Freddie Machas priced a $916 million Structured Agency Credit Risk debt notes .

Under the transaction, pricing was one-month LIBOR plus a spreadof 125 basis points for the M-1 class, one-month LIBOR plus a spread of 220 basispoints for the M-2 class, one-month LIBOR plus a spread of 465 basis points forthe M-3 class, and one-month LIBOR plus a spread of 1,050 basis points for the Bclass.

The offering has a reference pool of single-family mortgageswith an unpaid principal balance of more than $30 billion. Freddie Mac holds thesenior loss risk in the capital structure and a portion of the risk in the classM-1, M-2, M-3 and B bonds.

Nomura Securities and Bank of America Merrill Lynch are co-leadmanagers and joint book runners.