O:\AYO\AYO08C04.xml
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would result from foreclosure to all investors and
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holders of beneficial interests in such investment,
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but not to any individual or groups of investors or
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beneficial interest holders, and shall be deemed to
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act in the best interests of all such investors or hold-
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ers of beneficial interests if the servicer agrees to or
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implements a modification or workout plan when the
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servicer takes reasonable loss mitigation actions, in-
9
cluding partial payments.
10 11
SEC. 120. TERMINATION OF AUTHORITY.
(a) TERMINATION.—The authorities provided under
12 sections 101(a) and 102 shall terminate on December 31, 13 2009. 14
(b) EXTENSION UPON CERTIFICATION.—The Sec-
15 retary, upon submission of a written certification to Con16 gress, may extend the authority provided under this Act 17 to expire not later than 2 years from the date of enact18 ment of this Act. Such certification shall include a jus19 tification of why the extension is necessary to assist Amer20 ican families and stabilize financial markets, as well as 21 the expected cost to the taxpayers for such an extension.