FIX/IO 31392MKD3 March 15, 2013 HG ÏÏÏÏÏÏÏÏÏ 8,343,000 NSJ/SUP 6.5 FIX 31392P Q 6 5 June 15, 2032 SB ÏÏÏÏÏÏÏÏÏ 40,130,743 NTL(SEQ) (2) INV/IO 31392M J 9 4 August 15, 2030 HL ÏÏÏÏÏÏÏÏÏ 2,657,000 NSJ/SUP 6.5 FIX 31392M J V 5 June 15, 2032 SG ÏÏÏÏÏÏÏÏÏ 23,629,000 NTL(SEQ) (2) INV/IO 31392M J A 1 September 15, 2028 PA ÏÏÏÏÏÏÏÏÏ 17,718,000 PAC 6.5 FIX 31392MKT8 December 15, 2010 VB ÏÏÏÏÏÏÏÏÏ 19,311,534 AD/SEQ 6.5 FIX 31392MJH6 April 15, 2018 PE ÏÏÏÏÏÏÏÏÏ 19,397,000 PAC 6.5 FIX 31392MJM5 November 15, 2027 VG ÏÏÏÏÏÏÏÏÏ 25,133,133 AD/SEQ 5.5 FIX 31392MKR2 March 15, 2013 PG ÏÏÏÏÏÏÏÏÏ 49,629,000 PAC 6.5 FIX 31392MJN3 January 15, 2031 Z ÏÏÏÏÏÏÏÏÏ 25,000,000 SEQ 6.5 FIX/Z 31392M K 4 3 June 15, 2032 PK ÏÏÏÏÏÏÏÏÏ 20,138,667 PAC 5.5 FIX 31392M J P 8 March 15, 2018 Group 3 PN ÏÏÏÏÏÏÏÏÏ 17,598,667 PAC 5.5 FIX 31392M J Q 6 February 15, 2022 FI ÏÏÏÏÏÏÏÏÏ 20,620,250 SC/PT (2) FLT 31392MKM3 April 15, 2028 PR ÏÏÏÏÏÏÏÏÏ 27,660,000 PAC 5.5 FIX 31392M J F 0 May 15, 2026 SI ÏÏÏÏÏÏÏÏÏ 20,620,250 SC/NTL(PT) (2) INV/IO 31392M J L 7 April 15, 2028 PU ÏÏÏÏÏÏÏÏÏ 6,229,000 AD/PAC 6.5 FIX 31392M J C 7 December 15, 2009 PV ÏÏÏÏÏÏÏÏÏ 10,774,000 PAC 6.5 FIX 31392M J D 5 October 15, 2017 Group 4 PZ ÏÏÏÏÏÏÏÏÏ 10,150,000 PAC 6.5 FIX/Z 31392M J E 3 June 15, 2032 FA ÏÏÏÏÏÏÏÏÏ 71,064,000 SEQ (2) FLT 31392M J X 1 May 15, 2029 SE ÏÏÏÏÏÏÏÏÏ 3,588,222 NTL(NSJ/SCH) (2) INV/IO 31392M J 8 6 June 15, 2032 H ÏÏÏÏÏÏÏÏÏ 18,421,111 SEQ 5.75 FIX 31392M J T 0 January 15, 2013 SH ÏÏÏÏÏÏÏÏÏ 5,889,938 NSJ/SUP (2) INV 31392M J J 2 December 15, 2031 LC ÏÏÏÏÏÏÏÏÏ 20,566,666 SEQ 6.5 FIX 31392MKH4 February 15, 2030 SP ÏÏÏÏÏÏÏÏÏ 32,698,666 NTL(PAC) (2) INV/IO 31392M J K 9 May 15, 2026 LD ÏÏÏÏÏÏÏÏÏ 30,000,000 SEQ 6.0 FIX 31392MKE1 May 15, 2029 VL ÏÏÏÏÏÏÏÏÏ 1,000,000 NSJ/AD/SUP 6.5 FIX 31392MKN1 March 15, 2013 LE ÏÏÏÏÏÏÏÏÏ 16,579,000 SEQ 6.0 FIX 31392MKC5 January 15, 2013 VN ÏÏÏÏÏÏÏÏÏ 1,000,000 NSJ/AD/SUP 6.5 FIX 31392M K 8 4 June 15, 2019 LG ÏÏÏÏÏÏÏÏÏ 49,994,000 SEQ 6.0 FIX 31392MKG6 November 15, 2027 VO ÏÏÏÏÏÏÏÏÏ 1,000,000 NSJ/AD/SUP 6.5 FIX 31392M K 9 2 November 15, 2023 LH ÏÏÏÏÏÏÏÏÏ 10,023,000 SEQ 6.0 FIX 31392MKV3 May 15, 2029 ZC ÏÏÏÏÏÏÏÏÏ 9,300,000 NSJ/SCH 6.5 FIX/Z 31392M K 5 0 June 15, 2032 LJ ÏÏÏÏÏÏÏÏÏ 83,315,466 SEQ 5.75 FIX 31392MKS0 November 15, 2027 ZN ÏÏÏÏÏÏÏÏÏ 1,000,000 NSJ/SUP 6.5 FIX/Z 31392MKA9 June 15, 2032 LK ÏÏÏÏÏÏÏÏÏ 16,703,423 SEQ 5.75 FIX 31392MKU5 May 15, 2029 Group 2 SA ÏÏÏÏÏÏÏÏÏ 71,064,000 NTL(SEQ) (2) INV/IO 31392M J B 9 May 15, 2029 A ÏÏÏÏÏÏÏÏÏ 25,000,000 SEQ 6.5 FIX 31392M L 2 6 August 15, 2030 VC ÏÏÏÏÏÏÏÏÏ 30,506,666 AD/SEQ 6.5 FIX 31392MKP6 April 15, 2013 AE ÏÏÏÏÏÏÏÏÏ 20,421,284 SEQ 6.5 FIX 31392M L 3 4 August 15, 2030 VD ÏÏÏÏÏÏÏÏÏ 22,826,668 AD/SEQ 6.5 FIX 31392MKQ4 April 15, 2018 AO ÏÏÏÏÏÏÏÏÏ 17,000,000 SEQ 5.5 FIX 31392MKW1 September 15, 2028 ZL ÏÏÏÏÏÏÏÏÏ 30,000,000 SEQ 6.5 FIX/Z 31392M K 6 8 June 15, 2032 AP ÏÏÏÏÏÏÏÏÏ 100,000,000 SEQ 6.0 FIX 31392MKZ4 September 15, 2028 AT ÏÏÏÏÏÏÏÏÏ 4,411,773 SEQ 6.0 FIX 31392MKX9 August 15, 2013 Residual AU ÏÏÏÏÏÏÏÏÏ 25,000,000 SEQ 6.0 FIX 31392MKY7 August 15, 2030 R ÏÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31392P Q 7 3 June 15, 2032 BP ÏÏÏÏÏÏÏÏÏ 7,972,327 SEQ 6.0 FIX 31392M K 2 7 August 15, 2030 RS ÏÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31392P Q 8 1 June 15, 2032 (1) See Appendix II to the OÅering Circular. (2) See Terms Sheet Ì Interest. The CertiÑcates may not be suitable investments for you. You should consider carefully the risks of investing in them. Certain Risk Considerations on page S-2 highlights some of these risks. You should purchase CertiÑcates only if you have read and understood this Supplement, the attached OÅering Circular and the documents listed under Available Information. We guarantee principal and interest payments on the CertiÑcates. These payments are not guaranteed by and are not debts or obligations of the United States or any federal agency or instrumentality other than Freddie Mac. The CertiÑcates are not tax-exempt. Because of applicable securities law exemptions, we have not registered the CertiÑcates with any federal or state securities commission. No securities commission has reviewed this Supplement. Merrill Lynch & Co. May 10, 2002
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OÅering Circular Supplement(To OÅering Circular $1,137,286,917Dated March 1, 2002)
Freddie MacMulticlass CertiÑcates, Series 2461 V
OÅered Classes: REMIC Classes shown below and MACR Classes shown on Appendix A
