OÅering Circular Supplement $712,956,500 (To OÅering Circular Dated June 1, 2003) Freddie Mac Multiclass CertiÑcates, Series 3078 OÅered Classes: REMIC Classes shown below and MACR Classes shown on Appendix A OÅering Terms: The underwriter named below is oÅering the Classes in negotiated transactions at varying prices Closing Date: November 22, 2005 REMIC Original Principal Class Interest CUSIP Final Payment Classes Balance Type(1) Coupon Type(1) Number Date AD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 43,682,000 PAC II 5.5% FIX 31396E J V 9 November 15, 2035 AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,000 PAC II 5.5 FIX/Z 31396E J X 5 November 15, 2035 BA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 85,000,000 PAC I 5.5 FIX 31396E J Y 3 August 15, 2028 BC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 27,994,000 PAC I 5.5 FIX 31396E J Z 0 September 15, 2031 BD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 28,042,000 PAC I 5.5 FIX 31396E K 2 1 February 15, 2034 F ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 98,230,000 SUP (2) FLT 31396E K 7 0 November 15, 2035 PA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 107,706,000 PAC I 5.5 FIX 31396EKK1 July 15, 2024 PB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 70,639,000 PAC I 5.5 FIX 31396EKL9 July 15, 2029 PC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23,498,000 PAC I 5.5 FIX 31396EKM7 November 15, 2030 PE ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 35,935,000 PAC I 5.5 FIX 31396EKP0 November 15, 2035 PO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 17,860,000 SUP 0.0 PO 31396EKV7 November 15, 2035 QA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 18,621,428 SUP 6.0 FIX 31396EKW5 December 15, 2033 QB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 15,207,705 SUP 6.0 FIX 31396EKX3 December 15, 2034 QC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 16,172,742 SUP 6.0 FIX 31396EKY1 November 15, 2035 QH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6,739,000 PAC II 5.5 FIX 31396EKZ8 November 15, 2035 QJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6,767,000 PAC III 5.5 FIX 31396E L 2 0 November 15, 2035 QO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4,545,625 SUP 0.0 PO 31396E L 3 8 November 15, 2035 SI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 98,230,000 NTL(SUP) (2) INV/IO 31396E L 7 9 November 15, 2035 UI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 81,550,000 NTL(PAC I) 5.5 FIX/IO 31396E L 8 7 July 15, 2034 UO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 81,550,000 PAC I 0.0 PO 31396E L 9 5 July 15, 2034 WI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24,757,000 NTL(PAC I) 5.5 FIX/IO 31396ELA2 November 15, 2035 WOÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24,757,000 PAC I 0.0 PO 31396ELB0 November 15, 2035 R ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31396E L 4 6 November 15, 2035 RS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31396E L 5 3 November 15, 2035 (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 not purchase CertiÑcates unless you have carefully considered and are able to bear the associated prepayment, interest rate, yield and market 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. LEHMAN BROTHERS November 1, 2005
32
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OÅering Circular Supplement $712,956,500(To OÅering CircularDated June 1, 2003) Freddie Mac
Multiclass CertiÑcates, Series 3078
OÅered Classes: REMIC Classes shown below and MACR Classes shown on Appendix AOÅering Terms: The underwriter named below is oÅering the Classes in negotiated transactions at varying
pricesClosing Date: November 22, 2005
REMIC Original Principal Class Interest CUSIP Final PaymentClasses Balance Type(1) Coupon Type(1) Number Date
AD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 43,682,000 PAC II 5.5% FIX 31396E J V 9 November 15, 2035AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,000 PAC II 5.5 FIX/Z 31396E JX5 November 15, 2035BA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 85,000,000 PAC I 5.5 FIX 31396E JY3 August 15, 2028BC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 27,994,000 PAC I 5.5 FIX 31396E J Z 0 September 15, 2031BD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 28,042,000 PAC I 5.5 FIX 31396EK21 February 15, 2034F ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 98,230,000 SUP (2) FLT 31396EK70 November 15, 2035PA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 107,706,000 PAC I 5.5 FIX 31396EKK1 July 15, 2024PB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 70,639,000 PAC I 5.5 FIX 31396EKL9 July 15, 2029PC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23,498,000 PAC I 5.5 FIX 31396EKM7 November 15, 2030PE ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 35,935,000 PAC I 5.5 FIX 31396EKP0 November 15, 2035PO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 17,860,000 SUP 0.0 PO 31396EKV7 November 15, 2035QA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 18,621,428 SUP 6.0 FIX 31396EKW5 December 15, 2033QB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 15,207,705 SUP 6.0 FIX 31396EKX3 December 15, 2034QC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 16,172,742 SUP 6.0 