**EXHIBIT21.1**

 

**SubsidiaryActivities**

 

The Company has formed four subsidiaries:

 

*GreenPoint Bank.*The Bank was organized in 1868 as a NewYork State chartered mutual savings bank. On January 28, 1994, the Bankconverted from the mutual to the stock form of ownership, and the Companyacquired 100% of its outstanding shares. The Bank is the principal subsidiaryof the Company.

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

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

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*TrueWeb, Inc*. TWeeb, Inc., subsequently renamed TrueWeb, Inc.(“TrueWeb”), was incorporated in December 1999. TrueWeb is a wholly-ownedsubsidiary of the Company and was formed to pursue internet businessesstrategic to GreenPoint. TrueWeb discontinued operating activity on June 30,2001. In August of 2001 TrueWeb, was dissolved.

 

As of December 31, 2001 the Bank has formed twentysubsidiaries:

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*Headlands Mortgage Company*. Headlands was acquired in a pooling of intereststransaction on March 30, 1999. Headlands is located in Novato, California. OnSeptember 30, 1999, Headlands transferred all of its assets and liabilitiesrelated to loan origination and servicing operations to its wholly-ownedsubsidiary GPM.

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*GreenPoint Mortgage Funding, Inc*. GPM was acquired on April 8, 1999. OnSeptember 30, 1999, the Bank transferred all of the issued and outstandingshares of GPM to Headlands. Also, on September 30, 1999, GreenPoint MortgageCorp. (a wholly-owned subsidiary of Headlands) merged into GPM, with GPM as thesurviving entity. GPM is headquartered in Novato, California and its activitiesconsist of the origination, sale and servicing of mortgage loans.

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*GreenPoint Credit, LLC*. On September 30, 1999, the Bank transferred allissued and outstanding shares of GreenPoint Credit Corp., to Headlands, whichthen transferred these shares to GPM. GreenPoint Credit Corp. then merged intoGPC, with GPC as the surviving entity. GPC’s activities currently consist ofthe servicing of manufactured housing loans. In Mississippi, GPC conductsactivities through its wholly-owned subsidiary, GreenPoint Credit ofMississippi, LLC. On September 30, 1999, GreenPoint Credit Corp. of Mississippiwas merged into GreenPoint Credit of Mississippi, LLC.

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*GPAsset LLC.* Thissubsidiary was incorporated on August 17, 2000 as a special purpose entity formanufactured housing securitizations. The company is a wholly-owned subsidiaryof GPC and was inactive at December 31, 2001.

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*GreenPoint Mortgage Securities, Inc*. With the transfer of its mortgageassets and liabilities, Headlands transferred ownership of its securitizationsubsidiary, Headland Mortgage Securities, Inc., and its related subsidiariesMarin Conveyancing Corp. and Headlands Insurance Agency to GreenPoint MortgageFunding, Inc. Headlands Mortgage Securities, Inc. changed its name toGreenPoint Mortgage Securities, Inc.

 

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GreenPoint*Agency, Inc.* This subsidiary wasincorporated on June 30, 1998 as an insurance agency. GreenPoint Agency acts asan agent in connection with the sale of forced placed property insurance andstandard property and casualty insurance. In Alabama, GreenPoint Agencyconducts its activities through the Bank’s wholly-owned subsidiary, GreenPointAgency of Alabama, Inc.

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*GreenPoint Insurance Corp.*This subsidiary was incorporated onSeptember 10, 1998 as an insurance underwriting and reinsurance subsidiary.GreenPoint Insurance’s activities include the reinsurance of life anddisability insurance risks.

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*GreenPoint Purchasing Corp.*This subsidiary was incorporated on July19, 1996, with an agreement between the Company and the Nassau CountyIndustrial Development Agency. This agreement enables the Company, on a salestax exempt basis, to (1) purchase and/or lease machinery and equipment for theLake Success facility and (2) renovate and improve the facility.

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*3090 Ocean Avenue Realty Corp.* This subsidiary was incorporated on June6, 1996, as a real estate investment subsidiary.

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*GreenPoint Corporate Owned Life Insurance.*This subsidiary was incorporated on July25, 1996 as an insurance trust established for the purpose of purchasingcorporate life insurance policies for the officers of the Company.

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*e4close Inc*. This subsidiary was incorporated on October 21,1999. e4close Inc. lists foreclosed properties on the internet. All of theassets of e4close were sold on June 20, 2000 to Smart Online, Inc. In August of2001, this subsidiary was dissolved with all of its remaining assets andliabilities transferred to the Bank.

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*GreenPoint Securities LLC*. This subsidiary was incorporated on August 25, 1999for the purpose of establishing an entity to sell mutual funds. This subsidiarywas inactive during 2001

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*Other Real Estate Subsidiaries*. The Bank has formed five wholly-ownedsubsidiary corporations, all of which are incorporated under the laws of theState of New York, for the purpose of holding and maintaining certainproperties acquired by the Bank as a result of foreclosure proceedings or deedsin lieu thereof. As of December 31, 2001, four of these subsidiaries wereactive. The Bank attempts to limit the carrying value of property held by anyone subsidiary to approximately $5 million. Accordingly, in the event the Bankacquires additional properties through foreclosure or deeds in lieu thereof,the Bank may form additional subsidiaries for the purpose of holding andmaintaining such properties. The properties selected by the Bank to be held inits subsidiaries generally consist of multi-family properties with five unitsor more, commercial properties and one-to four-family properties which havebeen identified by the Bank as having attributes which may subject the Bank toliabilities beyond those normally associated with its other real estate, suchas properties which are not in compliance with building codes or propertieswith potential environmental problems. Descriptions of the these subsidiariesare set forth below:

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*Neerg Corp.*This subsidiary was formed in January1990 and currently holds one property having an aggregate carrying value of$0.1 million and an aggregate appraised value of $0.2 million, as of December31, 2001, based on the Company’s most recent appraisals.

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*298 15th Street Realty Corp.*This subsidiary was formed in January1993 and currently holds two properties having an aggregate carrying value of$0.2 million and an aggregate appraised value of $0.3 million as ofDecember 31, 2001, based on the Company’s most recent appraisals.

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*Neerg Second Corp.*This subsidiary was formed in June 1993and currently holds no properties.

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*Alpha REO Corporation*. This subsidiary was formed in March 1994 andcurrently holds no properties.

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*Beta REO Corp.* This subsidiary was formed in June 1994 and currentlyholds no properties.

 

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