Underlying Assets: Groups 1, 2 and 4: Freddie Mac PCsGroup 3: Freddie Mac REMIC CertiÑcates and Freddie Mac Stripped Giant CertiÑcates
Payment Dates: Monthly beginning in July 2002
Tax Status: Double-Tier REMIC
Form of Classes: Regular and MACR Classes: Book-entry on Fed SystemResidual Classes: CertiÑcated
OÅering Terms: The underwriter named below is oÅering the Classes in negotiated transactions at varying prices
Closing Date: June 28, 2002
REMIC Original Principal Class Interest CUSIP Final Payment REMIC Original Principal Class Interest CUSIP Final PaymentClasses Balance Type(1) Coupon Type(1) Number Date Classes Balance Type(1) Coupon Type(1) Number Date
Group 1 DA ÏÏÏÏÏÏÏÏÏ $ 69,602,518 SEQ 6.0% FIX 31392MJW3 September 15, 2028BE ÏÏÏÏÏÏÏÏÏ $ 28,705,778 NSJ/SCH 6.25% FIX 31392MK35 June 15, 2032 DB ÏÏÏÏÏÏÏÏÏ 14,054,355 SEQ 6.0 FIX 31392MJY9 August 15, 2030FE ÏÏÏÏÏÏÏÏÏ 3,588,222 NSJ/SCH (2) FLT 31392MKJ0 June 15, 2032 FB ÏÏÏÏÏÏÏÏÏ 40,130,743 SEQ (2) FLT 31392M J Z 6 August 15, 2030FH ÏÏÏÏÏÏÏÏÏ 25,523,062 NSJ/SUP (2) FLT 31392MKK7 December 15, 2031 FG ÏÏÏÏÏÏÏÏÏ 23,629,000 SEQ (2) FLT 31392MKL5 September 15, 2028FP ÏÏÏÏÏÏÏÏÏ 32,698,666 PAC (2) FLT 31392M J R 4 May 15, 2026 IG ÏÏÏÏÏÏÏÏÏ 3,866,635 NTL(AD/SEQ) 6.5 FIX/IO 31392MKD3 March 15, 2013HG ÏÏÏÏÏÏÏÏÏ 8,343,000 NSJ/SUP 6.5 FIX 31392P Q 6 5 June 15, 2032 SB ÏÏÏÏÏÏÏÏÏ 40,130,743 NTL(SEQ) (2) INV/IO 31392M J 9 4 August 15, 2030HL ÏÏÏÏÏÏÏÏÏ 2,657,000 NSJ/SUP 6.5 FIX 31392M J V 5 June 15, 2032 SG ÏÏÏÏÏÏÏÏÏ 23,629,000 NTL(SEQ) (2) INV/IO 31392MJA1 September 15, 2028PA ÏÏÏÏÏÏÏÏÏ 17,718,000 PAC 6.5 FIX 31392MKT8 December 15, 2010 VB ÏÏÏÏÏÏÏÏÏ 19,311,534 AD/SEQ 6.5 FIX 31392MJH6 April 15, 2018PE ÏÏÏÏÏÏÏÏÏ 19,397,000 PAC 6.5 FIX 31392MJM5 November 15, 2027 VG ÏÏÏÏÏÏÏÏÏ 25,133,133 AD/SEQ 5.5 FIX 31392MKR2 March 15, 2013PG ÏÏÏÏÏÏÏÏÏ 49,629,000 PAC 6.5 FIX 31392MJN3 January 15, 2031 Z ÏÏÏÏÏÏÏÏÏ 25,000,000 SEQ 6.5 FIX/Z 31392MK43 June 15, 2032PK ÏÏÏÏÏÏÏÏÏ 20,138,667 PAC 5.5 FIX 31392M J P 8 March 15, 2018
Group 3PN ÏÏÏÏÏÏÏÏÏ 17,598,667 PAC 5.5 FIX 31392MJQ6 February 15, 2022FI ÏÏÏÏÏÏÏÏÏ 20,620,250 SC/PT (2) FLT 31392MKM3 April 15, 2028PR ÏÏÏÏÏÏÏÏÏ 27,660,000 PAC 5.5 FIX 31392M J F 0 May 15, 2026SI ÏÏÏÏÏÏÏÏÏ 20,620,250 SC/NTL(PT) (2) INV/IO 31392M J L 7 April 15, 2028PU ÏÏÏÏÏÏÏÏÏ 6,229,000 AD/PAC 6.5 FIX 31392M J C 7 December 15, 2009
PV ÏÏÏÏÏÏÏÏÏ 10,774,000 PAC 6.5 FIX 31392MJD5 October 15, 2017Group 4PZ ÏÏÏÏÏÏÏÏÏ 10,150,000 PAC 6.5 FIX/Z 31392M J E 3 June 15, 2032FA ÏÏÏÏÏÏÏÏÏ 71,064,000 SEQ (2) FLT 31392MJX1 May 15, 2029SE ÏÏÏÏÏÏÏÏÏ 3,588,222 NTL(NSJ/SCH) (2) INV/IO 31392M J 8 6 June 15, 2032H ÏÏÏÏÏÏÏÏÏ 18,421,111 SEQ 5.75 FIX 31392M J T 0 January 15, 2013SH ÏÏÏÏÏÏÏÏÏ 5,889,938 NSJ/SUP (2) INV 31392M J J 2 December 15, 2031LC ÏÏÏÏÏÏÏÏÏ 20,566,666 SEQ 6.5 FIX 31392MKH4 February 15, 2030SP ÏÏÏÏÏÏÏÏÏ 32,698,666 NTL(PAC) (2) INV/IO 31392MJK9 May 15, 2026LD ÏÏÏÏÏÏÏÏÏ 30,000,000 SEQ 6.0 FIX 31392MKE1 May 15, 2029VL ÏÏÏÏÏÏÏÏÏ 1,000,000 NSJ/AD/SUP 6.5 FIX 31392MKN1 March 15, 2013LE ÏÏÏÏÏÏÏÏÏ 16,579,000 SEQ 6.0 FIX 31392MKC5 January 15, 2013VN ÏÏÏÏÏÏÏÏÏ 1,000,000 NSJ/AD/SUP 6.5 FIX 31392MK84 June 15, 2019LG ÏÏÏÏÏÏÏÏÏ 49,994,000 SEQ 6.0 FIX 31392MKG6 November 15, 2027VO ÏÏÏÏÏÏÏÏÏ 1,000,000 NSJ/AD/SUP 6.5 FIX 31392MK92 November 15, 2023LH ÏÏÏÏÏÏÏÏÏ 10,023,000 SEQ 6.0 FIX 31392MKV3 May 15, 2029ZC ÏÏÏÏÏÏÏÏÏ 9,300,000 NSJ/SCH 6.5 FIX/Z 31392MK50 June 15, 2032LJ ÏÏÏÏÏÏÏÏÏ 83,315,466 SEQ 5.75 FIX 31392MKS0 November 15, 2027ZN ÏÏÏÏÏÏÏÏÏ 1,000,000 NSJ/SUP 6.5 FIX/Z 31392MKA9 June 15, 2032LK ÏÏÏÏÏÏÏÏÏ 16,703,423 SEQ 5.75 FIX 31392MKU5 May 15, 2029
Group 2 SA ÏÏÏÏÏÏÏÏÏ 71,064,000 NTL(SEQ) (2) INV/IO 31392M J B 9 May 15, 2029A ÏÏÏÏÏÏÏÏÏ 25,000,000 SEQ 6.5 FIX 31392M L 2 6 August 15, 2030 VC ÏÏÏÏÏÏÏÏÏ 30,506,666 AD/SEQ 6.5 FIX 31392MKP6 April 15, 2013AE ÏÏÏÏÏÏÏÏÏ 20,421,284 SEQ 6.5 FIX 31392M L 3 4 August 15, 2030 VD ÏÏÏÏÏÏÏÏÏ 22,826,668 AD/SEQ 6.5 FIX 31392MKQ4 April 15, 2018AO ÏÏÏÏÏÏÏÏÏ 17,000,000 SEQ 5.5 FIX 31392MKW1 September 15, 2028 ZL ÏÏÏÏÏÏÏÏÏ 30,000,000 SEQ 6.5 FIX/Z 31392MK68 June 15, 2032AP ÏÏÏÏÏÏÏÏÏ 100,000,000 SEQ 6.0 FIX 31392MKZ4 September 15, 2028AT ÏÏÏÏÏÏÏÏÏ 4,411,773 SEQ 6.0 FIX 31392MKX9 August 15, 2013 ResidualAU ÏÏÏÏÏÏÏÏÏ 25,000,000 SEQ 6.0 FIX 31392MKY7 August 15, 2030 R ÏÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31392P Q 7 3 June 15, 2032BP ÏÏÏÏÏÏÏÏÏ 7,972,327 SEQ 6.0 FIX 31392MK27 August 15, 2030 RS ÏÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31392P Q 8 1 June 15, 2032
(1) See Appendix II to the OÅering Circular.(2) See Terms Sheet Ì Interest.
