Mortgage repurchasers Fannie Mae and Freddie Mac should be allowed to play a greater role in easing the mortgage lending credit crunch, say lawmakers who want to raise the conforming loan limit and lift caps on Fannie and Freddie’s loan portfolios.

Rep. Barney Frank, chairman of the House Financial Services Committee, said a bill passed by the House this spring overhauling oversight of the government-sponsored entities, or GSEs, should have gone farther in raising the conforming loan limit — the maximum-size loan Fannie and Freddie normally purchase or guarantee.

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