We reviewed Santander Hipotecario 2 and Santander Hipotecario 3 under our relevant criteria. Following our review, we took various rating actions in these transactions. Santander Hipotecario 2 and Santander Hipotecario 3 are Spanish RMBS transactions that closed in July 2006 and April 2007, respectively. They securitize a portfolio of first-ranking residential mortgage loans granted to individuals. MADRID (S&P Global Ratings) March 30, 2023--S&P Global Ratings today took various rating actions in Fondo de Titulización de Activos, Santander Hipotecario 2 and Fondo de Titulización de Activos, Santander Hipotecario 3 (see list above). Today's rating actions reflect our full analysis of the most recent information we have received for each transaction and their current structural features. The overall effect of applying our