The CertiÑcates may not be suitable investments for you. You should consider carefully the risks of investing in them.Certain Risk Considerations on page S-2 highlights some of these risks.
You should purchase CertiÑcates only if you have read and understood this Supplement, the attached OÅering Circularand the documents listed under Available Information.
We guarantee principal and interest payments on the CertiÑcates. These payments are not guaranteed by and are notdebts or obligations of the United States or any federal agency or instrumentality other than Freddie Mac. TheCertiÑcates are not tax-exempt. Because of applicable securities law exemptions, we have not registered the CertiÑcateswith any federal or state securities commission. No securities commission has reviewed this Supplement.
Merrill Lynch & Co.May 10, 2002
CERTAIN RISK CONSIDERATIONS
Although we guarantee the payments on the CertiÑcates, and so bear the associated credit risk,
as an investor you will bear the other risks of owning mortgage securities. This section highlights
some of these risks. You should also read Risk Factors and Prepayment, Yield and Suitability
Considerations in the OÅering Circular for further discussions of these risks.
The CertiÑcates May Not be Suitable Investments for You. The CertiÑcates are complex
securities. You should not purchase CertiÑcates unless you are able to understand and bear the
associated prepayment, interest rate, yield and market risks.
In particular, the Interest Only, Inverse Floating Rate, Non-Sticky Jump, Support, Accrual
and Residual Classes have special risks and are not suitable for all investors.
Prepayments Can Reduce Your Yield. The yield on your CertiÑcates could be lower than you
expect if:
‚ You buy your CertiÑcates at a premium over their principal amount and principal
payments are faster than you expect.
‚ You buy your CertiÑcates at a discount to their principal amount and principal
payments are slower than you expect.
If you buy an Interest Only Class and prepayments are fast, you may not even recover your
investment.
LIBOR Levels Can Reduce Your Yield if You Own a Floating Rate or Inverse Floating Rate
Class. The yield on your CertiÑcates could be lower than you expect if:
‚ You buy a Floating Rate Class and LIBOR levels are lower than you expect.
‚ You buy an Inverse Floating Rate Class and LIBOR levels are higher than you expect.
If you buy an Interest Only Inverse Floating Rate Class, you may not even recover your investment
if LIBOR levels are high or prepayment rates are fast.
The CertiÑcates are Subject to Market Risks. You will bear all of the market risks of your
investment. The market value of your CertiÑcates will vary over time, primarily in response to
changes in prevailing interest rates. If you sell your CertiÑcates when their market value is low, you
may experience signiÑcant losses. The underwriter named on the front cover (the ""Underwriter'')
intends to make a market for the purchase and sale of the CertiÑcates after they are issued, but has
no obligation to do so. A secondary market may not develop. Even if one does develop, it may not be
liquid enough to allow you to sell your CertiÑcates easily or at your desired price.
Our Multiclass CertiÑcates OÅering Circular dated March 1, 2002 (the ""OÅering Circular''),
attached to this Supplement, deÑnes many of the terms we use in this Supplement.
S-2
TERMS SHEET
This Terms Sheet contains selected information about this Series. You should refer to the
remainder of this Supplement for further information.
In this Supplement, we refer to Classes only by their letter designations. For example, ""R''
refers to the R Class of this Series.
Interest
The Fixed Rate Classes bear interest at the Class Coupons shown on the front cover and
Appendix A.
The Floating Rate and Inverse Floating Rate Classes bear interest as shown in the following
table. The initial Class Coupons apply only to the Ñrst Accrual Period. We determine LIBOR using
the BBA Method.Class Coupon Subject toInitial Class
Class Coupon Class Coupon Formula Minimum Rate Maximum Rate
* We calculate weighted average lives based on the assumptions described in Prepayment and Yield Analysis. The actualweighted average lives are likely to diÅer from those shown, perhaps signiÑcantly.
The actual characteristics of the Mortgages diÅer from those shown, in some cases
signiÑcantly.
See General InformationÌ The Mortgages.
S-8
AVAILABLE INFORMATION
You should purchase CertiÑcates only if you have read and understood this Supplement, the
OÅering Circular and the following documents:
‚ Our Mortgage Participation CertiÑcates OÅering Circular dated February 1, 2001 and
the related OÅering Circular Supplements dated May 9, 2001 and February 22, 2002,
which together describe Gold PCs generally.
‚ Our Giant and Other Pass-Through CertiÑcates OÅering Circular dated December 1,
1999 and the related OÅering Circular Supplement dated May 9, 2001, which together
describe Gold Giant PCs and Stripped Giant CertiÑcates generally.
‚ If you are investing in a Group 3 Class, our OÅering Circular Supplement for the related
Multiclass Assets (the ""Multiclass Asset OÅering Circular''), the front cover and
Terms Sheet from which are in Exhibit I and our OÅering Circular Supplement dated
March 26, 1997 for the Group 3 PC Assets.
‚ Our Information Statement dated March 29, 2002, our Information Statement Supple-
ment dated May 15, 2002, and any other Information Statement Supplements we
publish through the time of purchase.
This Supplement incorporates by reference the documents listed above. We will also publish a
Supplemental Statement applicable to this Series shortly after the Closing Date. The Supplemental
Statement will contain a schedule of the Assets and other information.
You can obtain the documents listed above, the Agreement and current information concerning
the Assets and the CertiÑcates from our Investor Inquiry Department or our Internet Web-Site as
described on page 3 of the OÅering Circular. You can also obtain the documents listed above from
the Underwriter at:
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Prospectus Department
44B Colonial Drive
Piscataway, New Jersey 08854
(732) 885-2760
GENERAL INFORMATION
The Agreement
We will create the CertiÑcates under the Multiclass CertiÑcates Agreement dated March 1,
2002 and a Terms Supplement dated the Closing Date (together, the ""Agreement'').
You should refer to the Agreement for a complete description of your rights and obligations and
those of Freddie Mac. You will acquire your CertiÑcates subject to the terms and conditions of the
Agreement, including the Terms Supplement.
S-9
Form of CertiÑcates
The Regular and MACR Classes are issued, held and transferable on the Fed System. The
Residual Classes are issued and held in certiÑcated form and are transferable at the oÇce of the
Registrar.
Only a Fed Participant can be a Holder of a Regular or MACR Class. As an investor in
CertiÑcates, you are not necessarily the Holder.
See Description of CertiÑcates Ì Form, Holders and Payment Procedures in the OÅering
Circular.
Structure of Transaction
General
This Series is a Double-Tier Series, structured as follows:
REMIC Pool Classes Issued from REMIC Pool REMIC Pool Assets
Upper-Tier All Regular Classes and R All Lower-Tier regular interests
Lower-Tier RS The Assets
See Description of CertiÑcates Ì REMIC Pool Structures in the OÅering Circular.
The PC Assets
The Group 1, 2 and 4 Assets are Gold PCs and/or Gold Giant PCs. A portion of the Group 3
Assets are previously issued Freddie Mac Stripped Giant CertiÑcates backed by Gold PCs and/or
Gold Giant PCs.
The Multiclass Assets
A portion of the Group 3 Assets are Multiclass Assets consisting of previously issued Freddie
Mac REMIC CertiÑcates, which represent interests in their underlying PCs.
For additional information about the Multiclass Assets, see the Multiclass Asset OÅering
Circular and other related information available on our Internet Web-Site. We have attached the
front cover and Terms Sheet from the Multiclass Asset OÅering Circular as an Exhibit to this
Supplement.
There may have been material changes since we prepared the Multiclass Asset OÅering
Circular, including changes in prepayment rates, prevailing interest rates and other economic
factors. These changes may limit the usefulness of, and be inconsistent with the assumptions used in
preparing, the Multiclass Asset OÅering Circular.
