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                                                                     Exhibit 4.7


                               GUARANTEE AGREEMENT

                                     between

                        NEW YORK COMMUNITY BANCORP, INC.,
                                  as Guarantor

                                       and

                            WILMINGTON TRUST COMPANY,
                              as Guarantee Trustee

                          Dated as of November 4, 2002

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                                TABLE OF CONTENTS

<TABLE>
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                                                                                               Page
<S>                                                                                            <C>
Article I       DEFINITIONS AND INTERPRETATION ............................................      1

        Section 1.1.    Interpretation ....................................................      1

        Section 1.2.    Definitions .......................................................      2

Article II      TRUST INDENTURE ACT .......................................................      5

        Section 2.1.    Trust Indenture Act, Application ..................................      5

        Section 2.2.    Lists of Holders of Securities ....................................      5

        Section 2.3.    Reports by the Guarantee Trustee ..................................      5

        Section 2.4.    Periodic Reports to the Guarantee Trustee .........................      6

        Section 2.5.    Evidence of Compliance with Conditions Precedent ..................      6

        Section 2.6.    Events of Default; Waiver .........................................      6

        Section 2.7.    Event of Default; Notice ..........................................      6

        Section 2.8.    Conflicting Interests .............................................      6

        Section 2.9.    Disclosure of Information .........................................      6

        Section 2.10.   Guarantee Trustee May File Proofs of Claim ........................      7

Article III     POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE ............................      7

        Section 3.1.    Powers and Duties of the Guarantee Trustee ........................      7

        Section 3.2.    Certain Rights of Guarantee Trustee ...............................      8

        Section 3.3.    Not Responsible for Recitals or Issuance of Guarantee .............     10

Article IV      GUARANTEE TRUSTEE .........................................................     10

        Section 4.1.    Guarantee Trustee: Eligibility ....................................     10

        Section 4.2.    Appointment, Removal and Resignation of Guarantee Trustee .........     11

Article V       GUARANTEE .................................................................     12

        Section 5.1.    Guarantee .........................................................     12

        Section 5.2.    Waiver of Notice and Demand .......................................     12

        Section 5.3.    Obligations Not Affected ..........................................     12

        Section 5.4.    Rights of Holders .................................................     13

        Section 5.5.    Guarantee of Payment ..............................................     14

        Section 5.6.    Subrogation .......................................................     14

        Section 5.7.    Independent Obligations ...........................................     14
</TABLE>

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                                TABLE OF CONTENTS
                                   (continued)

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Article VI      LIMITATION OF TRANSACTIONS; SUBORDINATION ................................      14

        Section 6.1.    Limitation of Transactions .......................................      14

        Section 6.2.    Ranking ..........................................................      15

Article VII     TERMINATION ..............................................................      16

        Section 7.1.    Termination ......................................................      16

Article VIII    INDEMNIFICATION ..........................................................      16

        Section 8.1.    Exculpation ......................................................      16

        Section 8.2.    Indemnification ..................................................      16

Article IX      MISCELLANEOUS ............................................................      17

        Section 9.1.    Successors and Assigns ...........................................      17

        Section 9.2.    Amendments .......................................................      17

        Section 9.3.    Notices ..........................................................      17

        Section 9.4.    Benefit ..........................................................      18

        Section 9.5.    Governing Law ....................................................      18

        Section 9.6.    Counterparts .....................................................      18
</TABLE>

                                       ii

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               This GUARANTEE AGREEMENT (the "Guarantee"), dated as of November
4, 2002, is executed and delivered by New York Community Bancorp, Inc., a
Delaware corporation, as guarantor (the "Company"), and Wilmington Trust
Company, as trustee (the "Guarantee Trustee"), for the benefit of the Holders
(as defined herein) from time to time of the Securities (as defined herein) of
New York Community Capital Trust V, a Delaware statutory trust (the "Trust").

               WHEREAS, pursuant to an Amended and Restated Declaration of Trust
(the "Declaration"), dated as of November 4, 2002, among the Company, as
sponsor, Joseph R. Ficalora, Robert Wann and Thomas R. Cangemi, as the initial
Administrative Trustees, Wilmington Trust Company, as the initial Property
Trustee, and Wilmington Trust Company, as the initial Delaware Trustee, the
Trust is issuing on the date hereof 5,500,000 preferred securities, stated
liquidation amount of $50 per preferred security, having an aggregate stated
liquidation amount of $275,000,000, such preferred securities being designated
the Preferred Securities (the "Preferred Securities") and 170,104 common
securities, stated liquidation amount of $50 per common security, having an
aggregate stated liquidation amount of $8,505,200, such common securities being
designated the Common Securities (the "Common Securities" and, together with the
Preferred Securities, the "Securities"); and

               WHEREAS, as incentive for the Holders to purchase the Securities,
the Company desires irrevocably and unconditionally to agree, to the extent set
forth in this Guarantee, to pay in full to the Holders the Guarantee Payments
(as defined below) and to make certain other payments on the terms and
conditions set forth herein.

               NOW, THEREFORE, in consideration of the purchase by each Holder,
which purchase the Company hereby acknowledges shall benefit the Company, the
Company executes and delivers this Guarantee for the benefit of the Holders.

