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                                                                Exhibit 4(m)(ii)





                               GUARANTEE AGREEMENT

                                     Between

                        New York Community Bancorp, Inc.,
                                  as Guarantor

                                       And

                            Wilmington Trust Company,
                              as Guarantee Trustee

                               Dated as of --, 2002

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                               TABLE OF CONTENTS

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                                                                                                    PAGE
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<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............................................      6
     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.......................................................      7
     SECTION 2.9.  Disclosure of Information...................................................      7
     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........................................................     13
     SECTION 5.6.  Subrogation.................................................................     13
     SECTION 5.7   Independent Obligations.....................................................     14

ARTICLE VI - LIMITATION OF TRANSACTIONS; SUBORDINATION.........................................     14
     SECTION 6.1.  Limitation of Transactions..................................................     14
     SECTION 6.2.  Ranking.....................................................................     15

ARTICLE VII - TERMINATION......................................................................     15
     SECTION 7.1.  Termination.................................................................     15

ARTICLE VIII - COMPENSATION AND INDEMNIFICATION................................................     16
     SECTION 8.1.  Exculpation.................................................................     16
     SECTION 8.2.  Compensation and Indemnification............................................     16
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ARTICLE IX - MISCELLANEOUS......................................................................    16
     SECTION 9.1.  Successors and Assigns.......................................................    16
     SECTION 9.2.  Amendments...................................................................    16
     SECTION 9.3.  Notices......................................................................    17
     SECTION 9.4.  Benefit......................................................................    18
     SECTION 9.5.  Governing Law................................................................    18
     SECTION 9.6.  Counterparts.................................................................    18
</TABLE>

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         This GUARANTEE AGREEMENT (the "Guarantee"), dated as of --, 2002, is
executed and delivered by New York Community Bancorp, Inc., a Delaware
corporation (the "Guarantor"), and Wilmington Trust Company, a Delaware banking
corporation, 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 --, a Delaware statutory business
trust (the "Issuer").

         WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of --, 2002, among the Guarantor, as Sponsor, --, --
and --, as the initial Administrative Trustees, Wilmington Trust Company, as the
initial Property Trustee, and Wilmington Trust Company, as the initial Delaware
Trustee, the Issuer is issuing on the date hereof --preferred securities, stated
liquidation amount of $-- per preferred security, having an aggregate stated
liquidation amount of --, such preferred securities being designated the
Preferred Securities (the "Preferred Securities") and --common securities,
stated liquidation amount of $-- per common security, having an aggregate stated
liquidation amount of $--, 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
Guarantor 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 Guarantor hereby acknowledges shall benefit the Guarantor, the
Guarantor 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;

         (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.

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         SECTION 1.2.  Definitions

         The following terms have the following meanings:

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

         "Affiliate" has the same meaning as given to that term in Rule 405
under the Securities Act of 1933, as amended, or any successor rule thereunder.

         "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 hereto.

         "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.

         "Debenture Issuer" has the meaning set forth in the Declaration.

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

         "Debentures" means the series of subordinated debt securities of the
Guarantor designated the --% Junior Subordinated Deferrable Interest Debentures
due --, -- to be purchased by the Issuer and held by the Property Trustee.

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

         "Event of Default" means a failure by the Guarantor to perform any of
its payment or other obligations under this Guarantee; provided however, that,
except with respect to default in respect of any Guarantee Payment, no default
by the Guarantor hereunder shall constitute an Event of Default unless the
Guarantor shall have received written notice of the default and shall not have
cured such default within 60 days after receipt thereof.

         "First Supplemental Indenture" means the First Supplemental Indenture,
dated as of --, 2002 between the Debenture Issuer and the Debenture 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 Issuer:

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

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         (ii)  the Redemption Price (as defined in the Declaration), with
respect to the Securities in respect of which the related Debentures have been
repaid at maturity, to the extent the Issuer has funds legally available
therefor;

         (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
Debenture Issuer to repurchase the Debentures which they have received in
exchange for their Preferred Securities, to the extent the Issuer has funds
legally available therefor; and

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

                  (a) the aggregate Accreted Value of the Securities plus all
accumulated and unpaid Distributions on the Securities to the date of payment,
to the extent the Issuer has funds legally available therefor at such time; and

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

         "Guarantee Trustee" means Wilmington Trust Company, a Delaware banking
corporation, 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.