FIX 31396EKY1 November 15, 2035QH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6,739,000 PAC II 5.5 FIX 31396EKZ8 November 15, 2035QJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6,767,000 PAC III 5.5 FIX 31396E L 2 0 November 15, 2035QO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4,545,625 SUP 0.0 PO 31396E L 3 8 November 15, 2035SI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 98,230,000 NTL(SUP) (2) INV/IO 31396E L 7 9 November 15, 2035UI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 81,550,000 NTL(PAC I) 5.5 FIX/IO 31396E L 8 7 July 15, 2034UO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 81,550,000 PAC I 0.0 PO 31396E L 9 5 July 15, 2034WI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24,757,000 NTL(PAC I) 5.5 FIX/IO 31396ELA2 November 15, 2035WOÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24,757,000 PAC I 0.0 PO 31396ELB0 November 15, 2035R ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31396E L 4 6 November 15, 2035RS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0 NPR 0.0 NPR 31396E L 5 3 November 15, 2035
(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 not purchase CertiÑcates unless you havecarefully considered and are able to bear the associated prepayment, interest rate, yield and market risks ofinvesting 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 OÅeringCircular and the documents listed under Available Information.
We guarantee principal and interest payments on the CertiÑcates. These payments are not guaranteed by andare not debts or obligations of the United States or any federal agency or instrumentality other than FreddieMac. The CertiÑcates are not tax-exempt. Because of applicable securities law exemptions, we have notregistered the CertiÑcates with any federal or state securities commission. No securities commission hasreviewed this Supplement.
LEHMAN BROTHERS
November 1, 2005
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, Principal Only, Inverse Floating Rate, 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. This is especially true for a Principal Only Class.
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 the 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 the Interest Only Inverse Floating Rate Class, you may not even recover your investment
if LIBOR levels are high or prepayments 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 June 1, 2003 (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.
Payment Dates
We make payments of principal and interest on the CertiÑcates on each monthly Payment Date
beginning in December 2005.
Form of Classes
Regular and MACR Classes: Book-entry on Fed System
Residual Classes: CertiÑcated
Interest
The Fixed Rate Classes bear interest at the Class Coupons shown on the front cover and
Appendix A.
PO, QO, UO and WO are Principal Only Classes and do not bear interest.
For trading purposes only, PO will be treated as a non-Delay Class and the other Principal Only
Classes will be treated as Delay Classes.
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.
InitialClass Coupon Subject toClass
Class Coupon Class Coupon Formula Minimum Rate Maximum Rate
See Appendix V to the OÅering Circular and Payments Ì Interest.
S-3
Notional Classes
Original NotionalClass Principal Amount Reduces Proportionately With
AI* $ 3,971,090 AD (PAC II)BI* 3,863,636 BA (PAC I)
A $19,582,909 PA (PAC I)8,861,983 PB (PAC I)
BGI*$28,444,892
D
JE* 8,861,983 PB (PAC I)PI* 19,582,909 PA (PAC I)SI 98,230,000 PO (SUP)UI 81,550,000 UO (PAC I)WI 24,757,000 WO (PAC I)
* MACR Class.
See Payments Ì Interest Ì Notional Classes.
MACR Classes
This Series includes MACR Classes. Appendix A shows the characteristics of the MACR
Classes and the Combinations of REMIC and MACR Classes.
See Appendix III to the OÅering Circular for a description of MACR CertiÑcates and
exchange procedures and fees.
Principal
REMIC Classes
On each Payment Date, we pay:
AType II PACB ‚ The Accrual Amount to AD, until retired, and then to AZand AccrualD
‚ The Asset Principal Amount in the following order of priority:
A 1. Beginning in November 2006, to the Type I PAC Classes, until reduced to their
Aggregate Targeted Balance, allocated concurrently:Type I PAC
B
a. 65.8244025717% to PA, PB, PC, UO and PE, in that order, while outstanding
D b. 34.1755974283% to BA, BC, BD and WO, in that order, while outstanding
2. Concurrently:
a. 70.1304230465% as follows:
A
Type II PACB i. To AD and AZ, in that order, until reduced to their Aggregate Targeted BalanceD
A
SupportB ii. To F and PO, pro rata, until retiredD
A
Type II PACB iii. To AD and AZ, in that order, until retiredD
b. 29.8695769535% as follows:
A
Type II PACB i. To QH, until reduced to its Targeted BalanceD
S-4
A
Type III PACB ii. To QJ, until reduced to its Targeted BalanceD
A iii. Concurrently:Support
B A. 91.6666666667% to QA, QB and QC, in that order, until retired
D B. 8.3333333333% to QO, until retired
A
Type III PACB iv. To QJ, until retiredD
A
Type II PACB v. To QH, until retiredD
A 3. To the Type I PAC Classes as described in Step 1, but without regard to theirType I PAC
B
D Aggregate Targeted Balance, until retired
The ""Aggregate Targeted Balances'' and ""Targeted Balances'' are in Appendix B. They were
calculated using the following Structuring Ranges.