                                   ARTICLE I

                         DEFINITIONS AND INTERPRETATION

               Section 1.1. Interpretation

               In this Guarantee, unless the context otherwise requires:

               (a) capitalized terms used in this Guarantee but not defined in
          the preamble above have the respective meanings assigned to them in
          Section 1.2;

               (b) terms defined in the Declaration as at the date of execution
          of this Guarantee have the same meaning when used in this Guarantee
          unless otherwise defined in this Guarantee;

               (c) a term defined anywhere in this Guarantee has the same
          meaning throughout;

               (d) all references to "this Guarantee" are to this Guarantee as
          modified, supplemented or amended from time to time;

               (e) all references in this Guarantee to Articles and Sections are
          to Articles and Sections of this Guarantee, unless otherwise
          specified;

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               (f) a term defined in the Trust Indenture Act has the same
          meaning when used in this Guarantee, unless otherwise defined in this
          Guarantee or unless the context otherwise requires; and

               (g) a reference to the singular includes the plural and vice
          versa.

               Section 1.2. Definitions

               The following terms have the following meanings:

               "Accreted Value" has the meaning set forth in the Declaration.

               "Affiliate" has same meaning set forth in the Declaration.

               "Business Day" has the meaning set forth in the Declaration.

               "Change of Control Repurchase Price" has the meaning set forth in
the Declaration.

               "Common Securities" has the meaning set forth in the Recitals.

               "Corporate Trust Office" means the office of the Guarantee
Trustee at which the corporate trust business of the Guarantee Trustee shall, at
any particular time, be principally administered, which office at the date of
execution of this Agreement is located at Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890.

               "Covered Person" means any Holder or beneficial owner of
Securities.

               "Debentures" means the 6.000% Junior Subordinated Deferrable
Interest Debentures due 2051 to be issued by the Company pursuant to the
Indenture and to be purchased by the Trust.

               "Declaration" has the meaning set forth in the Recitals.

               "Event of Default" means a failure by the Company to perform any
of its payment or other obligations under this Guarantee.

               "First Supplemental Indenture" means the First Supplemental
Indenture, dated as of November 4, 2002, between the Company and the Indenture
Trustee.

               "Guarantee Payments" means the following payments or
distributions, without duplication, with respect to the Securities, to the
extent not paid or made by the Trust:

                    (i)     any accrued and unpaid Distributions (as defined in
          the Declaration) that are required to be paid on such Securities to
          the extent the Trust has funds legally available therefor;

                    (ii)    the Redemption Price (as defined in the Declaration)
          plus all accrued and unpaid Distributions, to the extent the Trust has
          funds legally available therefor, relating to any Securities called
          for redemption by the Trust;

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                    (iii) the Change of Control Repurchase Price (as defined in
          the Declaration), with respect to the Preferred Securities of Holders
          which exercised their right pursuant to Section 6.8 of the Declaration
          to require the Trust to exchange their Preferred Securities for
          Debentures and require the Company to repurchase the Debentures which
          they have received in exchange for their Preferred Securities, to the
          extent the Trust has funds legally available therefor; and

                    (iv)  upon a voluntary or involuntary dissolution,
          winding-up, termination and liquidation of the Trust (other than in
          connection with the distribution of Debentures to the Holders in
          exchange for Securities as provided in the Declaration or the
          redemption of all of the Securities), the lesser of:

               (a)  the aggregate Accreted Value of the Securities plus all
          accrued and unpaid Distributions on the Securities to the date of
          payment; and

               (b)  the amount of assets of the Trust remaining available for
          distribution to Holders in liquidation of the Trust.

               "Guarantee Trustee" means Wilmington Trust Company until a
Successor Guarantee Trustee has been appointed and has accepted such appointment
pursuant to the terms of this Guarantee and thereafter means each such Successor
Guarantee Trustee.

               "Holder" has the meaning given such term in the Declaration.

               "Indemnified Person" means the Guarantee Trustee, any Affiliate
of the Guarantee Trustee, or any officers, directors, shareholders, members,
partners, employees, representatives, nominees, custodians or agents of the
Guarantee Trustee.

               "Indenture" means the Indenture, dated as of November 4, 2002,
between the Company, as debenture issuer, and Wilmington Trust Company, as
trustee, as amended or supplemented from time to time, including the First
Supplemental Indenture.

               "Indenture Event of Default" means any event specified in Section
2.10 of the First Supplemental Indenture.

               "Majority in Liquidation Amount" has the meaning set forth in the
Declaration.

               "Officers' Certificate" means, with respect to any person, a
certificate signed by any two of the Chairman, a Vice Chairman, the Chief
Executive Officer, the President, a Vice President, the Chief Financial Officer,
the Treasurer, the Chief Accounting Officer, the Secretary or an Assistant
Secretary. Any Officers' Certificate delivered with respect to compliance with a
condition or covenant provided for in this Guarantee, shall include, where
applicable:

               (a)  statement that each officer signing the Officers'
          Certificate has read the covenant or condition and the definitions
          relating thereto;

               (b)  a brief statement of the nature and scope of the examination
          or investigation undertaken by each officer in rendering the Officers'
          Certificate;

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<PAGE>

               (c)  a statement that each such officer has made such examination
          or investigation as, in such officer's opinion, is necessary to enable
          such officer to express an informed opinion as to whether or not such
          covenant or condition has been complied with; and

               (d)  a statement as to whether, in the opinion of each such
          officer, such condition or covenant has been complied with.

               "Other Debentures" means all junior subordinated debentures
issued by the Company from time to time and sold to any other trust, partnership
or other entity affiliated with the Company that is a financing vehicle of the
Company, if any, in each case similar to the Trust.

               "Other Guarantees" means all guarantees to be issued by the
Company with respect to capital securities, if any, similar to the Securities
issued by any other trust, partnership or other entity affiliated with the
Company that is a financing vehicle of the Company, if any, in each case similar
to the Trust.

               "Person" has the meaning set forth in the Declaration.

               "Preferred Securities" has the meaning set forth in the Recitals.

