With all the worry about subprime mortages seeping into every area of market, where is an investor to turn? In our focus on Northeast Banks this week, we spoke with one analyst who named a few banks that stayed out of the whole subprime mess.
Mr. Kovaleff: New York Community Bancorp (NYB), which has a portfolio of rent-controlled and rent-stabilized apartment buildings. They have seen no deterioration in credit quality, or anything else like that. Similarly, Hudson City Bancorp (HCBK) is another really big thrift. In terms of involvement with mortgages, their portfolio is pristine, no subprime or CMOs at all.
For our full Northeast Banking issue, complete with roundtable discussion and CEO interviews, click here.
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