Page:United States Statutes at Large Volume 122.djvu/3811

 12 2 STA T .378 8 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 aservic er ofp oo l e d reside nt ial m ort g ages o w es an y d u ty to determine w h ether the net present value of the payments on the loan , as modified, is li k ely to b e greater than the anticipated net recovery that would result from foreclosure to all investors and holders of beneficial interests in such investment, but not to any individual or groups of investors or beneficial interest holders, and shall be deemed to act in the best interests of all such investors or holders of beneficial interests if the servicer agrees to or implements a modification or workout plan when the servicer takes reasonable loss mitigation actions, including partial payments .SEC.120 . T E RMINA TI O NO F A U T H ORIT Y . ( a )TERMINAT I O N. — The authorities provided under sections 10 1(a), e x cluding section 101(a)( 3 ), and 10 2 shall terminate on D ecember 31, 200 9 . (b) EX TEN S ION UP ON C ERTI F I C ATION.—The S ecretary, upon submission of a written certification to Congress, may extend the authority provided under this A ct to expire not later than 2 years from the date of enactment of this Act. Such certification shall include a j ustification of why the extension is necessary to assist American families and stabili z e financial markets, as well as the expected cost to the taxpayers for such an extension. SEC. 121. S P ECIA L INSPECTOR G ENERAL FOR THE TROU B LE D ASSET RELIEF PROGRAM. (a) O FFICE OF I NSPECTOR G ENERA L .—There is hereby estab - lished the Office of the Special Inspector General for the Troubled Asset R elief P rogram. (b) APPOINTMENT OF INSPECTOR GENERAL REMO V AL.—(1) The head of the Office of the Special Inspector General for the Troubled Asset Relief Program is the Special Inspector General for the Trou- bled Asset Relief Program (in this section referred to as the ‘ ‘Special Inspector General ’ ’), who shall be appointed by the President, by and with the advice and consent of the Senate. (2) The appointment of the Special Inspector General shall be made on the basis of integrity and demonstrated ability in accounting, auditing, financial analysis, law, management analysis, public administration, or investigations. (3) The nomination of an individual as Special Inspector Gen- eral shall be made as soon as practicable after the establishment of any program under sections 101 and 102. ( 4 ) The Special Inspector General shall be removable from office in accordance with the provisions of section 3(b) of the Inspector General Act of 19 78 ( 5 U.S.C. App.). (5) F or purposes of section 7324 of title 5, United States Code, the Special Inspector General shall not be considered an employee who determines policies to be pursued by the United States in the nationwide administration of Federal law. ( 6 ) The annual rate of basic pay of the Special Inspector General shall be the annual rate of basic pay for an Inspector General under section 3(e) of the Inspector General Act of 1978 (5 U.S.C. App.). (c) D U TIES.—(1) It shall be the duty of the Special Inspector General to conduct, supervise, and coordinate audits and investiga- tions of the purchase, management, and sale of assets by the Secretary of the Treasury under any program established by the Secretary under section 101, and the management by the Secretary Presid e nt.12USC5 2 3 1. 12 USC 523 0.

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