Structuring Range
Type I PAC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100% PSA - 250% PSAType II PAC (AD and AZ) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 124% PSA - 200% PSAType II PAC (QH) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100% PSA - 250% PSAType III PACÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 120% PSA - 200% PSA
See Payments Ì Principal and Prepayment and Yield Analysis.
MACR Classes
On each Payment Date when MACR CertiÑcates are outstanding, we allocate principal
payments from the applicable REMIC CertiÑcates to the related MACR CertiÑcates that are
entitled to principal, as described under MACR CertiÑcates in the OÅering Circular.
REMIC Status
We will form an Upper-Tier REMIC Pool and a Lower-Tier REMIC Pool for this Series. We
will elect to treat each REMIC Pool as a REMIC under the Code. R and RS will be ""Residual
Classes'' and the other Classes shown on the front cover will be ""Regular Classes.'' The Residual
Classes will be subject to transfer restrictions. See Certain Federal Income Tax Consequences in this
Supplement and the OÅering Circular.
S-5
Weighted Average Lives (in years)*
PSA Prepayment Assumption
0% 100% 170% 250% 400%
AB, AC, AD, AI and BT ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24.1 8.0 2.3 2.3 1.6AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 27.0 14.3 7.1 7.1 2.9BA, BH and BI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12.1 3.8 3.8 3.8 3.1BC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20.5 8.0 8.0 8.0 5.4BD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23.0 11.0 11.0 11.0 7.3BE, WI and WO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 25.1 17.6 17.6 17.6 11.9F, PO, S and SI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 28.6 21.5 11.4 3.0 1.5GC, GD, GE, GH, GI and GJÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12.0 3.8 3.8 3.8 3.1JA, JB, JC, JD, JE and PB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 17.7 6.0 6.0 6.0 4.3PA, PH, PI, PJ, PK and PLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9.4 2.8 2.8 2.8 2.6PC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20.5 8.0 8.0 8.0 5.3PD, UI and UO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 22.9 11.0 11.0 11.0 7.3PE ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 25.3 18.8 18.8 18.8 12.8QA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 27.4 15.8 2.7 1.3 0.8QB ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 28.5 21.0 9.9 3.0 1.7QC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 29.5 26.4 20.9 5.3 2.4QHÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 19.8 0.5 0.5 0.5 0.5QJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 26.4 11.2 2.3 2.3 2.1QO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 28.4 20.8 10.8 3.1 1.6The AssetsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20.5 11.0 8.2 6.2 4.2
* 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 Assets
The ""Assets'' consist of Freddie Mac PCs with the following characteristics:
Original TermPrincipal Balance (in years) Interest Rate
$712,956,500 30 5.5%
See General Information Ì Structure of Transaction.
We will 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. See
Available Information.
Assumed Mortgage Characteristics (as of November 1, 2005)
Remaining Term Per Annumto Maturity Loan Age Per Annum Interest Rate
Principal Balance (in months) (in months) Interest Rate of Related PCs
$712,956,500 355 5 5.95% 5.5%
The actual characteristics of the Mortgages diÅer from those shown, in some cases
signiÑcantly.
See General Information Ì The Mortgages.
S-6
AVAILABLE INFORMATION
You should purchase CertiÑcates only if you have read and understood this Supplement, the
‚ Our Giant and Other Pass-Through CertiÑcates OÅering Circular dated September 1,
2005, which describes Gold Giant PCs generally.
‚ Our Information Statement dated June 14, 2005 and any subsequent Information
Statement and Information Statement Supplements published 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 should rely only on the
most current information provided or incorporated by reference in this Supplement and any
applicable Supplemental Statement.
