MHP recognizes Sovereign for helping first-time homebuyers

BOSTON, June 20 --- The Massachusetts Housing Partnership’s SoftSecond Loan Program has recognized Sovereign Bank for its outstanding work helping low and moderate-income first-time homebuyers realize the dream of homeownership.

MHP presented a “Second to None” Award to Patrick J. Sullivan, Sovereign’s Market Chief Executive Officer for Northern New England during a special ceremony at the bank’s home loan center in Roxbury on June 20. Sovereign was recognized for making the most loans in Massachusetts in 2006 (237). Special recognition was also paid to the loan officers and administration staffs at the bank’s two main loan centers in Roxbury and Framingham.

“Sovereign Bank does an outstanding job working with first-time homebuyers and connecting them with SoftSecond,” said Clark Ziegler, MHP’s executive director. “Their success reflects the enthusiasm bank leadership has for the program, the close connection their loan officers have with the community and the expertise their underwriters have in making sure borrowers have a mortgage that will help them stay in their homes for the long run.”

“Second to None” is an MHP initiative that recognizes banks and community groups that connect homebuyers with SoftSecond, the state’s most successful affordable mortgage program. SoftSecond combines a first and second fixed-rate mortgage from a bank with a small state subsidy, thereby increasing a homebuyer’s purchasing power by about 20 percent. Since 1991, SoftSecond has helped nearly 10,000 low and moderate-income families purchase their first home, while maintaining historically low foreclosure rates.

Sullivan noted that “one of the most critical issues facing Massachusetts is the lack of affordable housing.” He added, “Sovereign Bank recognizes that we have an opportunity to provide some real assistance through the SoftSecond Loan Program. This program not only enables more Massachusetts residents to become homeowners, it also helps create more stable communities.”

The award was presented at Sovereign Bank’s community mortgage center in Roxbury. Opened in June 2003, the center serves Greater Boston with a multilingual staff of twelve mortgage development officers and a sales manager. The center offers financing products, such as SoftSecond loans, first-time homebuyers programs, and one-on-one counseling to residents about homebuying and how to locate affordable housing in the Greater Boston area.

Sovereign Bank, a subsidiary of Sovereign Bancorp, Inc., has 218 community banking offices, 609 ATMs, and more than 3,300 team members in Massachusetts. Sovereign offers a broad array of financial services and products for consumers, small businesses and commercial customers.

For more information about SoftSecond, go to www.mhp.net/homeownership.