I think the "problem" is not with NYB, perse, but it is the fact that all of the bank stocks, in general, are not trading well. In other words, the banking sector, is trading poorly, and irrespective of an individual stock within the banking sector being fundamentally sound (like NYB), the out of favor sector, is taking down all of the individual stocks within it.
As long as the bank pays the $1.00 divy and all indications are that they will. Then, any buy under the $16 range has got to be a good long term buy. The banking sector will turn around at some point and be in favor. Difficult to predict when, but it will. NYB has a way of coming up with a surprise every so often. I suspect something good is around the corner perhaps before the summers over. It's been too quiet for too long.