New York Community Bancorp Inc. has weathered previous economic downturns, but it now faces a gale-force wind as the economic recession hits the Big Apple's real estate sector.

A softening market for apartment rentals, aggravated by rising unemployment, is putting pressure on New York Community's core business of making loans to New York City landlords. And pending legislation and legal issues could spell more trouble for the parent of New York Community Bank and New York Commercial Bank.

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