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

The Securities Exchange commission proposed a series of rules Friday to "strengthen the SEC's oversight of investment advisers and fill key gaps in the regulatory landscape."

The SEC's proposed rules would implement certain aspects of the Dodd-Frank law, including facilitating the registration of advisers to hedge funds and other private funds with the SEC and increase the asset threshold for advisers to register with the government entity.

Before the creation of Dodd-Frank, advisers to private and hedge funds were not required to register with the SEC. However, the proposed rules mandate that every adviser register the regulator and be subject to regulatory oversight.

To facilitate the registration process, the SEC is requiring advisers disclose more information about the firm they work with, such as size and type of private fund, information about company auditors, brokers, marketers, administrators and custodians.

The SEC's rules also divide regulatory power between the government entity and state regulators, mandating the threshold for SEC registration be between $25 million and $100 million.

"As a result, an estimated 4,100 investment advisers will now register with and be overseen by state securities authorities — and not by the SEC," Chairman Mary Schapiro said.

The SEC also named Jennifer McHugh acting director of its investment management division Friday. She replaces Andrew "Buddy" Donohue.

Vice President Joe Biden announced a series of initiatives Friday to help low- to middle-income families attain access to legal services. One initiative is designed to strengthen foreclosure mediation programs that take place between a lender and borrower before a foreclosure takes place.

The District of Columbia now requires that lenders participate in a four-month mediation program if a borrower in the district chooses to enact the program.

As part of the initiative, the Department of Justice, in conjunction with the Department of Housing and Urban Development, released a joint report to identify emerging strategies for effective foreclosure mediation. HUD also will host a new training webinar that highlights strategies for avoiding foreclosure.

Another initiative targets veteran's and aims to help them attain legal help for issues such as foreclosure and consumer fraud. In September, Fannie Mae and the U.S. Army announced a new program that gives military personnel a foreclosure forbearance up to six months. To qualify, a borrower must be unable to pay his mortgage due to injury or death.

Moody's Investors Service is downgrading about $7.7 billion of residential mortgage-backed securities issued by Citigroup Mortgage Loan Trust and Structured Adjustable Rate Mortgage Loan Trust because the credit rating agency believes the loans are backed primarily by first-lien, fixed rate Alt-A mortgage loans.

Last month, head of mortgage analytics at 1010data Jonah Green, told HousingWire that because of the housing crisis, Alt-A delinquencies "are so great that people are considering Alt-A, effectively, subprime."

Moody's downgraded $6.2 billion worth from RMBS from Citigroup that were originated between 2005 and 2007. It downgraded the ratings of 133 tranches, upgraded ratings on three tranches, and confirmed ratings on 11 tranches.

Moody's downgraded $1.5 billion worth of RMBS from Structured Adjustable Rate that were originated in 2006 and 2007. The credit rating agency downgraded 22 tranches from eight RMBS transactions.

Three banks failed on Friday, according to the Federal Deposit Insurance Corp., bringing the 2010 count to 149 banks. In 2009, 140 banks closed.

The Florida Office for Financial Regulation closed Gulf State Community Bank in Carrabelle. Centennial Bank in Conway, Ark. assumed the $112.2 million in deposits and agreed to purchase essentially all of Gulf State's $112.1 million assets. The FDIC will retain the rest and estimated the closing cost to the DIF to be $42.7 million.

The Secretary of the Pennsylvania Department of Banking closed Allegiance Bank of North America in Bala Cynwyd. VIST Bank in Wyomissing, Pa. assumed the $92 million in deposits and agreed to purchase essentially all of Allegiance Bank's $106.6 million assets. The FDIC will retain the rest and estimated the closing cost to the DIF to be $14.2 million.

The Wisconsin Department of Financial Institutions closed First Banking Center in Burlington. First Michigan Bank in Troy, Mich. assumed the $664.8 million in deposits and agreed to purchase essentially all of First Banking Center's $750.7 million assets. The FDIC will retain the rest and estimated the closing cost to the DIF to be $142.6 million.

Write to Christine Ricciardi.