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:
Lehman Brothers Inc.
c/o ADP Financial Services
Prospectus Department
1155 Long Island Avenue
Edgewood, New York 11717
(631) 254-7106
GENERAL INFORMATION
The Agreement
We will create the CertiÑcates under the Multiclass CertiÑcates Agreement dated June 1, 2003
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.
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.
S-7
See Description of CertiÑcates Ì Form, Holders and Payment Procedures in the OÅering
Circular.
Denominations of CertiÑcates
The Inverse Floating Rate Classes will be issued, and may be held and transferred, in minimum
original principal or notional principal amounts of $100,000 and additional increments of $1. See
Description of CertiÑcates Ì Form, Holders and Payment Procedures in the OÅering Circular for
the minimum denominations of the other Classes.
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 Assets
The Assets are Gold PCs and/or Gold Giant PCs.
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 Characteristics. However, the actual character-
istics 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.
We may furnish some or all of the Assets from our own portfolio. Assets from our portfolio, or
from other sources, may emphasize speciÑc Mortgage characteristics, such as loan purpose, source
of origination, geographic distribution or loan size, or speciÑc borrower characteristics, such as credit
rating or equity in the property. You can obtain information about the underlying Mortgage
characteristics for the Assets from our Internet Web-Site.
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.
S-8
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.
The following deÑnition also applies to a Class of this Series:
Freddie MacStandard
Abbreviation Category of Class DeÑnition
S Structured Formula Floating Rate and Inverse Floating Rate Classes withClass Coupons that are periodically reset using a formula otherthan an Index (without any multiplier) plus a constant, in thecase of Floating Rate Classes, or a constant minus an Index(without any multiplier), in the case of Inverse Floating RateClasses, and which are not designated as Toggle 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 Class receives 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.
Principal Only Classes
The Principal Only Classes are shown under Terms Sheet Ì Interest. They do not bear interest.
S-9
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.
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 Class
AZ is an Accrual Class. It does not receive interest payments; rather, interest accrued on the
Accrual Class during each Accrual Period is added to its principal amount on the related Payment
Date. We pay principal on the 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 the Accrual Class during the related Accrual Period
and not payable as interest on that Payment Date (the ""Accrual Amount'').
‚ The amount of principal required to be paid in the same month on the Assets (the
""Asset Principal Amount'').
Allocation of Payments
On each Payment Date, we pay the Accrual Amount and the Asset Principal Amount for that
Payment Date as described under Terms Sheet Ì Principal.
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.
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For example, the reduction (or for the 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 the Accrual Class, added to the
principal amount of) a CertiÑcate in February will equal 30 days' interest at its Class Coupon,
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. 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.
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‚ If you own a Fixed Rate Class, the delay between its Accrual Period and the related
Payment Date.
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.
‚ 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
PAC Classes
Principal payments on the PAC 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 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 table.
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Initial EÅective Ranges
Class Range
Type I PACBA and BH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100% PSA - 257% PSABC, BD, PC, PD and UO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100% PSA - 250% PSABE and WOÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 86% PSA - 250% PSAGC, GD, GE, GH, GJ, JA, JB, JC, JD and PB ÏÏÏÏÏÏÏ 100% PSA - 252% PSAPA, PH, PJ, PK and PL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100% PSA - 294% PSAPEÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 78% PSA - 250% PSA
Type II PACAB, AC, AD, AZ and BTÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 124% PSA - 254% PSAQH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100% PSA - 1,669% PSA
Type III PACQJÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 120% PSA - 312% PSA
The initial EÅective Ranges, if calculated using the actual characteristics of the Mortgages,
could diÅer from those shown in the table. Even if the Mortgages were to prepay at a constant rate
within the initial EÅective Range shown for any Class, but near the upper or lower end of that
EÅective Range, that Class might not receive scheduled payments.
Non-constant prepayment rates can cause any Class not to receive scheduled payments, even if
such rates remain within its EÅective Range shown above. The EÅective Ranges can narrow or
""drift'' upward or downward over time. Under many scenarios the Classes shown in the table,
especially the Type II and Type III PAC Classes, would not receive scheduled payments.
Other Classes support the principal payment stability of the PAC Classes, as shown below.
When its supporting Classes all retire, any outstanding PAC Class will become more sensitive to
Mortgage prepayments and its EÅective Range will no longer exist. If a Type II or Type III PAC
Class supports any other Class at that time, its principal payment behavior will become similar to
that of a Support Class, as described below.