               "Property Trustee" has the meaning set forth in the Declaration.

               "Pro Rata" has the meaning set forth in the Declaration.

               "Redemption Price" has the meaning set forth in the Declaration.

               "Repurchase Price" has the meaning set forth in the Declaration.

               "Responsible Officer" means, with respect to the Guarantee
Trustee, any officer within the Corporate Trust Office of the Guarantee Trustee
who shall have direct responsibility for the administration of this Guarantee,
and also means, with respect to a particular corporate trust matter, any officer
within the Corporate Trust Office of the Guarantee Trustee to whom any corporate
trust matter is referred because of such officer's knowledge of and familiarity
with the particular subject.

               "Securities" has the meaning set forth in the Recitals.

               "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Section 4.1.

               "Trust" has the meaning set forth in the Recitals.

               "Trust Enforcement Event" has the meaning set forth in the
Declaration.

               "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended from time to time, or any successor legislation, and the rules and
regulations promulgated thereunder.

               "Unit" has the meaning set forth in the Declaration.

                                        4



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                                   ARTICLE II

                               TRUST INDENTURE ACT

               Section 2.1. Trust Indenture Act, Application

               (a) This Guarantee is subject to the provisions of the Trust
Indenture Act that are required to be part of this Guarantee and shall be
governed, to the extent applicable, by such provisions; and

               (b) if and to the extent that any provision of this Guarantee
limits, qualifies or conflicts with the duties imposed by Section 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

               Section 2.2. Lists of Holders of Securities

               (a) The Company shall provide the Guarantee Trustee (unless the
Guarantee Trustee is otherwise the registrar of the Securities) with a list, in
such form as the Guarantee Trustee may reasonably require, of the names and
addresses of the Holders ("List of Holders"):

                    (i)     as of the record date relating to the payment of any
          Guarantee Payment, at least one Business Day prior to the date for
          payment of such Guarantee Payment, except while the Preferred
          Securities are represented by one or more Global Preferred Securities;
          and

                    (ii)    at any other time, within 30 days of receipt by the
          Company of a written request from the Guarantee Trustee for a List of
          Holders as of a date no more than fifteen days before such List of
          Holders is given to the Guarantee Trustee.

If at any time the List of Holders does not differ from the most recent List of
Holders provided to the Guarantee Trustee by the Company, the Company shall not
be obligated to provide such List of Holders. The Guarantee Trustee shall
preserve, in as current a form as is reasonably practicable, all information
contained in Lists of Holders given to it; provided that the Guarantee Trustee
may destroy any List of Holders previously given to it on receipt of a new List
of Holders.

               (b) The Guarantee Trustee shall comply with its obligations
under, and shall be entitled to the benefits of, Sections 311(a), 311(b) and
Section 312(b) of the Trust Indenture Act.

               Section 2.3. Reports by the Guarantee Trustee

               Within 60 days after May 15 of each year (commencing with the
first anniversary of the issuance of the Preferred Securities), the Guarantee
Trustee shall provide to the Holders of the Preferred Securities such reports as
are required by Section 313 of the Trust Indenture Act, if any, in the form and
in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee
Trustee shall also comply with the other requirements of Section 313 of the
Trust Indenture Act.

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               Section 2.4. Periodic Reports to the Guarantee Trustee

               The Company shall provide to the Guarantee Trustee such
documents, reports and information as are required by Section 314 of the Trust
Indenture Act, if any, and the compliance certificate required by Section 314 of
the Trust Indenture Act in the form, in the manner and at the times required by
Section 314 of the Trust Indenture Act.

               Section 2.5. Evidence of Compliance with Conditions Precedent

               The Company shall provide to the Guarantee Trustee annually such
evidence of compliance with any conditions precedent provided for in this
Guarantee that relate to any of the matters set forth in Section 314(c) of the
Trust Indenture Act. Any certificate or opinion required to be given by an
officer pursuant to Section 314(c)(1) of the Trust Indenture Act may be given in
the form of an Officers' Certificate.

               Section 2.6. Events of Default; Waiver

               Except as set forth in the Declaration and the Indenture, the
Holders of a Majority in Liquidation Amount of the Securities may waive, by vote
or written consent, on behalf of all Holders, any past Event of Default and its
consequences. Upon such waiver, any such Event of Default shall cease to exist,
and any Event of Default arising there from shall be deemed to have been cured,
for every purpose of this Guarantee, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.

               Section 2.7. Event of Default; Notice

               (a) The Guarantee Trustee shall, within 90 days after the
occurrence of an Event of Default actually known to a Responsible Officer,
transmit by mail, first class postage prepaid, to all Holders, notice of such
Event of Default, unless such Event of Default has been cured before the giving
of such notice; provided that except for a default in the payment of any
Guarantee Payment, the Guarantee Trustee shall be protected in withholding such
notice if and so long as a Responsible Officer in good faith determines that the
withholding of such notice is in the interests of the Holders.

               (b) The Guarantee Trustee shall not be deemed to have knowledge
of any Event of Default unless the Guarantee Trustee shall have received written
notice from the Company, or a Responsible Officer charged with the
administration of the Declaration shall have obtained actual knowledge, of such
Event of Default.

               Section 2.8. Conflicting Interests

               The Declaration and the Indenture shall be deemed to be
specifically described in this Guarantee for the purposes of clause (i) of the
first proviso contained in Section 310(b) of the Trust Indenture Act.

