In the case of a mortgage insurer which has issued mortgage participation certificates under mortgage participation trusts pursuant to the provisions of Chapter VIII, Title II, Part IV, Division I of the Civil Code, such mortgage participation trusts, the mortgage participation certificates issued thereunder and any policies of mortgage insurance issued in connection therewith shall be subject also to the provisions of this article whenever a revision, modification or termination of such trusts, certificates or policies is found by the court to be necessary or advantageous in connection with any plan submitted to it as hereinafter provided.