WASHINGTON — Regulators' second stab at crafting rules that would require lenders to retain the risk of loans they sell into the secondary market is decidedly more popular than the first attempt, but not everyone is giving it high marks.

Lenders are mostly relieved that regulators broadened an exemption for mortgage securitizers to avoid a 5% risk retention requirement, although at least one large bank protested the move. Still, the bulk of the criticism has focused on the plan's potential impact on securities backed by leveraged commercial loans.

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