               Section 2.9. Disclosure of Information

               The disclosure of information as to the names and addresses of
the Holders of the Securities in accordance with Section 312 of the Trust
Indenture Act, regardless of the source from which such information was derived,
shall not be deemed to be a violation of any existing

                                        6

<PAGE>

law, or any law hereafter enacted which does not specifically refer to Section
312 of the Trust Indenture Act, nor shall the Guarantee Trustee be held
accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the Trust Indenture Act.

               Section 2.10. Guarantee Trustee May File Proofs of Claim

               Upon the occurrence of an Event of Default, the Guarantee Trustee
is hereby authorized, but shall not be obligated, to:

               (a) recover judgment, in its own name and as trustee of an
          express trust, against the Company for the whole amount of any
          Guarantee Payments remaining unpaid; and

               (b) file such proofs of claim and other papers or documents as
          may be necessary or advisable in order to have its claims and those of
          the Holders allowed in any judicial proceedings relative to the
          Company, its creditors or its property.

                                  ARTICLE III

                 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

               Section 3.1.  Powers and Duties of the Guarantee Trustee

               (a) This Guarantee shall be held by the Guarantee Trustee for the
benefit of the Holders, and the Guarantee Trustee shall not transfer this
Guarantee to any Person except a Holder exercising his or her rights pursuant to
Section 5.4(b) or to a Successor Guarantee Trustee on acceptance by such
Successor Guarantee Trustee of its appointment to act as Successor Guarantee
Trustee pursuant to Section 4.2. The right, title and interest of the Guarantee
Trustee shall automatically vest in any Successor Guarantee Trustee, and such
vesting and succession of title shall be effective whether or not conveyancing
documents have been executed and delivered pursuant to the appointment of such
Successor Guarantee Trustee.

               (b) If an Event of Default actually known to a Responsible
Officer has occurred and is continuing, the Guarantee Trustee shall enforce this
Guarantee for the benefit of the Holders.

               (c) The Guarantee Trustee, before the occurrence of any Event of
Default and after the cure or waiver of all Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set
forth in this Guarantee, and no implied covenants shall be read into this
Guarantee against the Guarantee Trustee. In case an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.6) and is
actually known to a Responsible Officer, the Guarantee Trustee shall exercise
such of the rights and powers vested in it by this Guarantee, and use the same
degree of care and skill in its exercise thereof, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

               (d) No provision of this Guarantee shall be construed to relieve
the Guarantee Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:

                    (i)      prior to the occurrence of any Event of Default and
          after the curing or waiving of all such Events of Default that may
          have occurred:

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<PAGE>

                         (A) the duties and obligations of the Guarantee Trustee
               shall be determined solely by the express provisions of this
               Guarantee, and the Guarantee Trustee shall not be liable except
               for the performance of such duties and obligations as are
               specifically set forth in this Guarantee, and no implied
               covenants or obligations shall be read into this Guarantee
               against the Guarantee Trustee; and

                         (B) in the absence of bad faith on the part of the
               Guarantee Trustee, the Guarantee Trustee may conclusively rely,
               as to the truth of the statements and the correctness of the
               opinions expressed therein, upon any certificates or opinions
               furnished to the Guarantee Trustee and conforming on their face
               to the requirements of this Guarantee; provided, however, that in
               the case of any such certificates or opinions that by any
               provision hereof are specifically required to be furnished to the
               Guarantee Trustee, the Guarantee Trustee shall be under a duty to
               examine the same only to determine whether or not on their face
               they conform to the requirements of this Guarantee;

                    (ii)  the Guarantee Trustee shall not be liable for any
          error of judgment made in good faith by a Responsible Officer, unless
          it shall be proved that the Guarantee Trustee was negligent in
          ascertaining the pertinent facts upon which such judgment was made;

                    (iii) the Guarantee Trustee shall not be liable with respect
          to any action taken or omitted to be taken by it without negligence,
          in good faith in accordance with the direction of the Holders of a
          Majority in Liquidation Amount of the Securities relating to the time,
          method and place of conducting any proceeding for any remedy available
          to the Guarantee Trustee in respect of this Guarantee, or exercising
          any trust or power conferred upon the Guarantee Trustee under this
          Guarantee; and

                    (iv)  no provision of this Guarantee shall require the
          Guarantee Trustee to expend or risk its own funds or otherwise incur
          personal financial liability in the performance of any of its duties
          or in the exercise of any of its rights or powers.

               Section 3.2. Certain Rights of Guarantee Trustee

               (a) Subject to the provisions of Section 3.1:

                    (i)   the Guarantee Trustee may conclusively rely, and shall
          be fully protected in acting or refraining from acting, upon any
          resolution, certificate, statement, instrument, opinion, report,
          notice, request, direction, consent, order, bond, debenture, note,
          other evidence of indebtedness or other paper or document believed by
          it to be genuine and to have been signed, sent or presented by the
          proper party or parties;

                    (ii)  any direction or act of the Company contemplated by
          this Guarantee may be sufficiently evidenced by an Officers'
          Certificate;

                    (iii) whenever, in the administration of this Guarantee, the
          Guarantee Trustee shall deem it desirable that a matter be proved or
          established before taking, suffering or omitting any action hereunder,
          the Guarantee Trustee (unless other evidence is herein specifically
          prescribed) may request and, in the absence of bad faith on its part,

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<PAGE>

          conclusively rely upon an Officers' Certificate which, upon receipt of
          such request, shall be promptly delivered by the Company;

               (iv)   the Guarantee Trustee shall have no duty to record, file
          or register any instrument (including any financing or continuation
          statement or any filing under tax or securities laws) or any duty to
          rerecord, refile or reregister such instrument;

