FTdA Santander Hipotecario 4

Times have certainly changed since the last Santander Hipotecario deal, which was launched in July
of this year (pdf available on EuroABS), which has resulted in this transaction not being "publicly"
offered, and mosty retained.

The fund is similar in structure and collateral to the previous deal, FTA Santander Hipotecario 3, in that
it is a static pool of 7,743 first-ranking residential mortgage loans granted by Banco Santander to indiv-
iduals in Spain. The securitised pool, as on the previous transaction, consists of loans granted to indiv-
iduals with little or no equity. All of the loans in the pool have a loan-to-value rating of over 80% (the
weighted average is 92.4%), with these ratios being amongst the highest seen on Spanish RMBS.

Of the mortgages in the pool, approximately 40% by value benefit from a mortgage insurance guarantee.
Geographically, the highest regional concentrations are: Andalucia (20.1%), Catalonia (18.7%), and
Madrid (14.4%). No information was made available on the percentage of second homes in the pool
however. Average original loan per borrower is Eur178,677 with average seasoning is just over 13
mnths. All Loans are paid by direct debit, and at closing, none of the mortgage loans will be more
than 30 days in arrears.


Compare/contrast: FTDa Santander Hipotecario 3, BBVA RMBS 3 FTA,
IM Cajamar 5 Fondo De Titulizacion De Activos,
FTdA Santander Hipotecario 3BBVA RMBS 3 FTAIM Cajamar 5