EXHIBIT 21.1

Subsidiary Activities

      The Company has formed three subsidiaries:

      GreenPoint Bank. The Bank was organized in 1868 as a New York State
chartered mutual savings bank. On January 28, 1994, the Bank converted from the
mutual to the stock form of ownership, and 100% of its outstanding shares were
acquired by the Company. The Bank is the principal subsidiary of the Company.

      GreenPoint Community Development Corp. This for-profit community
development subsidiary was incorporated in 1993. The subsidiary offers lending
programs, development opportunities and assistance, consulting and other
activities which promote the objective of greater access to affordable housing
for low-and moderate-income persons residing in the New York metropolitan area.
GreenPoint Community Development Corp. is a subsidiary of the Company.

      GreenPoint Capital Trust I. This subsidiary was incorporated on June 3,
1997. The subsidiary issued $200 million of Capital Securities, the proceeds of
which were used for general corporate purposes, including the repurchase of
stock and financing growth.

      As of December 31, 1998 the Bank has formed thirteen subsidiaries:

      GreenPoint Mortgage Corp. This subsidiary was incorporated on October 12,
1994 and began operations in the first quarter of 1995. On July 7, 1995,
GreenPoint Mortgage acquired the wholesale residential mortgage lending business
of BarclaysAmerican/Mortgage Corp. ("BAM"). On April 30, 1997, the Company
purchased the Columbus, Georgia mortgage servicing operations of Citizens
Financial Group. GreenPoint Mortgage's activities consist of the origination,
sale and servicing of mortgage loans.

      GreenPoint Credit Corp. This subsidiary was incorporated on May 4, 1998
and began operations in the fourth quarter of 1998. GreenPoint Credit was formed
for the purpose of acquiring the assets of BankAmerica Housing Services, a
division of Bank of America, FSB. This acquisition was consummated on September
30, 1998. GreenPoint Credit's activities consist of the origination, sale and
servicing of manufactured housing loans. In Mississippi and Minnesota,
GreenPoint Credit conducts activities through its wholly owned subsidiaries,
GreenPoint Credit Corp. of Mississippi (incorporated on September 4, 1998), and
GreenPoint Credit Corp. of Minnesota (incorporated on September 14, 1998).

      GreenPoint Agency, Inc. This subsidiary was incorporated on June 30, 1998
as an insurance agency. GreenPoint Agency acts as an agent in connection with
the sale of forced placed property insurance and standard property and casualty
insurance.

      GreenPoint Insurance Corp. This subsidiary was incorporated on September
10, 1998 as an insurance underwriting and reinsurance subsidiary. GreenPoint
Insurance's activities include the reinsurance of life and disability insurance
risks.

      GreenPoint Purchasing Corp. This subsidiary was incorporated on July 19,
1996, with an agreement between the Company and the Nassau County Industrial
Development Agency. This agreement enables the Company, on a sales tax exempt
basis, to (1) purchase and/or lease machinery and equipment for the Lake Success
facility and (2) renovate and improve the facility.

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      3090 Ocean Avenue Realty Corp. This subsidiary was incorporated on June 6,
1996, as a real estate investment subsidiary.

      75 Route 25A Realty Corp. This subsidiary was incorporated on June 7,
1996, as a real estate investment subsidiary. This subsidiary was dissolved on
December 9, 1998.

      GreenPoint Corporate Owned Life Insurance. This subsidiary was
incorporated on July 25, 1996, as an insurance trust established for the purpose
of purchasing corporate life insurance policies for the officers of the Company.

      Other Real Estate Subsidiaries. The Bank has formed five wholly-owned
subsidiary corporations, all of which are incorporated under the laws of the
State of New York, for the purpose of holding and maintaining certain properties
acquired by the Bank as a result of foreclosure proceedings or deeds in lieu
thereof. As of December 31, 1998, four of these subsidiaries were active. The
Bank attempts to limit the carrying value of property held by any one subsidiary
to approximately $5 million. Accordingly, in the event the Bank acquires
additional properties through foreclosure or deeds in lieu thereof, the Bank may
form additional subsidiaries for the purpose of holding and maintaining such
properties. The properties selected by the Bank to be held in its subsidiaries
generally consist of multi-family properties with five units or more, commercial
properties and one-to four-family properties which have been identified by the
Bank as having attributes which may subject the Bank to liabilities beyond those
normally associated with its other real estate such as properties which are not
in compliance with building codes or properties with potential environmental
problems. Descriptions of the Bank's subsidiaries are set forth below:

      Neerg Corp. This subsidiary was formed in January 1990 and currently holds
7 properties having an aggregate carrying value of $0.7 million and an aggregate
appraised value of $1.5 million, as of December 31, 1998, based on the Company's
most recent appraisals.

      298 15th Street Realty Corp. This subsidiary was formed in January 1993
and currently holds 5 properties having an aggregate carrying value of $0.5
million and an aggregate appraised value of $1.0 million as of December 31,
1998, based on the Company's most recent appraisals.

      Neerg Second Corp. This subsidiary was formed in June 1993 and currently
holds 5 properties having an aggregate carrying value of $0.5 million and an
aggregate appraised value of $1.0 million, as of December 31, 1998, based on the
Company's most recent appraisals.

      Alpha REO Corporation. This subsidiary was formed in March 1994 and
currently holds 7 properties having an aggregate carrying value of $0.7 million
and an aggregate appraised value of $1.5 million, as of December 31, 1998, based
on the Company's most recent appraisals.

      Beta REO Corp. This subsidiary was formed in June 1994 and currently holds
no properties.