legal powers and responsibilities

legal powers and responsibilities Sec. 432. (a) In the performance of, and with respect to, the functions, powers, and duties vested in him by this part, the Commissioner may— (1) prescribe such regulations as may be necessary to carry out the purposes of this part; (2) sue and be sued in any court of record of a State having general jurisdiction or in any district, court of the United States, and such district courts shall have jurisdiction of civil actions arising under this part without regard to the amount in controversy, and any action instituted under this subsection by or against the Commissioner shall survive notwithstanding any change in the person occupying the office of Commissioner or any vacancy in that office; but no attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Commissioner or property under his control, and nothing herein shall be construed to except litigation arising out of activities under this part from the application of sections 507(b) and 2679 of title 28 of the United States Code and of section 367 of the Revised Statutes (5 U.S.C. 316); (3) include in any contract for Federal loan insurance such terms, conditions, and covenants relating to repayment of principal and payment of interest, relating to his obligations and rights and to those, of eligible lenders, and borrowers in case of default, and relating to such other matters as the Commissioner determines to be necessary to assure that, the purposes of this part, will be achieved; and any term, condition, and covenant made pursuant, to this clause or any other provisions of this part may be modified by the Commissioner if he determines that modification is necessary to protect the financial interest of the United States; (4) subject to the specific, limitations in this part, consent, to the modification, with respect, to rate of interest, time of payment of any installment of principal and interest or any portion thereof, or any other provision of any note or other instrument evidencing a loan which has been insured by him under this part; (5) enforce, pay, or compromise, any claim on, or arising because of, any such insurance; and (6) enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right or redemption. 79 Stat. 1247 (b) The Commissioner shall, with respect to the financial operations arising by reason of this part— (1) prepare annually and submit a budget program as provided for wholly owned Government corporations by the Government Corporation Control Act; and (2) maintain with respect to insurance under this part an integral set of accounts, which shall be audited annually by the General Accounting Office in accordance with principles and procedures applicable to commercial corporate transactions, as provided by section 105 of the Government Corporation Control Act, except, that the. transactions of the Commissioner, including the settlement of insurance claims and of claims for payments pursuant to section 428, and transactions related thereto and vouchers approved by the Commissioner in connection with such transactions, shall be final and conclusive upon all accounting and other officers of the Government.