               (v)    the Guarantee Trustee may consult with counsel or other
          experts of its selection, and the advice or opinion of such counsel
          with respect to legal matters or advice within the scope of such
          experts' area of expertise shall be full and complete authorization
          and protection in respect of any action taken, suffered or omitted by
          it hereunder in good faith and in accordance with such advice or
          opinion. Such counsel may be counsel to the Company or any of its
          Affiliates and may include any of its employees. The Guarantee Trustee
          shall have the right at any time to seek instructions concerning the
          administration of this Guarantee from any court of competent
          jurisdiction;

               (vi)   the Guarantee Trustee shall be under no obligation to
          exercise any of the rights or powers vested in it by this Guarantee at
          the request or direction of any Holder, unless such Holder shall have
          provided to the Guarantee Trustee such security and indemnity,
          reasonably satisfactory to the Guarantee Trustee, against the costs,
          expenses (including reasonable attorneys' fees and expenses and the
          expenses of the Guarantee Trustee's agents, nominees or custodians)
          and liabilities that might be incurred by it in complying with such
          request or direction, including such reasonable advances as may be
          requested by the Guarantee Trustee; provided that nothing contained in
          this Section 3.2(a)(vi) shall be taken to relieve the Guarantee
          Trustee, upon the occurrence of an Event of Default, of its obligation
          to exercise the rights and powers vested in it by this Guarantee;

               (vii)  the Guarantee Trustee shall not be bound to make any
          investigation into the facts or matters stated in any resolution,
          certificate, statement, instrument, opinion, report, notice, request,
          direction, consent, order, bond, debenture, note, other evidence of
          indebtedness or other paper or document, but the Guarantee Trustee, in
          its discretion, may make such further inquiry or investigation into
          such facts or matters as it may see fit;

               (viii) the Guarantee Trustee may execute any of the trusts or
          powers hereunder or perform any duties hereunder either directly or by
          or through agents, custodians, nominees or attorneys, and the
          Guarantee Trustee shall not be responsible for any misconduct or
          negligence on the part of any agent or attorney appointed with due
          care by it hereunder;

               (ix)   any action taken by the Guarantee Trustee or its agents
          hereunder shall bind the Holders, and the signature of the Guarantee
          Trustee or its agents alone shall be sufficient and effective to
          perform any such action, and no third party shall be required to
          inquire as to the authority of the Guarantee Trustee to so act or as
          to its compliance with any of the terms and provisions of this
          Guarantee, both of which shall be conclusively evidenced by the
          Guarantee Trustee's or its agent's taking such action;

                                        9

<PAGE>

                    (x)  whenever in the administration of this Guarantee the
          Guarantee Trustee shall deem it desirable to receive instructions with
          respect to enforcing any remedy or right or taking any other action
          hereunder, the Guarantee Trustee:

                         (A) may request instructions from the Holders of a
               Majority in Liquidation Amount of the Preferred Securities;

                         (B) may refrain from enforcing such remedy or right or
               taking such other action until such instructions are received;
               and

                         (C) shall be protected in conclusively relying on or
               acting in accordance with such instructions; and

                    (xi)  the Guarantee Trustee shall not be liable for any
          action taken, suffered, or omitted to be taken by it in good faith,
          without negligence, and reasonably believed by it to be authorized or
          within the discretion, rights or powers conferred upon it by this
          Guarantee.

               (b) No provision of this Guarantee shall be deemed to impose any
duty or obligation on the Guarantee Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it, in any
jurisdiction in which it shall be illegal, or in which the Guarantee Trustee
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Guarantee Trustee
shall be construed to be a duty.

               Section 3.3. Not Responsible for Recitals or Issuance of
Guarantee

               The recitals contained in this Guarantee shall be taken as the
statements of the Company, and the Guarantee Trustee does not assume any
responsibility for their correctness. The Guarantee Trustee makes no
representation as to the validity or sufficiency of this Guarantee.

                                   ARTICLE IV

                                GUARANTEE TRUSTEE

               Section 4.1. Guarantee Trustee: Eligibility

               (a) There shall at all times be a Guarantee Trustee which shall:

                    (i)     not be an Affiliate of the Company; and

                    (ii)    be a corporation organized and doing business under
          the laws of the United States of America or any State or Territory
          thereof or of the District of Columbia, or a corporation or Person
          permitted by the Securities and Exchange Commission to act as an
          institutional trustee under the Trust Indenture Act, authorized under
          such laws to exercise corporate trust powers, having a combined
          capital and surplus of at least $50,000,000, and subject to
          supervision or examination by federal, state, territorial or District
          of Columbia authority. If such corporation publishes reports of
          condition at least annually, pursuant to law or to the requirements of
          the supervising or examining authority referred to above, then for the
          purposes of this Section 4.1(a)(ii), the

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<PAGE>

          combined capital and surplus of such corporation shall be deemed to be
          its combined capital and surplus as set forth in its most recent
          report of condition so published.

               (b) If at any time the Guarantee Trustee shall cease to be
eligible to so act under Section 4.1(a), the Guarantee Trustee shall immediately
resign in the manner and with the effect set out in Section 4.2(c).

               (c) If the Guarantee Trustee has or shall acquire any
"conflicting interest" within the meaning of Section 310(b) of the Trust
Indenture Act, the Guarantee Trustee and Company shall in all respects comply
with the provisions of Section 310(b) of the Trust Indenture Act.

               Section 4.2. Appointment, Removal and Resignation of Guarantee
Trustee

               (a) Subject to Section 4.2(b), the Guarantee Trustee may be
appointed or removed without cause at any time by the Company except during an
Event of Default. Subject to the provisions of this Section 4.2, if an Event of
Default shall have occurred and be continuing, the Guarantee Trustee may be
appointed or removed by the Holders of a Majority in Liquidation Amount.

