A look at stories across HousingWire’s weekend desk…with more coverage to come on bigger issues:

Regulators closed seven banks Friday, bringing the total number of failed banks to 37 so far in 2010. The weekly round of bank failures is estimated to cost the Federal Deposit Insurance Corp.'s (FDIC) Deposit Insurance Fund (DIF) $1.28bn.

The Utah Department of Financial Institutions shut down Advanta Bank Corp. The FDIC, acting as receiver, could not find another financial institution to take over the banking operations. The FDIC therefore approved the payout of the insured deposits, and said in a press statement checks should be mailed to depositors Monday.

As of Dec. 31, 2009, Advanta Bank had $1.6bn of total assets and $1.5bn of total deposits. At the time of closing, the FDIC estimated about $247,000 of these funds are uninsured, but said in the press statement that the estimate is likely to change when additional information is obtained from bank customers. The failure is expected to cost the DIF $635.6m.

The Georgia Department of Banking and Finance closed Appalachian Community Bank. Community & Southern Bank will pay a 1% premium to acquire all $917.6m of deposits and will also acquire essentially all $1.01bn of the failed bank's assets. The FDIC and Community & Southern Bank entered a loss-share transaction on $798.6m of the failed bank's assets. The failure is estimated to cost the DIF $419.3m.

The Georgia Department of Banking and Finance closed Bank of Hiawassee. Citizens South Bank will pay the FDIC a 1% premium to assume all $339.6m of deposits and will purchase essentially all of the $337.8m of assets from the failed bank. The FDIC and Citizens South Bank entered a loss-sharing agreement on $232.6m of the assets. The failure is estimated to cost the DIF $137.7m.

The Alabama Banking Department shut down First Lowndes Bank. First Citizens Bank will assume all $131.1m of deposits and $137.2m of assets from the failed Bank. FDIC and First Citizens BAnk entered a loss-share transaction on $104.1m of the failed bank's assets. The failure is expected to cost the DIF $38.3m.

The Georgia Department of Banking and Finance shut down Century Security Bank. Bank of Upson will acquire all $94m of deposits and essentially all $96.5m of assets from the failed bank. The FDIC entered a loss-share transaction with Century Security Bank on $81.5m of the failed bank's assets. The failure is expected to cost the DIF $29.9.

The Office of the Comptroller of the Currency closed American National Bank. The National Bank and Trust Company will assume all $66.8m of deposits and essentially all $70.3m of assets from the failed bank. The FDIC entered a loss-share transaction on $49.8m of the failed bank's assets. The failure is estimated to cost the DIF $17.1m.

The Minnesota Department of Commerce shuttered State Bank of Aurora. FDIC said Northern State Bank will acquire "essentially all" $28.2m of the failed bank's assets, and will pay the FDIC a 0.5% premium for the $27.8m of deposits. FDIC and Northern State Bank entered a loss-sharing transaction on $21.3m of State Bank of Aurora's assets. The failure is estimated to cost the DIF $4.2m.

In his weekly address to the nation on Saturday, President Barack Obama called for comprehensive reform to the financial system. In particular, he voiced support for the Consumer Financial Protection Agency (CFPA) outlined in Sen. Chris Dodd's (D-CT) sweeping financial bill. Under the bill, the CFPA will form rules and regulations to ensure that consumers understand certain financial products – such as complex mortgages – before making any commitments. The CFPA will also aim to enforce fair lending practices.

"For these banking reforms to be complete -- for these reforms to meet the measure of the crisis we've just been through -- we need a consumer agency to advocate for ordinary Americans and help enforce the rules that protect them," Obama said, according to printed remarks. "That's why I won't accept any attempts to undermine the independence of this agency."

In remarks delivered at the Independent Community Bankers of America's national convention in Orlando, Federal Reserve chairman Ben Bernanke voiced his support for a supervisory agency focused on community banks as well as large, significant banking institutions.

"Close connections with community bankers enable the Federal Reserve to better understand the full range of financial concerns and risks facing the country, such as the current difficult problems in commercial real estate lending and the impediments to small business lending," he said, according to prepared remarks. "For example, recent patterns in commercial loan growth are very different at large and small banks, and our links to community bankers help us to better understand these trends. The community banking perspective is also critical as we try to assess the burden and effectiveness of financial regulation."

The House Committee on Oversight and Government Reform chairman Edolphus Towns (D-NY) announced Friday the panel will conduct a hearing Thursday, March 25 to examine the execution and impact of the Home Affordable Modification Program (HAMP).

At the hearing, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Neil Barofsky is scheduled to release the report on HAMP management. Herbert Allison Jr., the assistant secretary for financial stability at the Treasury Department, is scheduled to testify at the earring, as is the Government Accountability Office acting comptroller general Gene Dodaro and the National Community Reinvestment Coalition president and CEO John Taylor.

Guggenheim Partners and Landesbank Baden-Wurttemberg (LLBW) on Friday announced Guggenheim will acquire the US-based broker/dealer LBBW Securities.

Guggenheim Securities, the investment banking and capital markets branch of Guggenheim, is expected to complete the purchase the unit -- under undisclosed terms -- by the beginning of April.

It was reported Friday that a unit of Australian investment bank Macquarie Group issued A$1.2bn (US$1.1bn) of structured financing notes backed by residential mortgages. Bloomberg reported the bonds were placed privately to investors.

The monthly InFront report by Clayton Holdings late last week noted several significant traits among residential mortgage-backed securities (RMBS) during January. Supbrime delinquencies of 60+ days remained steady overall among first lien vintages, although second liens ranged from a 21% increase to a 3% decrease in the delinquency rate.

Roll rates of mortgages rolling over between stages of delinquency were mixed in January for subprime first lien portfolios, raining from a 5% decrease to a 10% increase. The discrepancy was even more pronounced among second liens, ranging from a 55% increase to a 2% decrease.

Clayton also found the one-month constant prepay rate decreased across all vintages for subprime first liens, ranging up to a 27% difference from December. Subprime second liens decreased as well, researchers said, up to 76%:

It was reported Friday that the Association of Community Organizations for Reform Now (ACORN) would hold a teleconference over the weekend to discuss a plan to file for bankruptcy.

The New York Times reported that, of the group's 30 state chapters, at least 15 have shut their doors in the last six months with no plans to reopen -- including the Maryland chapter, which came under fire recently after an undercover video clip showed ACORN Housing employees allegedly explaining how to obtain a mortgage to purchase a home to start a brothel.

The following withdrawal of private donations and public grants likely prompted a move to the verge of bankruptcy, the Times reported.

Write to Diana Golobay.

Disclosure: The author holds no relevant investment positions.