         "Guarantor" has the meaning set forth in the Recitals hereto.

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

         "Indemnified Person" means the Guarantee Trustee (including in its
individual capacity), 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 --, 2002, between the
Guarantor, as Debenture Issuer, and the Debenture Trustee, as trustee, as
amended or supplemented from time to time, including the First Supplemental
Indenture, dated as of --, 2002, between the Debenture Issuer and the Debenture
Trustee, pursuant to which the Debentures are to be issued.

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

         "Issuer" has the meaning set forth in the Recitals hereto.

         "Majority in Liquidation Amount" means, except as provided by the Trust
Indenture Act, a vote by Holders of outstanding Securities voting together as a
single class or, as the context may require, the Holders of outstanding
Preferred Securities or the Holders of outstanding Common Securities, voting
separately as a class, who are the record owners of more than 50% of the
aggregate stated liquidation amount (including the stated amount that would be
paid on redemption, liquidation or otherwise, plus

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accumulated and unpaid Distributions to the date upon which the voting
percentages are determined) of all outstanding Securities or all outstanding
Securities of the relevant class, as the case may be.

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

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

         (b) 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

         (c) 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 Guarantor from time to time and sold to any other trust, partnership or
other entity affiliated with the Guarantor that is a financing vehicle of the
Guarantor, if any, in each case similar to the Issuer.

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

         "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

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

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

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

         "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Section 4. 1.

         "Trust Enforcement Event" has the meaning given such term in the
Declaration.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, or any
successor legislation, in each case, as amended.

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

                                   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. If any provision
of this Guarantee modifies or excludes any provision of the Trust Indenture Act
that may be so modified or excluded, the modified or excluded provision of the
Trust Indenture Act shall be deemed to apply to this Guarantee as so modified or
excluded, as the case may be.

         SECTION 2.2.  Lists of Holders of Securities

         (a) The Guarantor 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") as of such date (i) within fourteen
(14) days after each record date for payment of Distributions (as defined in the
Declaration), and (ii) at any other time within 30 days of receipt by the
Guarantor of a written request for a List of Holders as of a date no more than
14 days before such List of Holders is given to the Guarantee Trustee; provided,
                                                                       --------
however, that the Guarantor shall not be obligated to provide such List of
-------
Holders at any time the List of Holders does not differ from the most recent
List of Holders given to the Guarantee Trustee by the Guarantor. The Guarantee
Trustee may destroy any List of Holders previously given to it upon 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 the date hereof and no later than the anniversary
date hereof in each succeeding year, the Guarantee Trustee shall provide to the
Holders of the 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

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Section 313 of the Trust Indenture Act. The Guarantee Trustee shall also comply
with the requirements of Section 313(d) of the Trust Indenture Act.

         SECTION 2.4. Periodic Reports to the Guarantee Trustee

         The Guarantor shall provide to the Guarantee Trustee such documents,
reports and information as are required by Section 314 (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. Delivery of such reports, information and documents to the
Guarantee Trustee is for informational purposes only and the Guarantee Trustee's
receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including
the Guarantor's compliance with any of its covenants hereunder (as to which the
Guarantee Trustee is entitled to rely exclusively on Officers' Certificates).

         SECTION 2.5  Evidence of Compliance with Conditions Precedent

         The Guarantor shall provide to the Guarantee Trustee such evidence of
compliance with the conditions precedent, if any, 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) may be given in the form of an Officers'
Certificate.

         SECTION 2.6  Waiver of Events of Default

         The Holders of a Majority in Liquidation Amount of the Securities may,
by vote, on behalf of the Holders of all of the Securities, waive 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 therefrom 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  Notice of Events of Default

               (a)    The Guarantee Trustee shall, within 90 Business Days after
                      the occurrence of an Event of Default with respect to this
                      Guarantee actually known to a Responsible Officer of the
                      Guarantee Trustee, transmit by mail, first class postage
                      prepaid, to all Holders of the Securities, notices of all
                      such Events of Default, unless such Events of Default have
                      been cured before the giving of such notice; provided,
                                                                   --------
                      however, that, except in the case of an Event of Default
                      -------
                      arising from the non-payment of any Guarantee Payment, the
                      Guarantee Trustee shall be protected in withholding such
                      notice if and so long as a Responsible Officer of the
                      Guarantee Trustee in good faith determines that the
                      withholding of such notice is in the interests of the
                      Holders of the Securities.