               (b) The Guarantee Trustee shall not be removed in accordance with
Section 4.2(a) until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Company.

               (c) The Guarantee Trustee shall hold office until a Successor
Guarantee Trustee shall have been appointed or until its removal or resignation.
The Guarantee Trustee may resign from office (without need for prior or
subsequent accounting) by a written instrument executed by the Guarantee Trustee
and delivered to the Company, which resignation shall not take effect until a
Successor Guarantee Trustee has been appointed and has accepted such appointment
by instrument in writing executed by such Successor Guarantee Trustee and
delivered to the Company and the resigning Guarantee Trustee.

               (d) If no Successor Guarantee Trustee shall have been appointed
and accepted appointment as provided in this Section 4.2 within 30 days after
delivery of an instrument of removal or resignation, the Guarantee Trustee
resigning or being removed may at the expense of the Company petition any court
of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such
court may thereupon, after prescribing such notice, if any, as it may deem
proper, appoint a Successor Guarantee Trustee.

               (e) No Guarantee Trustee shall be liable for the acts or
omissions to act of any Successor Guarantee Trustee.

               (f) Upon termination of this Guarantee or removal or resignation
of the Guarantee Trustee pursuant to this Section 4.2, the Company shall pay to
the Guarantee Trustee all amounts due to the Guarantee Trustee accrued to the
date of such termination, removal or resignation.

                                       11



<PAGE>

                                    Article V

                                    GUARANTEE

               Section 5.1. Guarantee

               To the extent set forth in this Guarantee, the Company
irrevocably and unconditionally agrees to pay in full to all Holders the
Guarantee Payments (without duplication of amounts theretofore paid by the
Trust) on a Pro Rata basis, as and when due, regardless of any defense, right of
set-off or counterclaim that the Trust may have or assert. The Company's
obligation to make a Guarantee Payment may be satisfied by direct payment of the
required amounts by the Company to the Holders or by causing the Trust to pay
such amounts to the Holders. If a Trust Enforcement Event has occurred and is
continuing, the rights of the Holders of the Common Securities to receive
Guarantee Payments shall be subordinated to the rights of the Holders of
Preferred Securities to receive Guarantee Payments. Notwithstanding anything to
the contrary herein, the Company, in its capacity as issuer of the Debentures,
retains all of its rights under the Indenture to:

                    (i) extend the interest payment period on the Debentures and
          the Company shall not be obligated hereunder to make any Guarantee
          Payments during any Extension Period (as defined in the Indenture)
          with respect to the Distributions on the Securities; and

                    (ii) change the maturity date of the Debentures to the
          extent permitted by the Indenture.

               Section 5.2. Waiver of Notice and Demand

               The Company hereby waives notice of acceptance of this Guarantee
and of any liability to which it applies or may apply, presentment, demand for
payment, any right to require a proceeding first against the Trust or any other
Person before proceeding against the Company, protest, notice of nonpayment,
notice of dishonor, notice of redemption and all other notices and demands.

               Section 5.3. Obligations Not Affected

               The obligations, covenants, agreements and duties of the Company
under this Guarantee shall in no way be affected or impaired by reason of the
happening from time to time of any of the following:

               (a) the release or waiver, by operation of law or otherwise, of
          the performance or observance by the Trust of any express or implied
          agreement, covenant, term or condition relating to the Securities to
          be performed or observed by the Trust;

               (b) the extension of time for the payment by the Trust of all or
          a portion of the Distributions, Redemption Price or any other sums
          payable under the terms of the Securities or the extension of time for
          the performance of any other obligation under, arising out of, or in
          connection with, the Securities (other than an extension of time for
          payment of Distributions, Redemption Price or other sum payable that
          results from the extension of any interest payment period on the
          Debentures permitted by the Indenture);

                                       12

<PAGE>

               (c) any failure, omission, delay or lack of diligence on the part
          of the Holders to enforce, assert or exercise any right, privilege,
          power or remedy conferred on the Holders pursuant to the terms of the
          Securities, or any action on the part of the Trust granting indulgence
          or extension of any kind;

               (d) the voluntary or involuntary liquidation, dissolution, sale
          of any collateral, receivership, insolvency, bankruptcy, assignment
          for the benefit of creditors, reorganization, arrangement, composition
          or readjustment of debt of, or other similar proceedings affecting,
          the Trust or any of the assets of the Trust;

               (e) any invalidity of, or defect or deficiency in, the
          Securities;

               (f) the settlement or compromise of any obligation guaranteed or
          incurred in this Guarantee; or

               (g) any other circumstance whatsoever that might otherwise
          constitute a legal or equitable discharge or defense of the Company,
          it being the intent of this Section 5.3 that the obligations of the
          Company with respect to the Guarantee Payments shall be absolute and
          unconditional under any and all circumstances.

               There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Company with respect to the happening of any of the
foregoing.

               No setoff, counterclaim, reduction or diminution of any
obligation, or any defense of any kind or nature that the Company has or may
have against any Holder (except the defense of payment to such Holder) shall be
available hereunder to the Company against such Holder to reduce the payments to
it under this Guarantee.

               Section 5.4. Rights of Holders

               (a) The Holders of a Majority in Liquidation Amount of the
Securities have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Guarantee Trustee in respect of this
Guarantee or exercising any trust or power conferred upon the Guarantee Trustee
under this Guarantee.