The Mortgages
The Mortgages underlying the Assets (the ""Mortgages'') are Ñxed-rate, Ñrst lien residential
mortgages and mortgage participations. For purposes of this Supplement, we have made certain
assumptions regarding the Mortgages, as shown under Terms Sheet Ì Assumed Mortgage Charac-
teristics. However, the actual characteristics of most of the Mortgages diÅer from those assumed,
perhaps signiÑcantly. This is the case even if the weighted average characteristics of the Mortgages
are the same as those of mortgages having the characteristics assumed.
S-10
PAYMENTS
Payment Dates; Record Dates
We make payments of principal and interest on the CertiÑcates on each Payment Date,
beginning in the month following the Closing Date. A ""Payment Date'' is the 15th of each month
or, if the 15th is not a Business Day, the next Business Day.
On each Payment Date, any payment on a CertiÑcate is made to the Holder of record as of the
end of the preceding calendar month (a ""Record Date'').
Method of Payment
You will receive payments on your CertiÑcates in the manner described under Description of
CertiÑcates Ì Form, Holders and Payment Procedures in the OÅering Circular.
Categories of Classes
For purposes of principal and interest payments, we have categorized the Classes as shown
under ""Principal Type'' and ""Interest Type'' on the front cover and Appendix A. Appendix II to the
OÅering Circular explains the abbreviations used for categories of Classes.
Interest
We pay 30 days' interest on each Payment Date to the Holders of each Class on which interest
has accrued, except that the Accrual Classes receive payments as described below. We calculate
each interest payment on the outstanding balance of the Class as of the related Record Date and on
the basis of a 360-day year of twelve 30-day months.
Accrual Period
The ""Accrual Period'' for each Payment Date is:
‚ For Fixed Rate Classes Ì the preceding calendar month.
‚ For Floating Rate and Inverse Floating Rate Classes Ì from the 15th of the preceding
month to the 15th of the month of that Payment Date.
Fixed Rate Classes
The Fixed Rate Classes bear interest at the Class Coupons shown on the front cover and
Appendix A.
Notional Classes
The Notional Classes do not receive principal payments. For calculating interest payments, the
Notional Classes have notional principal amounts that will reduce as shown under Terms Sheet Ì
Notional Classes.
Floating Rate and Inverse Floating Rate Classes
The Floating Rate and Inverse Floating Rate Classes bear interest as shown under Terms
Sheet Ì Interest. Their Class Coupons are based on one-month LIBOR.
S-11
We determine LIBOR and calculate the Class Coupons for the Floating Rate and Inverse
Floating Rate Classes as described in Appendix V to the OÅering Circular.
Accrual Classes
PZ, Z, ZC, ZL and ZN are Accrual Classes. The Accrual Classes do not receive interest
payments; rather, interest accrued on each Accrual Class during each Accrual Period is added to its
principal amount on the related Payment Date. We pay principal on each Accrual Class, including
accrued interest that has been added to its principal amount, as described under Terms Sheet Ì
Principal.
Principal
We pay principal on each Payment Date to the Holders of the Classes on which principal is
then due. Holders receive principal payments on a pro rata basis among the CertiÑcates of their
Class.
Amount of Payments
The principal payments on the CertiÑcates on each Payment Date equal:
‚ The amount of interest accrued on PZ, Z, ZC, ZL and ZN during the related Accrual
Period and not payable as interest on that Payment Date (the ""PZ Accrual Amount,''
the ""Z Accrual Amount'' and so forth).
‚ The amount of principal required to be paid in the same month on the Assets of each
Group (the ""Group 1 Asset Principal Amount,'' the ""Group 2 Asset Principal
Amount'' and so forth).
Allocation of Payments
On each Payment Date, we pay the Accrual Amounts and the Asset Principal Amounts for
that Payment Date as described under Terms Sheet Ì Principal. Principal allocable to the Classes
receiving payments from a particular Asset Group will be allocated only to those Classes and will
not be available for Classes receiving payments from the other Asset Groups.
Class Factors
General
We make Class Factors available on or about the Ñfth business day of each month after the
Closing Date. See Description of CertiÑcates Ì Payments Ì Class Factors in the OÅering Circular.
Use of Factors
You can calculate principal and interest payments by using the Class Factors.
For example, the reduction (or for an Accrual Class, the increase) in the balance of a
CertiÑcate in February will equal its original balance times the diÅerence between its January and
February Class Factors. The amount of interest to be paid on (or for an Accrual Class, added to the
principal amount of) a CertiÑcate in February will equal 30 days' interest at its Class Coupon,
S-12
accrued during the related Accrual Period, on the balance of that CertiÑcate determined by its
January Class Factor.
Guarantees
We guarantee to each Holder of a CertiÑcate the timely payment of interest at its Class
Coupon and the payment of its principal amount as described in this Supplement. See Description of
CertiÑcates Ì Payments Ì Guarantees in the OÅering Circular.
1% Clean-up Call
We have a 1% Clean-up Call Right. If we exercise this right, all of the Classes then outstanding
will be paid in full and will retire. The Multiclass Assets may become subject to the similar 1%
Clean-up Call Right in their Series. However, we will not exercise this right while the Group 3
Classes are outstanding. See Description of CertiÑcates Ì Payments Ì 1% Clean-up Call in the
OÅering Circular.
Residual Proceeds
Upon surrender of their CertiÑcates to the Registrar, the Holders of each Residual Class will
receive the proceeds of any remaining assets of the related REMIC Pool after all required principal
and interest payments on the Classes have been made. Any remaining assets are likely to be
insigniÑcant. See Description of CertiÑcates Ì Payments Ì Residual Classes in the OÅering
Circular.
PREPAYMENT AND YIELD ANALYSIS
General
Mortgage Prepayments
The rates of principal payments on the Assets and the CertiÑcates will depend on the rates of
principal payments, including prepayments, on the underlying Mortgages. The Mortgages are
subject to prepayment at any time without penalty. Mortgage prepayment rates Öuctuate continu-
ously and, in some market conditions, substantially. See Prepayment, Yield and Suitability
Considerations Ì Prepayments in the OÅering Circular for a discussion of Mortgage prepayment
considerations and risks.
Yield
As an investor in the CertiÑcates, your yield will depend on:
‚ Your purchase price.
‚ The rate of principal payments on the underlying Mortgages.
‚ The actual characteristics of the underlying Mortgages.
‚ If you own a Floating Rate or Inverse Floating Rate Class, the level of LIBOR.
‚ If you own a Fixed Rate Class, the delay between its Accrual Period and the related
Payment Date.
S-13
‚ If you own a Group 3 Class, the payment priorities of the underlying Multiclass Assets
in their own Series, as described in the Terms Sheet of the Multiclass Asset OÅering
Circular.
See Prepayment, Yield and Suitability Considerations Ì Yields in the OÅering Circular for a
discussion of yield considerations and risks.
Suitability
The CertiÑcates may not be suitable investments for you. See Prepayment, Yield and
Suitability Considerations Ì Suitability in the OÅering Circular for a discussion of suitability
considerations and risks.
Modeling Assumptions
To prepare the tables in this Supplement, we have made several assumptions. Unless otherwise
noted, each table employs the following assumptions (the ""Modeling Assumptions''), among
others:
‚ The Mortgages have the characteristics shown under Terms Sheet Ì Assumed Mort-
gage Characteristics.
‚ The Classes and Assets always receive payments on the 15th of the month, whether or
not a Business Day.
‚ As of the Closing Date, the Assets have the balances shown under Terms Sheet Ì The
Assets.
‚ The Multiclass Assets receive payments as described in the Multiclass Asset OÅering
Circular.
‚ We do not exercise our 1% Clean-up Call Right.
‚ Each Class is outstanding from the Closing Date to retirement and no exchanges occur.
The Modeling Assumptions, like any other stated assumptions, are likely to diÅer from actual
experience in many cases. For example, the Mortgages have characteristics more diverse than those
assumed, many Payment Dates will occur on a Business Day after the dates assumed and we may
exercise our 1% Clean-up Call Right. Moreover, Mortgage prepayment rates will diÅer from the
percentages of PSA shown in the tables. These diÅerences will aÅect the actual payment behavior,
weighted average lives and yields of the Classes, perhaps signiÑcantly.
See Prepayment, Yield and Suitability Considerations Ì Tabular Information in Supplements
in the OÅering Circular for descriptions of weighted average life and yield calculations and the PSA
prepayment model.