               (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, or a
                      Responsible Officer of the Guarantee Trustee charged with
                      the administration of the Declaration shall have actual
                      knowledge, of such Event of Default.

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         SECTION 2.8   Conflicting Interests

         The Declaration 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.

                                   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:

                           (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
to the requirements of this Guarantee; but in the case of any such certificates
or opinions that

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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 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 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, if the Guarantee Trustee shall have reasonable
grounds for believing that the repayment of such funds or liability is not
reasonably assured to it under the terms of this Guarantee or indemnity,
reasonably satisfactory to the Guarantee Trustee, against such risk or liability
is not reasonably assured to it.

         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 Guarantor 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, in the absence of
bad faith on its part, request and conclusively rely upon an Officers'
Certificate which, upon receipt of such request, shall be promptly delivered by
the Guarantor.

                  (iv)  The Guarantee Trustee shall have no duty to see any
recording, filing or registration of any instrument or other document (or any
rerecording, refiling or reregister thererof).

                  (v)   The Guarantee Trustee may consult with counsel of its
selection or other experts of its selection, and the advice or opinion of such
counsel with respect to legal matters 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 Guarantor or any of its Affiliates and may include
any of its employees. The Guarantee Trustee shall

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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 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 have no obligation 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, nominees, custodians 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.

                  (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: (1) may request instructions from the Holders of a Majority
in liquidation amount of the Preferred Securities; (2) may refrain from
enforcing such remedy or right or taking such other action until such
instructions are received; and (3) shall be protected in conclusively relying on
or acting in accordance with such instructions.

                  (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 or 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.

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         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 Guarantor, 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 Guarantor; 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 fifty million U.S. dollars
($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 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 Guarantor 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 Guarantor 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 Guarantor.

         (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

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need for prior or subsequent accounting) by an instrument in writing executed by
the Guarantee Trustee and delivered to the Guarantor, 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 Guarantor 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 Guarantor 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 Guarantor shall pay to the
Guarantee Trustee all amounts due to the Guarantee Trustee accrued to the date
of such termination, removal or resignation.

                                    ARTICLE V
                                    GUARANTEE

         SECTION 5.1.  Guarantee

         The Guarantor irrevocably and unconditionally agrees to pay in full to
all Holders the Guarantee Payments (without duplication of amounts theretofore
paid by the Issuer), as and when due, regardless of any defense, right of
set-off or counterclaim that the Issuer may have or assert. The Guarantor's
obligation to make a Guarantee Payment may be satisfied by direct payment of the
required amounts by the Guarantor to the Holders or by causing the Issuer 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 Guarantor, in its capacity as Debenture Issuer, retains
all of its rights under the Indenture to:

                  (i)  extend the interest payment period on the Debentures and
the Guarantor 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 Guarantor 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 Issuer or any other
Person before proceeding against the Guarantor, protest, notice of nonpayment,
notice of dishonor, notice of redemption and all other notices and demands.

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         SECTION 5.3.  Obligations Not Affected

         The obligations, covenants, agreements and duties of the Guarantor
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 Issuer of any express or implied agreement,
covenant, term or condition relating to the Securities to be performed or
observed by the Issuer;

         (b)  the extension of time for the payment by the Issuer of all or an),
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);

         (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 Issuer 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 Issuer or any of the assets of the
Issuer;

         (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 Guarantor, it being the intent of
this Section 5.3 that the obligations of the Guarantor 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 Guarantor 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 Guarantor has or may have against any
Holder (except the defense of payment to such Holder) shall be available
hereunder to the Guarantor 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.

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         (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 Guarantor to enforce the Guarantee Trustee's
rights under this Guarantee, without first instituting a legal proceeding
against the Issuer, the Guarantee Trustee or any other person or entity. In
addition, if the Guarantor 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 Guarantor 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 Guarantor waives any right or remedy to require that any
action be brought first against the Issuer or any other Person before proceeding
directly against the Guarantor.