               (b) If the Guarantee Trustee fails to enforce this Guarantee,
subject to the subordination provisions of Section 6.2, any Holder may institute
a legal proceeding directly against the Company to enforce the Guarantee
Trustee's rights under this Guarantee, without first instituting a legal
proceeding against the Trust, the Guarantee Trustee or any other person or
entity. In addition, if the Company has failed to make a Guarantee Payment, a
Holder, subject to the subordination provisions of Section 6.2, may institute a
legal proceeding directly against the Company for enforcement of the Guarantee
for payment to such Holder of the principal of or interest on the Debentures
having a principal amount equal to the aggregate liquidation amount of the
Securities of such Holder. The Company waives any right or remedy to require
that any action be brought first against the Trust or any other Person before
proceeding directly against the Company.

                                       13


<PAGE>

               Section 5.5. Guarantee of Payment

               This Guarantee creates a guarantee of payment and not of
collection.

               Section 5.6. Subrogation

               The Company shall be subrogated to all, if any, rights of the
Holders against the Trust in respect of any amounts paid to such Holders by the
Company under this Guarantee; provided, however, that the Company shall not
(except to the extent required by mandatory provisions of law) be entitled to
enforce or exercise any right that it may acquire by way of subrogation or any
indemnity, reimbursement or other agreement, in all cases as a result of payment
under this Guarantee, if, at the time of any such payment, any amounts are due
and unpaid under this Guarantee. If any amount shall be paid to the Company in
violation of the preceding sentence, the Company agrees to hold such amount in
trust for the Holders and to pay over such amount to the Guarantee Trustee for
the benefit of the Holders.

               Section 5.7. Independent Obligations

               The Company acknowledges that its obligations hereunder are
independent of the obligations of the Trust with respect to the Securities, and
that the Company shall be liable as principal and as debtor hereunder to make
Guarantee Payments pursuant to the terms of this Guarantee notwithstanding the
occurrence of any event referred to in subsections (a) through (g), inclusive,
of Section 5.3 hereof.

                                   ARTICLE VI

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

               Section 6.1. Limitation of Transactions

               So long as any Securities remain outstanding, if an Event of
Default occurs under the Guarantee or a Trust Enforcement Event occurs under the
Declaration and written notice of such event has been given to the Company, or
if the Company has exercised its option under the Indenture to defer interest
payments and that period or extension of that period is continuing, the Company
shall not:

               (a) declare or pay any dividend on, make any distributions
          relating to, or redeem, purchase, acquire or make a liquidation
          payment relating to, any of the Company's capital stock or any
          warrants, options or other rights to acquire capital stock (but
          excluding any debt security that is convertible into or exchangeable
          for capital stock);

               (b) make any payment of interest, principal or premium, if any,
          on or repay, repurchase or redeem any debt securities of the Company
          (including any Other Debentures) that rank on a parity with or junior
          in interest to the Debentures or make any payments with respect to any
          guarantee by the Company of the debt securities of any subsidiary of
          the Company (including Other Guarantees) if such guarantee ranks on a
          parity with or junior in interest to the Debentures in each case,
          other than:

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<PAGE>

                    (i)     dividends or distributions in capital stock (or
          rights to acquire capital stock) of the Company;

                    (ii)    payments under this Guarantee;

                    (iii)   any declaration of a dividend in connection with the
          implementation of a shareholders' rights plan, or the issuance of
          stock under any such plan in the future, or the redemption or
          repurchase of any such rights pursuant to a rights agreement;

                    (iv)    repurchases or acquisitions of shares of capital
          stock of the Company in connection with the satisfaction by the
          Company of its obligations under any employee benefit plans or any
          other contractual obligation of the Company; or

                    (v)     as a result of an exchange or conversion of the
          Company's capital stock for another class or series of the Company's
          capital stock;

                    (vi)    the purchase of fractional interests in shares of
          the Company's capital stock pursuant to the conversion or exchange
          provisions of such capital stock or the security being converted or
          exchanged; and

                    (vii)   repurchases of capital stock of the Company in
          connection with the satisfaction by the Company of its obligations
          pursuant to any acquisitions of businesses made by the Company (which
          repurchases are made in connection with the satisfaction of
          indemnification obligations of the sellers of such businesses).

               Section 6.2. Ranking

               This Guarantee will constitute an unsecured obligation of the
Company and will rank:

                    (i)     subordinate and junior in right of payment to Senior
          Indebtedness (as defined in the First Supplemental Indenture), to the
          same extent and in the same manner that the Debentures are
          subordinated to Senior Indebtedness pursuant to the Indenture, it
          being understood that the terms of Article 6 of the First Supplemental
          Indenture shall apply to the obligations of the Company under this
          Guarantee as if (x) such Article 6 were set forth herein in full and
          (y) such obligations were substituted for the term "Debentures"
          appearing in such Article 6, except that with respect to Section 6 of
          the First Supplemental Indenture only, the term "Senior Indebtedness"
          shall mean all liabilities of the Company, whether or not for money
          borrowed (other than obligations in respect of Other Guarantees);

                    (ii)    pari passu with the most senior preferred or
          preference stock now or hereafter issued by the Company, any guarantee
          now or hereafter entered into by the Company in respect of any
          preferred or preference stock of any Affiliate of the Company, and any
          Other Guarantee; and

                    (iii)   senior to the Company's capital stock.

                                       15

<PAGE>

                                   ARTICLE VII

                                   TERMINATION

               Section 7.1. Termination

               This Guarantee shall terminate upon:

                    (i)     full payment of the Redemption Price of all
          Securities;

                    (ii)    distribution of the Debentures held by the Trust to
          the Holders; or

                    (iii)   liquidation of the Trust and the full payment of the
          amounts payable in accordance with the Declaration or the distribution
          of the Debentures to the Holders.