Prepayment and Weighted Average Life Considerations
Accretion Directed Classes
Payments of principal on the Accretion Directed Classes should be stable in varying degrees
under relatively slow prepayment scenarios because the related Accrual Amounts will be dedicated
to making principal payments on those Classes until they retire. The weighted average life of an
Accretion Directed Class cannot exceed its weighted average life as shown in the following table
S-14
under any prepayment scenario, even a scenario where there are no prepayments. Based on the
Modeling Assumptions, each Accretion Directed Class would retire on, but not before, its Final
Payment Date if the underlying Mortgages prepay at any rate at or below the rate shown for that
Class until it retires.
The principal payment stability of the Accretion Directed Classes is supported primarily by
their receipt of the related Accrual Amounts. They are protected against early retirement by the
Classes shown in the table. When the applicable Classes retire, however, each Accretion Directed
Class, if outstanding, will become sensitive to Mortgage prepayments and may retire before its Final
Payment Date.
Accretion Directed Classes
Maximum WeightedAverage Life Prepayment Rate
Class (in Years) Final Payment Date at or below Protected By
Group 1
E The other Group 1 ClassesFPU ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4.0 December 15, 2009 516% PSAH except PV and PZEVL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6.0 March 15, 2013 204% PSAFVNÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 14.0 June 15, 2019 187% PSA FH, HM and SH
VOÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 19.3 November 15, 2023 156% PSAH
Group 2
EVB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 13.4 April 15, 2018 155% PSA The other Group 2 ClassesF
VGÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6.0 March 15, 2013 256% PSA except ZH
Group 4
EVA, VC, VQ andThe other Group 4 ClassesVT ÏÏÏÏÏÏÏÏÏÏÏÏ 6.0 April 15, 2013 223% PSA F
except ZLVDÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 13.4 April 15, 2018 133% PSAH
The underlying Mortgages have characteristics that diÅer from the Modeling Assumptions. As
a result, even if the Mortgages prepay at a rate at or somewhat below the rate shown for an
Accretion Directed Class, that Class could retire before its Final Payment Date and its weighted
average life could shorten.
PAC and Scheduled Classes
Principal payments on the PAC and Scheduled Classes should be more stable than would be
the case if they did not receive such payments, to the extent of available principal, in accordance
with their schedules. Moreover, they will have cumulative priorities for future payments if they fall
behind their schedules. Based on the Modeling Assumptions, each of these Classes has a range of
constant Mortgage prepayment rates (an ""EÅective Range'') at which it would receive scheduled
payments. The EÅective Range at any time depends on the actual or assumed characteristics of the
underlying Mortgages at that time. Based on the Modeling Assumptions, each PAC or Scheduled
Class would receive scheduled payments until retirement if the underlying Mortgages were to
prepay at any constant percentage of PSA within its initial EÅective Range shown in the following
OID generally results in recognition of taxable income in advance of the receipt of cash
attributable to that income. The Pricing Speeds used for OID and premium calculations are:
‚ Group 1 Ì 200% PSA
‚ Groups 2 and 4 Ì 304% PSA
‚ Group 3 Ì 377% PSA
We intend to report any original issue or market discount or premium on the Floating Rate
Classes assuming that each variable rate is a Ñxed rate equal to the value of the variable rate as of
the date of this Supplement. See Certain Federal Income Tax Consequences Ì Taxation of Regular
Classes Ì Floating Rate, Inverse Floating Rate and Weighted Average Coupon Classes in the
OÅering Circular.
Residual Classes
Each Residual Class is the ""residual interest'' in its related REMIC Pool. Special tax
considerations apply to the Residual Classes. The taxation of the Residual Classes can produce a
signiÑcantly less favorable after-tax return than if (a) the Residual Classes were taxable as debt
instruments or (b) no portion of the taxable income on the Residual Classes were treated as ""excess
inclusions.'' In certain periods, taxable income and the resulting tax liability on R may exceed any
payments on that Class. See Certain Federal Income Tax Consequences Ì Taxation of Residual
Classes in the OÅering Circular.
S-28
A substantial tax may be imposed on certain transferors of a Residual Class and certain
beneÑcial owners of a Residual Class that are ""pass-through entities.'' See Certain Federal Income
Tax Consequences Ì Transfers of Interests in a Residual Class Ì DisqualiÑed Organizations in the
OÅering Circular. You should not purchase a Residual Class before consulting your tax advisor.
We intend to report accruals of OID and market discount and to amortize premium with
respect to the Multiclass Assets using the applicable Pricing Speed shown above, regardless of the
Pricing Speed used in their Series.
Certain Transfers of Residual Classes
The REMIC Regulations disregard:
1. A transfer of a ""noneconomic residual'' unless no signiÑcant purpose of the transfer is to
impede the assessment or collection of tax.
2. Except in certain cases, a transfer of a residual interest to a foreign investor or a transfer of a
residual interest from a foreign investor to a U.S. investor. Accordingly, the Agreement
prohibits the transfer of an interest in a Residual Class to or from a foreign investor without
our written consent.
See Certain Federal Income Tax Consequences Ì Transfers of Interests in a Residual Class Ì
Additional Transfer Restrictions in the OÅering Circular. In the case of a transfer that is
disregarded, the transferor would continue to be treated as the owner of the residual interest and
thus would continue to be subject to tax on its allocable portion of the net income of the REMIC.
Residual Classes with Negative Fair Market Values
The federal income tax consequences of any consideration paid to a transferee on a transfer of a
Residual Class are unclear. The REMIC Regulations do not address whether a residual interest
could have a negative basis and a negative issue price. The preamble to the REMIC Regulations
indicates that the Internal Revenue Service is considering the tax treatment of these types of
residual interests. If you receive consideration for a Residual Class, you should consult your tax
advisor.
Reporting and Administrative Matters
We will provide Holders of the Residual Classes information to enable them to prepare reports
required under the Code or applicable Treasury regulations. Because we do not intend to hold the
Residual Classes, applicable law may not allow us to perform tax administrative functions for the
REMIC Pools. Therefore, if you own a Residual Class, you may have certain tax administrative
obligations, for which we will act as your attorney-in-fact and agent. See Certain Federal Income
Tax Consequences Ì Reporting and Administrative Matters in the OÅering Circular.
MACR Classes
The arrangement under which the MACR Classes are created (the ""MACR Pool'') will be
classiÑed as a grantor trust under subpart E, part I of subchapter J of the Internal Revenue Code.
The interests in the Regular Classes that have been exchanged for the MACR Classes, including
S-29
any exchanges eÅective on the Closing Date, will be the assets of the MACR Pool and the MACR
Classes will represent beneÑcial ownership of these assets.
For a discussion of certain federal income tax consequences applicable to the MACR Classes,
see Certain Federal Income Tax Consequences Ì Taxation of MACR Classes, Ì Exchanges of
MACR Classes and Regular Classes and Ì Taxation of Certain Foreign Investors in the OÅering
Circular.
LEGAL INVESTMENT CONSIDERATIONS
You should consult your legal advisor to determine whether the CertiÑcates are a legal
investment for you and whether you can use the CertiÑcates as collateral for borrowings. See Legal
Investment Considerations in the OÅering Circular.
ERISA CONSIDERATIONS
Fiduciaries of ERISA plans should review ERISA Considerations in the OÅering Circular.
PLAN OF DISTRIBUTION
Under an agreement with the Underwriter, we have agreed to sell all of the REMIC
CertiÑcates to the Underwriter in exchange for the Assets.
The Underwriter is oÅering the CertiÑcates to the public in negotiated transactions at varying
prices to be determined at the time of sale, plus accrued interest on each interest-bearing Class from
the Ñrst day of its initial Accrual Period. The Underwriter is oÅering the CertiÑcates subject to their
issuance by us and subject to the Underwriter's right to reject any order. The Underwriter may make
sales to or through securities dealers, which may include Freddie Mac through our Securities Sales
& Trading Group. The dealers may receive compensation in the form of discounts, concessions or
commissions from the Underwriter and commissions from any purchasers for which they act as
agents.
Our agreement with the Underwriter provides that we will indemnify it against certain
liabilities.
LEGAL MATTERS
Maud Mater, Esq., Executive Vice President Ì General Counsel and Secretary of Freddie Mac,
will render an opinion on the legality of the Certificates. Milbank, Tweed, Hadley & McCloy LLP is
representing the Underwriter on legal matters concerning the Certificates.
