It is most likely the brake proportioning valve. if it has hydraulic lines running to it that is about the only thing it could be. It is used to help prevent wheel lock up under extreme braking by proportiong the amount of fluid/pressure the rear wheels recieve under hard braking that would cause the front to nose dive. When this happens it is more likely for the rear brakes to lock up so the valve will reduce the amount of pressure to help prevent the lock up.
http://auto.howstuffworks.com/master-brake2.htm
If you ahve ever seen the underside of many trucks the proportioning valve is located at the rear because as the truck is loaded the propotioning valve can compensate for the extra weight in teh bed of thetruck. More than likely your Camry wagon is this same way so it will compensate for any added weight you may have in teh car since it is a wagone and theoretically able to carry more of a load than a sedan would.
This is much easier to explain in person than over the freaking internet.