I am quite satisfied receiving NYB's generous dividend. The reason why the stock's price is so low, considering such a hefty dividend, is because wall street sees the dividend just barely covered by the earnings and this makes the street nervous. This does not bother me because I am more than confident that the future price will surely be much higher. In the meantime the low price continues to build my share count as the big reinvested dividend keeps buying shares at a rediculously low price.
By the way, if NYB did decide to say, cut the dividend to 50 or 75 cents to conserve cash, wall street would take a more positive view and the stock would rise 1-2 dollars immediately.