OVERVIEW We have conducted a credit review of Fondo de Titulización de Activos Santander Hipotecario 2. We have therefore affirmed the ratings on the class A, B, C, D, and E notes. Santander Hipotecario 2 is a Spanish RMBS transaction that closed in July 2006. MADRID (Standard&Poor's) Oct. 11, 2010--Standard&Poor's Ratings Services today affirmed its ratings on Fondo de Titulización de Activos Santander Hipotecario 2's class A, B, C, D, and E notes (see list below). Today's rating actions follow our credit analysis of this transaction based on the most recent information we have received as of July 2010. Based on this information, the credit enhancement for Santander Hipotecario 2 remains commensurate with the current ratings