WASHINGTON — While it's clear that tighter rules for securitization are on their way, varying approaches to the issue by different agencies are making bankers and issuers uneasy.

At worst, government efforts to rein in issuers of asset-backed securities could produce three separate regulations, each with its own elements. While the three rules would all largely do the same thing — strengthening disclosure and requiring issuers to retain 5% of the credit risk from a securitization — they have significant differences.

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