S-30
Exhibit I Ì Series 2052 Front Cover and Terms SheetOÅering Circular Supplement
(To OÅering Circular Dated April 1, 1998)
$1,202,465,091
Freddie Mac VMulticlass REMIC CertiÑcatesand ModiÑable and Combinable REMIC CertiÑcates, Series 2052
OÅered Securities: Classes of REMIC CertiÑcates (Multiclass PCs) listed below; MACR Classes listed on Appendix 1 to thisSupplement
Guarantee: Principal and interest guaranteed by Freddie Mac, as described in this Supplement
Tax Status: REMIC (Double-Tier)
Underlying Assets: Six Asset Groups, consisting of one Group of Freddie Mac 30-year 6.5% PCs (Gold PCs and Gold Giant PCs),one Group of Freddie Mac 15-year 6.5% PCs, three Groups of Freddie Mac Multiclass PCs and one Group ofFreddie Mac Stripped Giant PCs
Payment Dates: Monthly, beginning May 15, 1998
Form of Securities: Regular and MACR Classes (other than IC, L and M Classes): Book-entry (Federal Reserve Banks)IC, L and M Classes: Book-entry (Depository Trust Company)Residual Classes (R and RS): CertiÑcated
OÅering Terms: Classes oÅered in negotiated transactions at varying prices through Lehman Brothers Inc. (the ""Underwriter'')
Closing Date: April 30, 1998
The risks associated with the Securities may make them unsuitable for some investors. See ""Certain Risk Considera-
tions'' and ""Prepayment and Yield Analysis'' in this Supplement.
Investors should read this Supplement in conjunction with the documents listed under ""Available Information'' in this
Supplement.
THE OBLIGATIONS OF FREDDIE MAC UNDER ITS GUARANTEES OF THE SECURITIES ARE OBLIGATIONS OFFREDDIE MAC ONLY. THE SECURITIES, INCLUDING ANY INTEREST THEREON, ARE NOT GUARANTEED BY
THE UNITED STATES AND DO NOT CONSTITUTE DEBTS OR OBLIGATIONS OF THE UNITED STATESOR ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OTHER THAN FREDDIE MAC.
INCOME ON THE SECURITIES HAS NO EXEMPTION UNDER FEDERAL LAW FROM FEDERAL,STATE OR LOCAL TAXATION. THE SECURITIES ARE EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OF 1933 AND ARE ""EXEMPTED SECURITIES''WITHIN THE MEANING OF THE SECURITIES EXCHANGE ACT OF 1934.
Class of Original Principal or Weighted Class of Original Principal or WeightedREMIC Principal Other Class Interest CUSIP Final Payment Average REMIC Principal Other Class Interest CUSIP Final Payment AverageCertiÑcates Amount(1) Type(2) Coupon Type(2) Number Date(3) Life(4) CertiÑcates Amount(1) Type(2) Coupon Type(2) Number Date(3) Life(4)
Group 1 PN ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 50,000,000 PAC 6.1% FIX 3133TD S 9 8 December 15, 2009 3.9 YrsE ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $104,572,500 TAC 6.5% FIX 3133TDRH1 April 15, 2028 5.0 Yrs PU ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 52,571,000 PAC 5.75 FIX 3133TDSC1 December 15, 2009 3.9F ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 51,845,625 SUP (5) FLT 3133TDRL2 April 15, 2028 20.4 PV ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 52,571,000 PAC 6.25 FIX 3133TDSD9 December 15, 2009 3.9FA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 37,557,000 TAC (5) FLT 3133TDRM0 April 15, 2028 2.0 Z ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4,945,000 SUP 6.5 FIX/Z 3133TDSM9 April 15, 2013 12.4PA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 93,234,000 PAC I 6.25 FIX 3133TDRV0 January 15, 2015 2.5PB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 26,579,000 PAC I 6.25 FIX 3133TDRW8 July 15, 2020 5.9 Group 3PC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 78,403,000 PAC I 6.1 FIX 3133TDRX6 October 15, 2018 3.7 EB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12,283,117 SC/PT 0.0 PO 3133TD R J 7 January 15, 2022 10.1PD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 170,000,000 PAC I 6.5 FIX 3133TDRY4 December 15, 2027 10.9 SB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 21,495,454 SC/NTL(PT) (5) INV/IO 3133TDSK3 January 15, 2022 ÌPE ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 31,771,000 PAC I 6.5 FIX 3133TDRZ1 April 15, 2028 20.8PG ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 58,955,000 PAC I 6.25 FIX 3133TD S 2 3 February 15, 2023 6.0 Group 4PH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 48,085,000 PAC I 6.25 FIX 3133TD S 3 1 January 15, 2027 11.0 EC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 17,700,000 SC/PT 0.0 PO 3133TDRK4 March 15, 2022 10.4PI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 13,549,915 NTL(PAC I) 6.5 FIX/IO 3133TD S 4 9 January 15, 2027 Ì SC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 30,975,000 SC/NTL(PT) (5) INV/IO 3133TD S L 1 March 15, 2022 ÌPWÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 25,477,500 PAC II 6.5 FIX 3133TD S E 7 April 15, 2028 17.5S ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11,964,375 SUP (5) INV 3133TDSH0 April 15, 2028 20.4 Group 5SA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11,556,000 TAC (5) INV 3133TD S J 6 April 15, 2028 2.0 IA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 40,709,000 NTL(PAC) 7.0 FIX/IO 3133TDRQ1 September 15, 2025 Ì
IB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12,291,000 NTL(PAC) 7.0 FIX/IO 3133TDRR9 April 15, 2028 ÌGroup 2 IC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 22,471,975 NTL(SUP) 7.0 FIX/IO 3133TDRS7 April 15, 2028 ÌA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 50,000,000 SCH/AD 6.5 FIX 3133TDRD0 April 15, 2013 2.9 PO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,000 PT 0.0 PO 3133TDSA5 April 15, 2028 7.0B ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 25,000,000 SUP 6.25 FIX 3133TDRE8 April 15, 2013 4.4C ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 16,395,000 SUP 6.5 FIX 3133TDRF5 April 15, 2013 4.4 Group 6D ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,000,000 SUP 9.0 FIX 3133TDRG3 April 15, 2013 4.4 M ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 22,471,974 SC/PT 0.0 PO 3133TDRU2 February 15, 2028 6.4G ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,885,000 SUP 0.0 PO 3133TDRN8 April 15, 2013 4.4PJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 30,000,000 PAC 6.15 FIX 3133TD S 5 6 December 15, 2009 3.9 ResidualPK ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 55,035,000 PAC 6.0 FIX 3133TD S 6 4 November 15, 2011 8.0 R ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 3133TD S F 4 April 15, 2028 ÌPL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 50,598,000 PAC 6.0 FIX 3133TD S 7 2 April 15, 2013 11.6 RS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 3133TDSG2 April 15, 2028 ÌPMÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20,905,769 NTL(PAC) 6.5 FIX/IO 3133TD S 8 0 April 15, 2013 Ì
(1) The amount shown for a Notional Class is its original notional principal amount and does not represent principal that will be paid; see ""Payments Ì Interest'' in thisSupplement.
(2) See ""Description of Securities Ì Standard DeÑnitions and Abbreviations for Classes'' in the OÅering Circular. The type of Class with which a Notional Class (otherthan the IA, IB and IC Classes) will reduce is indicated in parentheses. The IA and IB Classes are designated in parentheses as ""PAC'' Classes because their notionalprincipal amounts will be reduced in accordance with schedules of ""Targeted Notional Balances.'' The IC Class is designated in parentheses as a ""Support'' Classbecause its notional principal amount will be reduced to support the adherence of the IA and IB Classes to their schedules. See ""Terms Sheet Ì Notional Classes'' inthis Supplement.
(3) See ""Final Payment Dates'' in this Supplement.(4) Determined as described under ""Prepayment and Yield Analysis'' in this Supplement, and subject to the assumptions and qualiÑcations in that section. Weighted
average lives shown in this table are calculated at 165% PSA for the Group 1 Classes, 190% PSA for the Group 2 Classes, 290% PSA for the Group 3 and Group 4Classes and 200% PSA for the Group 5 and Group 6 Classes. Prepayments will not occur at the rates assumed and the actual weighted average lives of the Classes maydiÅer signiÑcantly from those shown.
(5) Calculated as shown under ""Terms Sheet Ì Class Coupons'' in this Supplement.
LEHMAN BROTHERS
OÅering Circular Supplement Dated March 30, 1998
S-31
TERMS SHEET
This Terms Sheet contains selected information about this Series. Investors should refer to theremainder of this Supplement for further information.