Supporting ClassesClasses Supported by
Type I PACÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type II PAC, Type III PAC and SupportType II PAC (AB, AC, AD, AZ and BT)ÏÏÏÏÏÏÏÏ F, PO and SType II PAC (QH) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Type III PAC, QA, QB, QC and QOType III PAC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ QA, QB, QC and QO
If the underlying Mortgages prepay at rates that are generally below the EÅective Range for
any Class, the available principal may be insuÇcient to produce scheduled payments on that Class
and its weighted average life may extend, perhaps signiÑcantly. If the underlying Mortgages prepay
at rates that are generally above the EÅective Range for any Class, its weighted average life may
shorten, perhaps signiÑcantly. However, the weighted average life of any PAC Class could extend
(or shorten) under some scenarios, including ""whipsaw'' scenarios, involving Mortgage prepayments
at rates that, on average, are above (or below) its EÅective Range.
We distribute all available principal monthly on each Payment Date and do not retain it for
distribution on subsequent Payment Dates. As a result, the likelihood that the PAC Classes will
receive scheduled payments will not beneÑt from averaging high and low principal payments in
diÅerent months.
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Support Classes
The Support Classes support the principal payment stability of the PAC Classes as described
above. As a result, each Support Class is likely to be much more sensitive to Mortgage prepayments
than is any Class it supports. The Support Classes may receive no principal payments for extended
periods of time, and their principal payment rates may vary widely from month to month. Relatively
fast Mortgage prepayments may signiÑcantly shorten, and relatively slow Mortgage prepayments
may signiÑcantly extend, the weighted average lives of the Support Classes.
MACR Classes
The payment characteristics of the MACR Classes reÖect the payment characteristics of their
related REMIC Classes.
Declining Balances Table
The following table shows:
‚ Percentages of original balances (as of the Closing Date) that would be outstanding
after each of the Payment Dates shown at various percentages of PSA.
‚ Corresponding weighted average lives.
We have prepared this table using the Modeling Assumptions. However, for 0% PSA we have
assumed that each Mortgage (a) has an interest rate 2.5% higher than that of the PCs and (b) has a
remaining term to maturity of 360 months and a loan age of 0 months. We have calculated weighted
average lives for each Notional Class assuming that a reduction in its notional principal amount is a
reduction in principal balance.
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Percentages of Original Balances Outstanding* and Weighted Average Lives
and the OÅering Circular, including the informa- $712,956,500tion in the disclosure documents that we have
incorporated by reference. We have not authorized
anyone to provide you with diÅerent information. Freddie MacThis Supplement, the OÅering Circular and the
incorporated documents may not be correct after
their dates.Multiclass CertiÑcates,
We are not oÅering the CertiÑcates in any juris- Series 3078diction that prohibits their oÅer.
TABLE OF CONTENTSDescription Page
OÅering Circular Supplement
Certain Risk Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-2Terms Sheet ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-3Available Information ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-7General InformationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-7
The AgreementÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-7Form of CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-7Denominations of CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-8Structure of Transaction ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-8The Mortgages ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-8
Payments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-8Payment Dates; Record Dates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-8Method of Payment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-9Categories of Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-9InterestÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-9Principal ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-10Class FactorsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-10Guarantees ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-111% Clean-up Call ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11Residual ProceedsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11
Prepayment and Yield Analysis ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11General ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-11Prepayment and Weighted Average Life ConsiderationsÏÏÏÏ S-12Declining Balances Table ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-14Yield Tables ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-18
Final Payment Dates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-21Certain Federal Income Tax Consequences ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-21
General ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-21Regular ClassesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-21Residual Classes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-22MACR ClassesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-23
Legal Investment Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-23ERISA ConsiderationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-24Plan of Distribution ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-24 LEHMAN BROTHERSLegal Matters ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ S-24Appendix A Ì Available Combinations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ A-1Appendix B Ì Balances Schedules ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ B-1
OÅering CircularFreddie Mac ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3Additional Information ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3SummaryÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4Risk Factors ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7Description of CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9MACR CertiÑcates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20Prepayment, Yield and Suitability Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏ 21The AgreementÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 27Certain Federal Income Tax Consequences ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 30ERISA ConsiderationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 45Legal Investment Considerations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 45Plan of Distribution ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 46Increase in Size ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 46Appendix I Ì Index of Terms ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ I-1 November 1, 2005Appendix 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-1Appendix VI Ì Guaranteed Maturity and Call Classes;
Redemption and Exchange Procedures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ VI-1