Freddie Mac's chairman, Leland Brendsel, has sent a conciliatory letter to Rep. Richard H. Baker, R-La., clarifying his recent call to eliminate the ceiling on conforming loans.

"Freddie Mac brings homebuyers lower mortgage rates compared to rates charged to families with mortgages above the loan limit, as well as unparalleled innovation and a reliable source of funds," Mr. Brendsel wrote.

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