Page:Emergency Economic Stabilization Act of 2008.djvu/61

 O:kiYOkiYO08C04.xml 61 would result from foreclosure holders of beneficial interests to all investors and in such investment, 1 2 3 but not to any individual or groups of investors or 4 beneficial interest holders, and shall be deemed to 5 act in the best interests of all such investors or hold- 6 ers of beneficial interests if the servicer agrees to or 7 implements a modification or workout plan when the 8 servicer takes reasonable loss mitigation actions, in- 9 eluding pmial payments. 10 SEC. 120. TERMINATION OF AUTHORITY. 11 (a) TEMN2TON.--The authorities provided under 12 sections 101(a) and 102 shall terminate on December 31, 13 2009. 14 (b) EXTENSION UPON CERTIFICATION.--The See- 15 retmy, upon submission of a written certification to Con- 16 gress, may extend the authority provided under this Act 17 to expire not later than 2 years from the date of enact- 18 ment of this Act. Such certification shall include a ins- 19 tiffcation of why the extension is necessmT to assist gnner- 20 ican families and stabilize financial markets, as well as 21 the expected cost to the taxpayers for such an extension.

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