Notwithstanding the foregoing, this Guarantee will continue to be effective or
will be reinstated, as the case may be, if at any time any Holder must restore
payment of any sums paid under the Securities or under this Guarantee.

                                  ARTICLE VIII

                                 INDEMNIFICATION

               Section 8.1. Exculpation

               (a) No Indemnified Person shall be liable, responsible or
accountable in damages or otherwise to the Company or any Covered Person for any
loss, damage or claim incurred by reason of any act or omission performed or
omitted by such Indemnified Person in good faith in accordance with this
Guarantee and in a manner that such Indemnified Person reasonably believed to be
within the scope of the authority conferred on such Indemnified Person by this
Guarantee or by law, except that an Indemnified Person shall be liable for any
such loss, damage or claim incurred by a Holder by reason of such Indemnified
Person's negligence or willful misconduct with respect to such acts or
omissions.

               (b) An Indemnified Person shall be fully protected in relying in
good faith upon the records of the Company and upon such information, opinions,
reports or statements presented to the Company by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and, if selected by the Indemnified Person,
who has been selected with reasonable care, including information, opinions,
reports or statements as to the value and amount of the assets, liabilities,
profits, losses, or any other facts pertinent to the existence and amount of
assets from which Distributions to Holders might properly be paid.

               Section 8.2. Indemnification

               To the fullest extent permitted by law, the Company agrees to
indemnify each Indemnified Person for, and to hold each Indemnified Person
harmless against, any and all loss, liability, damage, claim or expense incurred
without negligence or bad faith on its part, arising

                                       16

<PAGE>

out of or in connection with the acceptance or administration of the trust or
trusts hereunder, including the costs and expenses (including reasonable legal
fees and expenses) of defending itself against, or investigating, any claim or
liability in connection with the exercise or performance of any of its powers or
duties hereunder. The obligation to indemnify as set forth in this Section 8.2
shall survive the termination of this Guarantee and shall survive the removal or
resignation of the Guarantee Trustee.

                                   ARTICLE IX

                                  MISCELLANEOUS

               Section 9.1. Successors and Assigns

               All guarantees and agreements contained in this Guarantee shall
bind the successors, assigns, receivers, trustees and representatives of the
Company and shall inure to the benefit of the Holders then outstanding.

               Section 9.2. Amendments

               Except with respect to any changes that do not materially
adversely affect the rights of Holders (in which case no consent of Holders will
be required), this Guarantee may only be amended with the prior approval of the
Holders of a Majority in Liquidation Amount of the Securities. The provisions of
the Declaration with respect to consents to amendments thereof, whether at a
meeting or otherwise, shall apply to the giving of such approval.

               Section 9.3. Notices

               All notices provided for in this Guarantee shall be in writing,
duly signed by the party giving such notice, and shall be delivered by hand or
express courier, telecopied or mailed by first class mail, as follows:

               (a) If given to the Trust, at the Trust's mailing address set
          forth below (or such other address as the Trust may give notice of to
          the Holders and the Guarantee Trustee):

                    New York Community Capital Trust V
                    c/o New York Community Bancorp, Inc.
                    615 Merrick Avenue
                    Westbury, New York 11590
                    Attention: Joseph R. Ficalora, Administrative Trustee, c/o
                    Chief Executive Officer, New York Community Bancorp, Inc.
                    Telecopy: (516) 683-4100

                                       17

<PAGE>

               (b) If given to the Guarantee Trustee, at the Guarantee Trustee's
          mailing address set forth below (or such other address as the
          Guarantee Trustee may give notice of to the Holders and the Trust):

                     Wilmington Trust Company
                     Rodney Square North
                     1100 North Market Street
                     Wilmington, Delaware  19890
                     Attention: Corporate Trust Administration
                     Telecopy: (302) 636-4140

               (c) If given to the Company, at the Company's mailing address set
          forth below (or such other address as the Company may give notice of
          to the Holders and the Guarantee Trustee):

                     New York Community Bancorp, Inc.
                     615 Merrick Avenue
                     Westbury, New York 11590
                     Attention: Chief Executive Officer
                     Telecopy: (516) 683-4100

               (d) If given to any Holder, at such Holder's address set forth on
          the books and records of the Trust.

                  All such notices shall be deemed to have been given when
received in person, telecopied with receipt confirmed, or mailed by first class
mail, postage prepaid except that if a notice or other document is refused
delivery or cannot be delivered because of a changed address of which no notice
was given, such notice or other document shall be deemed to have been delivered
on the date of such refusal or inability to deliver.

               Section 9.4. Benefit

               This Guarantee is solely for the benefit of the Holders and,
subject to Section 3.1(a), is not separately transferable from the Securities.

               Section 9.5. Governing Law

               THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

               Section 9.6. Counterparts

               This Guarantee may contain more than one counterpart of the
signature page, and this Guarantee may be executed by affixing of the signature
of each of the parties to one of such counterpart signature pages. All such
counterpart signature pages shall be read as though one, and they shall have the
same force and effect as though all of the signers had signed a single signature
page.

                                       18

<PAGE>

               IN WITNESS WHEREOF, this Guarantee Agreement has been entered
into as of the day and year first above written.


                                             New York Community Bancorp, Inc.,
                                             as Company


                                             By: /s/ Anthony E. Burke
                                                 -------------------------------
                                                 Name: Anthony E. Burke
                                                 Title: Executive Senior Vice
                                                        President


                                             Wilmington Trust Company, as
                                             Guarantee Trustee


                                             By: /s/ W. Chris Sponenberg
                                                 -------------------------------
                                                 Name: W. Chris Sponenberg
                                                 Title: Vice President