WASHINGTON - Critics say federal regulators jumped the gun last week by proposing stricter capital requirements on retained interests from asset securitizations at the same time that another proposal, addressing the broader issue of asset sales with recourse, is being debated.

"It sounds like somebody hit the panic button," said Gilbert T. Schwartz, a partner with the Washington law firm Schwartz & Ballen. "They have come up with bifurcated proposals, one dealing with recourse and one dealing with residuals. It seems to me that they should be trying to deal with the issue of securitizations on a global basis, rather than piecemeal."

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