MACR CertiÑcates
This Series provides for the issuance of Classes (each, a ""MACR Class'') of ModiÑable and CombinableREMIC CertiÑcates (""MACR CertiÑcates'') in exchange for certain Classes of REMIC CertiÑcates.Holders of such REMIC CertiÑcates will be entitled to exchange all or a portion of their REMIC CertiÑcatesfor related MACR CertiÑcates, and Holders of MACR CertiÑcates will be entitled to exchange all or a portionof their MACR CertiÑcates for related REMIC CertiÑcates. Appendix 1 to this Supplement shows thecharacteristics of the MACR Classes and the ""Combinations'' of Classes of REMIC CertiÑcates and MACRCertiÑcates.
See ""MACR CertiÑcates'' in the OÅering Circular for a description of MACR CertiÑcates andprocedures for eÅecting exchanges. The fee payable to Freddie Mac in connection with each exchange willequal 2/32 of 1% of the outstanding principal amount (exclusive of any notional principal amount) of theSecurities submitted for exchange (but not less than $5,000).
Class Coupons
The Fixed Rate Classes will bear interest at the Class Coupons shown on the cover page of thisSupplement or on Appendix 1 to this Supplement.
The EB, EC, G, M and PO Classes will be Principal Only Classes and will not bear interest.
The L Class will be a Weighted Average Coupon Class and will bear interest as described on Appendix 1to this Supplement.
The Floating Rate and Inverse Floating Rate Classes will bear interest as follows:
Class Coupon Subject to
Class Initial Rate(1) Class Coupon(2) Minimum Rate Maximum Rate
(1) Initial Rate will be in eÅect during Ñrst Accrual Period; Class Coupon will adjust monthly thereafter.(2) LIBOR will be determined using the ""BBA Method'' in the case of the F, FA, S and SA Classes and using the ""LIBO
Method'' in the case of the SB and SC Classes. See ""Description of Securities Ì Interest Rate Indices'' in the OÅeringCircular.
See ""Payments Ì Interest'' in this Supplement.
S-32
Notional Classes
Original NotionalClass Principal Amount Reduces Proportionately With
IA $40,709,000 *IB $12,291,000 *IC $22,471,975 *
$ 3,585,923 PA (Type I PAC Class)A
1,022,269 PB (Type I PAC Class)4,824,800 PC (Type I PAC Class)
B 2,267,500 PG (Type I PAC Class)PI1,849,423 PH (Type I PAC Class)
$13,549,915D
$ 1,615,385 PJ (PAC Class)A
8,125,615 PK and PL, in the aggregate (PAC Classes)3,076,923 PN (PAC Class)
B 6,065,885 PU (PAC Class)PM2,021,961 PV (PAC Class)
$20,905,769D
SB $21,495,454 EB (Pass-Through Class)
SC $30,975,000 EC (Pass-Through Class)
* The aggregate original notional principal amount of the IA, IB and IC Classes will reduce proportionately with reductions in theoriginal principal amount of the PO Class. Such reduction will be applied as follows:
1. To IA and IB, in that order, until reduced to their ""Targeted Notional Balances'' for that Payment Date2. To IC, until retired3. To IA and IB, in that order, until retired
The Targeted Notional Balances (shown under ""Payments Ì Interest Ì Targeted Notional Balances Schedules'' in this Supplement)were structured as follows:
Structuring Range
IA and IB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100% PSA - 250% PSA
See ""Payments Ì Interest Ì Notional Classes'' in this Supplement.
Allocation of Principal
REMIC CertiÑcates
On each Payment Date, Freddie Mac will pay:
‚ The ""Group 1 Asset Principal Amount'' for that Payment Date to the Classes shown below in thefollowing order of priority:
1. Beginning May 15, 1999, to the Type I PAC Classes, until reduced to their ""AggregateA
Targeted Balance'' for that Payment Date, allocated:Type I (a) 73.333490644% to PA and 26.666509356% to PC, while PA is outstanding, and thenBPAC
(b) Concurrently, (i) 2/3 to PC, PB, PD and PE, in that order, and (ii) 1/3 to PG, PH andPE, in that orderD
A 2. Beginning April 15, 2008, to PW, until reduced to its ""Targeted Balance'' for that PaymentType IIBPAC DateD
S-33
3. To E, FA and SA, until reduced to their Aggregate Targeted Balance for that Payment Date,A
allocated:TAC (a) To E, until reduced to its Targeted Balance for that Payment Date, and thenB
(b) To FA and SA, pro rata, while outstanding, and then(c) To ED
A
Support 4. To F and S, pro rata, until retiredB
D
5. To E, FA and SA, as follows:A
(a) To E, until reduced to its Targeted Balance for that Payment DateTACB
(b) To FA and SA, pro rata, until retired(c) To E, until retiredD
AType II 6. To PW, until retiredBPACD
A 7. To the Type I PAC Classes, as described in step 1 above but without regard to their AggregateType IBPAC Targeted Balance, until retiredD
‚ The ""Accrual Amount'' for that Payment Date as follows:
Scheduled/ A
Accretion (i) To A, until reduced to its Targeted Balance for that Payment DateB
DirectedD
A
Accrual (ii) To ZB
D
‚ The ""Group 2 Asset Principal Amount'' for that Payment Date to the Classes shown below in thefollowing order of priority:
1. Beginning July 15, 1999, to the PAC Classes, until reduced to their Aggregate TargetedA
Balance for that Payment Date, allocated:PAC
B
(a) To PN, PJ, PU and PV, pro rata, while outstanding, and then(b) To PK and PL, in that orderD
2. Concurrently:
A
Support (a) 49.6955825132% to B, C, D and G, pro rata, until retiredB
D
(b) 50.3044174868% as follows:
A
Scheduled (i) To A, until reduced to its Targeted Balance for that Payment DateB
D
A
Support (ii) To Z, until retiredB
D
A
Scheduled (iii) To A, until retiredB
D
3. To PN, PJ, PU and PV, pro rata, until retiredA
PACB
4. To PK and PL, in that order, until retiredD
S-34
‚ The ""Group 3 Asset Principal Amount'' for that Payment Date to EB, until retiredA
‚ The ""Group 4 Asset Principal Amount'' for that Payment Date to EC, until retiredPass-BThrough‚ The ""Group 5 Asset Principal Amount'' for that Payment Date to PO, until retired
‚ The ""Group 6 Asset Principal Amount'' for that Payment Date to M, until retiredD
The Aggregate Targeted Balances and Targeted Balances (shown under ""Payments Ì Principal ÌTargeted Balances Schedules'' in this Supplement) were structured as follows:
Class Structuring Range or Rate
Group 1Type I PAC ClassesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100% PSA - 250% PSAType II PAC Class ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100% PSA - 225% PSATAC Classes (Aggregate)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 165% PSAE ClassÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 113% PSA
Group 2PAC Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100% PSA - 250% PSAA Class ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ *
* The Targeted Balances for the A Class were not structured at any constant structuringrange or rate.
MACR Classes
On any Payment Date when payments of principal are to be allocated from REMIC CertiÑcates torelated MACR CertiÑcates, such payments will be allocated from the applicable Class or Classes of REMICCertiÑcates to the related MACR Class.
See ""Payments Ì Principal'' and ""Prepayment and Yield Analysis'' in this Supplement.
Freddie Mac Guarantee
Freddie Mac guarantees to each Holder of a Security (i) the timely payment of interest at the applicableClass Coupon and (ii) the payment of the principal amount of the Holder's Security as described in thisSupplement.
REMIC Status
Freddie Mac will form an ""Upper-Tier REMIC Pool'' and a ""Lower-Tier REMIC Pool'' for this Series.Elections will be made to treat both REMIC Pools as ""real estate mortgage investment conduits''(""REMICs'') pursuant to the Internal Revenue Code. The R and RS Classes will be ""Residual Classes'' andthe other Classes of REMIC CertiÑcates will be ""Regular Classes.'' The Residual Classes will be subject totransfer restrictions. See ""Certain Federal Income Tax Consequences'' in this Supplement and in the OÅeringCircular.