         SECTION 5.5.  Guarantee of Payment

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

         SECTION 5.6.  Subrogation

         The Guarantor shall be subrogated to all, if any, rights of the Holders
against the Issuer in respect of any amounts paid to such Holders by the
Guarantor under this Guarantee; provided, however, that the Guarantor 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 Guarantor in
violation of the preceding sentence, the Guarantor 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 Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Securities, and
that the Guarantor 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 Guarantor,
the Guarantor shall not:

         (a) declare or pay any dividends or distributions on, or redeem,
purchase, acquire, or make a liquidation payment with respect to, any of the
Guarantor's capital stock (which includes common and preferred stock);

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<PAGE>

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

                   (i)  dividends or distributions in shares of, or options,
warrants, rights to subscribe for or purchase shares of, common stock of the
Guarantor;

                  (ii)  any declaration of a dividend in connection with the
implementation of a stockholders' rights plan, or the issuance of stock under
any such plan in the future, or the redemption or repurchase of any such rights
pursuant thereto;

                  (iii) payments under this Guarantee;

                  (iv)  as a result of a reclassification of the Guarantor's
capital stock or the exchange or the conversion of one class or series of the
Guarantor's capital stock for another class or series of the Guarantor's capital
stock;

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

                  (vi)  purchases of common stock related to the issuance of
common stock or rights under any of the Guarantor's benefit plans for its
directors, officers or employees or any of the Guarantor's dividend reinvestment
plans.

         SECTION 6.2.   Ranking

         This Guarantee will constitute an unsecured obligation of the Guarantor
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 (except as indicated below), it being
understood that the terms of Article 6 of the First Supplemental Indenture shall
apply to the obligations of the Guarantor 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 Debt" shall mean all

liabilities of the Guarantor, 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 Guarantor, any guarantee now or hereafter
entered into by the Guarantor in respect of any preferred or preference stock of
any Affiliate of the Guarantor, and any Other Guarantee; and

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

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                                   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 Issuer to the
 Holders; or

                  (iii) liquidation of the Issuer, 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 Guarantor 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 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 Guarantor and upon such information, opinions,
reports or statements presented to the Guarantor by any Person as to matters the
Indemnified Person reasonably believes are within such other Person's
professional or expert competence and who has been selected with reasonable care
by or on behalf of the Guarantor, 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.  Compensation and Indemnification

         The Guarantor agrees to pay the Guarantee Trustee such compensation for
its services as shall be mutually agreed upon by the Guarantor and the Guarantee
Trustee. The Guarantor shall reimburse the Guarantee Trustee upon request for
all reasonable out-of-pocket expenses incurred by it, including all reasonable
compensation and expenses of the Guarantee Trustee's agents and counsel, except
as may be attributable to the negligence or bad faith of the Guarantee Trustee.
To the fullest extent permitted by law, the Guarantor agrees to indemnify each
Indemnified Person for, and to hold

                                       15

<PAGE>

each Indemnified Person harmless against, any and all loss, liability, damage,
action, suit, claim or expense incurred without negligence or bad faith on its
part, arising 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 Guarantor covenants
and agrees to advance expenses (including legal fees) incurred by an Indemnified
Person in defending any claim, demand, action, suit, or proceeding, from time to
time, prior to the final disposition of such claim, demand, action, suit or
proceeding, upon receipt by the Guarantor of an undertaking by or on behalf of
such Indemnified Person to repay such amount if it shall be determined that such
Indemnified Person is not entitled to be indemnified as authorized in this
Section. The provisions of this Section 8.2 shall survive the termination of
this Preferred Securities Guarantee and shall survive the resignation or removal
of the Guarantee Trustee. 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
Guarantor 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 (including the
stated liquidation amount that would be paid on redemption, liquidation or
otherwise, plus accumulated and unpaid Distributions to the date upon which the
voting percentages are determined). 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 Issuer, at the Issuer's mailing address set forth
below (or such other address as the Issuer may give notice of to the Holders and
the Guarantee Trustee):

                  New York Community Capital Trust o
                  c/o New York Community Bancorp, Inc.
                  615 Merrick Avenue
                  Westbury, New York 11590

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<PAGE>


                  Attention: Administrative Trustee
                  Telecopy: [.]

         (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 Issuer):

                  Wilmington Trust Company
                  Rodney Square North
                  1100 North Market Street
                  Wilmington, Delaware 19890

                  Attention: Corporate Trust Administration
                  Telecopy: [.]

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

                  New York Community Bancorp, Inc.
                  615 Merrick Avenue
                  Westbury, New York 11590
                  Attention:  [.]
                  Telecopy:  [.]

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

         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.

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<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.

By:
Name:
Title:

WILMINGTON TRUST COMPANY
as Guarantee Trustee

By:
Name:
Title:

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