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Sovereign Bank Participates in Pennsylvania Program to Help Struggling Homeowners

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WYOMISSING, PA, October 12, 2007 — 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, 1-877-SOV-BANK.

Media Contact
Deborah Pulver
Sovereign Bank
Office: 610-378-6784
Cell: 610-207-4651

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