EB and Group 3 AssetÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20.9 16.5 10.1 6.7 4.9
Group 4PSA Prepayment Assumption
0% 125% 290% 450% 600%
EC and Group 4 AssetÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 21.1 16.8 10.4 6.9 5.0
Group 5PSA Prepayment Assumption
0% 100% 200% 250% 500%
PO and Group 5 Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 19.1 10.9 7.0 5.9 3.1
Group 6PSA Prepayment Assumption
0% 100% 200% 350% 500%
L, M and Group 6 Asset ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 25.5 15.7 6.4 1.8 1.3
* Determined as described under ""Prepayment and Yield Analysis'' in this Supplement, and subject to the assumptions andqualiÑcations in that section. Prepayments will not occur at any assumed rate shown or any other constant rate, and the actualweighted average lives of any or all of the Classes and of the Assets are likely to diÅer from those shown, perhaps signiÑcantly.
The Assets
The Group 1 Assets will consist of $750,000,000 of Freddie Mac 6.5% per annum 30-year PCs.
The Group 2 Assets will consist of $400,000,000 of Freddie Mac 6.5% per annum 15-year PCs.
The Group 5 Assets will consist of $75,471,975 of Freddie Mac's Interest Only Stripped GiantParticipation CertiÑcates and $10,000 of Freddie Mac Principal Only Stripped Giant Participation CertiÑcates
S-36
(""Stripped Giant PCs''), issued as part of Freddie Mac's Gold MACS (ModiÑable And CombinableSecurities), Series 183 (""Series 183'').
The Group 3, Group 4 and Group 6 Assets will have the following characteristics:
Principal Amountin Lower-Tier
Percentage of Class REMIC Pool April 1998Asset in Lower-Tier as of Closing Class Class Principal Type/Group Class REMIC Pool Date Factor Coupon Interest Type(1) Final Payment Date
3 1188-IB 58.8989930013% $12,283,117 1.0000000 (2) PAC I/INV January 15, 20224 1206-IC 77.8053100146 17,700,000 1.0000000 (3) PAC I/INV March 15, 20226 2030-B 100% 22,471,974 0.9880940 0 TAC/AD/PO February 15, 2028
(1) See ""Description of Securities Ì Standard DeÑnitions and Abbreviations for Classes'' in the OÅering Circular.(2) The Series 1188-IB Class bears interest as follows:
Class Coupon Subject to
Class Coupon Minimum Rate Maximum Rate
17.7625% ¿ (LIBOR £ 1.75) 0.00% 17.7625%
(3) Calculated as described in the Series 1206 Asset OÅering Circular. See Exhibit II to this Supplement.
See ""General Information Ì Structure of Transaction'' and ""Prepayment and Yield Analysis'' in thisSupplement and Exhibits I through III to this Supplement.
Mortgage Characteristics (as of April 1, 1998)
Group 1, Group 2 and Group 5 Ì Assumed Mortgage Characteristics
Remaining Term Per Annumto Maturity Loan Age Per Annum Interest Rate
Asset Group Principal Balance (in months) (in months) Interest Rate of Related PCs
The actual remaining terms to maturity, loan ages and interest rates of most of the Mortgages diÅer fromthose shown above, in some cases signiÑcantly. See ""General Information Ì Structure of Transaction'' and""Ì The Mortgages'' in this Supplement.
S-37
A-1
Appen
dix
A
Ava
ilab
le C
om
bin
atio
ns
REM
IC C
ertiÑca
tes
MAC
R C
ertiÑca
tes
REM
ICExch
ange
MAC
RM
axim
um
Origi
nal
Exch
ange
Cla
ssIn
tere
stC
USIP
Gro
up
Cla
ssO
rigi
nal
Bal
ance
Pro
port
ions(
1)
Cla
ssBal
ance
Pro
port
ions(
1)
Princi
pal
Typ
e(2)
Coupon
Typ
e(2)
Num
ber
Fin
al P
aym
ent D
ate
Com
bin
atio
n 1
1FH
$25,5
23,0
62
81.2
499984083%
HM
$31,4
13,0
00
100%
NSJ/
SU
P6.5
%FIX
31392M
JS
2D
ecem
ber
15, 2031
SH
5,8
89,9
38
18.7
500015917
Com
bin
atio
n 2
2D
A$69,6
02,5
18
83.1
999995984%
AL
$83,6
56,8
73
100%
SEQ
6.0
%FIX
31392M
L42
Augu
st 1
5, 2030
DB
14,0
54,3
55
16.8
000004016
Com
bin
atio
n 3
4V
C$30,5
06,6
66
100%
IO$
7,0
39,9
99
N/A
NTL(A
D/SEQ
)6.5
%FIX
/IO
31392M
KF8
April 15, 2013
VA
30,5
06,6
66
N/A
AD
/SEQ
5.5
FIX
31392M
JG
8A
pril 15, 2013
VQ
30,5
06,6
66
N/A
AD
/SEQ
5.0
FIX
31392M
K76
April 15, 2013
VT
30,5
06,6
66
N/A
AD
/SEQ
6.0
FIX
31392M
KB7
April 15, 2013
(1)
Exc
han
ge p
ropor
tion
s ar
e co
nstan
t pro
por
tion
s of
the
orig
inal bal
ance
s of
the
REM
IC C
lass
es o
r M
AC
R C
lass
es, as
applica
ble
. In
acc
ordan
ce w
ith the
exch
ange
pro
por
tion
s, y
ou m
ay e
xchan
geR
EM
IC C
ertiÑca
tes fo
r M
AC
R C
ertiÑca
tes, a
nd v
ice
vers
a. T
he
exch
ange
pro
por
tion
s ar
e not
applica
ble
to
the
MA
CR
Cla
sses
of C
ombin
atio
n3. See
Appen
dix
III
to
the
OÅer
ing
Circu
lar fo
r a
des
crip
tion
of ""ra
tio-
strippin
g'' M
AC
R C
lass
es o
f th
is typ
e.(2)
See
Appen
dix
II
to the
OÅer
ing
Circu
lar.
Appendix B
Balances Schedules
The schedules of Aggregate Targeted Balances and Scheduled Asset Balances are shown
below.
Group 1 Group 1 Group 1Scheduled Asset PAC Scheduled
If you intend to purchase CertiÑcates, you shouldrely only on the information in this Supplementand the OÅering Circular, including the informa-
$1,137,286,917tion in the disclosure documents that we haveincorporated by reference. We have not authorizedanyone to provide you with diÅerent information.
This Supplement, the OÅering Circular and the Freddie Macincorporated documents may not be correct aftertheir dates.
We are not oÅering the CertiÑcates in any juris-Multiclass CertiÑcates,diction that prohibits their oÅer.
Series 2461
TABLE OF CONTENTSDescription Page
OÅering Circular Supplement
Certain Risk Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-2Terms Sheet ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-3Available Information ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-9General InformationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-9
The AgreementÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-9Form of CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-10Structure of Transaction ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-10The Mortgages ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-10
Payments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11Payment Dates; Record Dates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11 WMethod of Payment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11Categories of Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11InterestÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11Principal ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-12Class FactorsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-12Guarantees ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-131% Clean-up Call ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-13Residual ProceedsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-13 X
Prepayment and Yield Analysis ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-13General ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-13Prepayment and Weighted Average Life ConsiderationsÏÏÏÏ S-14Declining Balances Table ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-18Yield Tables ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-26
Final Payment Dates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-28Certain Federal Income Tax Consequences ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-28 Y
General ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-28Regular ClassesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-28Residual Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-28MACR ClassesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-29
Legal Investment Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-30ERISA ConsiderationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-30Plan of Distribution ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-30Legal Matters ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-30Exhibit I Ì Series 2052 Front Cover and Terms Sheet ÏÏÏÏÏÏÏÏ S-31Appendix A Ì Available Combinations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ A-1Appendix B Ì Balances Schedules ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ B-1
OÅering Circular Merrill Lynch & Co.Freddie Mac ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3Additional Information ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3SummaryÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4Risk Factors ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7Description of CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9MACR CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 19Prepayment, Yield and Suitability Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏ 20The AgreementÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 27Certain Federal Income Tax Consequences ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 29ERISA ConsiderationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 44Legal Investment Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 45Plan of Distribution ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 45 May 10, 2002Increase in Size ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 45Appendix I Ì Index of Terms ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ I-1Appendix II Ì Standard DeÑnitions and Abbreviations for
Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ II-1Appendix III Ì MACR CertiÑcate Exchanges ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ III-1Appendix IV Ì Retail Class Principal PaymentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏ IV-1Appendix V Ì Interest Rate Indices ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ V-1