# Sec. 1082. Legal powers and responsibilities 

-   \(a\) General powers\
    In the performance of, and with respect to, the functions, powers,
    and duties, vested in him by this part, the Secretary may -

-   \(1\) prescribe such regulations as may be necessary to carry out\
    the purposes of this part, including regulations applicable to\
    third party servicers (including regulations concerning financial\
    responsibility standards for, and the assessment of liabilities\
    for program violations against, such servicers) to establish\
    minimum standards with respect to sound management and\
    accountability of programs under this part, except that in no\
    case shall damages be assessed against the United States for the\
    actions or inactions of such servicers;

-   \(2\) 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 action instituted under this subsection by or\
    against the Secretary shall survive notwithstanding any change in\
    the person occupying the office of Secretary or any vacancy in\
    that office; but no attachment, injunction, garnishment, or other\
    similar process, mesne or final, shall be issued against the\
    Secretary or property under the Secretary\'s control and nothing\
    herein shall be construed to except litigation arising out of\
    activities under this part from the application of sections
    [509](../../20/509.html),\
    517, 547, and 2679 of title 28;

-   \(3\) include in any contract for Federal loan insurance such\
    terms, conditions, and covenants relating to repayment of\
    principal and payment of interest, relating to the Secretary\'s\
    obligations and rights to those of eligible lenders, and\
    borrowers in case of default, and relating to such other matters\
    as the Secretary 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 paragraph or pursuant to any\
    other provision of this part may be modified by the Secretary,\
    after notice and opportunity for a hearing, if the Secretary\
    finds that the modification is necessary to protect the United\
    States from the risk of unreasonable loss;

-   \(4\) subject to the specific limitations in this part, consent\
    to 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 the\
    Secretary under this part;

-   \(5\) enforce, pay, or compromise, any claim on, or arising\
    because of, any such insurance or any guaranty agreement under\
    section [1078](../../20/1078.html)(c) of this title; and

-   \(6\) enforce, pay, compromise, waive, or release any right,\
    title, claim, lien, or demand, however acquired, including any\
    equity or any right of redemption.

-   \(b\) Financial operations responsibilities\
    The Secretary shall, with respect to the financial operations
    arising by reason of this part prepare annually and submit a budget
    program as provided for wholly owned Government corporations by
    chapter [91](../../31/ch91.html) of title 31. The transactions of
    the Secretary, including the settlement of insurance claims and of
    claims for payments pursuant to section [1078](../../20/1078.html)
    of this title, and transactions related thereto and vouchers
    approved by the Secretary in connection with such transactions,
    shall be final and conclusive upon all accounting and other officers
    of the Government.

-   \(c\) Data collection

-   \(1\) Collection by category of loan

-   \(A\) For loans insured after December 31, 1976, or in the case\
    of each insurer after such earlier date where the data required\
    by this subsection are available, the Secretary and all other\
    insurers under this part shall collect and accumulate all data\
    relating to (i) loan volume insured and (ii) defaults reimbursed\
    or default rates according to the categories of loans listed in\
    subparagraph (B) of this paragraph.

-   \(B\) The data indicated in subparagraph (A) of this paragraph\
    shall be accumulated according to the category of lender making\
    the loan and shall be accumulated separately for lenders who are

-   \(i\) eligible institutions, (ii) State or private, nonprofit\
    direct lenders, (iii) commercial financial institutions who are\
    banks, savings and loan associations, or credit unions, and (iv)\
    all other types of institutions or agencies.

-   \(C\) The Secretary may designate such additional subcategories\
    within the categories specified in subparagraph (B) of this\
    paragraph as the Secretary deems appropriate.

-   \(D\) The category or designation of a loan shall not be changed\
    for any reason, including its purchase or acquisition by a lender\
    of another category.

-   \(2\) Collection and reporting requirements

-   \(A\) The Secretary shall collect data under this subsection from\
    all insurers under this part and shall publish not less often\
    than once every fiscal year a report showing loan volume\
    guaranteed and default data for each category specified in\
    subparagraph (B) of paragraph (1) of this subsection and for the\
    total of all lenders.

-   \(B\) The reports specified in subparagraph (A) of this paragraph\
    shall include a separate report for each insurer under this part\
    including the Secretary, and where an insurer insures loans for\
    lenders in more than one State, such insurer\'s report shall list\
    all data separately for each State.

-   \(3\) Institutional, public, or nonprofit lenders\
    For purposes of clarity in communications, the Secretary shall\
    separately identify loans made by the lenders referred to in\
    clause (i) and loans made by the lenders referred to in clause

-   \(ii\) of paragraph (1)(B) of this subsection.

-   \(B\) receiving claims for payments under section 1080(a) of\
    this title, examining those claims, and pursuant to regulations\
    of the Secretary, approving claims for payment, or requiring\
    lenders to take additional collection action as a condition for\
    payment of claims; and

-   \(C\) certifying to the central office when collection of\
    defaulted loans has been completed, compromising or agreeing to\
    the modification of any Federal claim against a borrower\
    (pursuant to regulations of the Secretary issued under\
    subsection (a) of this section), and recommending litigation\
    with respect to any such claim.

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