WYOMISSING, Pa., Oct. 12 /PRNewswire-FirstCall/ -- Sovereign Bank today
announced its participation in the Pennsylvania Housing Finance Agency's
(PHFA) Refinance to an Affordable Loan (REAL) program. The goal of the
program is to help homeowners who are struggling with an adjustable rate
mortgage, an interest only loan, or other exotic mortgage product.
The REAL program aids homeowners with complex loans transition to
traditional 30-year fixed mortgages at typically lower interest rates.
Borrowers generally must not make more than $120,000, among other
conditions. Because the REAL program combines up to 100 percent financing
of the current mortgage with flexible credit underwriting, it may offer
relief to homeowners who otherwise may not qualify for a typical mortgage
refinance program.
"Home ownership is a keystone to maintaining thriving and vibrant
communities throughout the state of Pennsylvania," said Jack Killen,
Corporate CRA Officer at Sovereign. "At Sovereign we're committed to the
success of the REAL program and invite homeowners with adjustable rate
mortgages to visit their local Community Banking Office for additional
details."
For additional information consumers may also call any Sovereign
Community Banking Office or 1-877-SOV-BANK.
About Sovereign
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent
company of Sovereign Bank, a financial institution with $82 billion in
assets as of June 30, 2007 with principal markets in the Northeast United
States. Sovereign Bank has nearly 750 community banking offices, over 2,250
ATMs and approximately 12,000 team members. Sovereign offers a broad array
of financial services and products including retail banking, business and
corporate banking, cash management, capital markets, wealth management and
insurance. Sovereign is the 18th largest banking institution in the United
States. For more information on Sovereign Bank, visit <
http://www.sovereignbank.com > or call 1-877-SOV-BANK.
Sovereign Bank is a registered trademark of Sovereign Bank or its
affiliates or subsidiaries in the United States and other countries.
SOURCE Sovereign Bank
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Related links:
http://www.sovereignbank.com
CONTACT:
Deborah Pulver of Sovereign Bank,
+1-610-378-6784, or Cell, +1-610-207-4651,
dpulver@sovereignbank.com
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