Paramus, N.J.-based Hudson City Bancorp Inc., the holding company for Hudson City Savings Bank, is expanding into commercial real estate lending.
According to a Reuters report, Hudson City Bancorp will initially focus on syndicated commercial real estate and multifamily mortgage loan deals that can be sold in the secondary market. The expansion will bring a new revenue stream to the company, which reported a drop of almost 25% in its quarterly net income.
‘The extraordinarily low market interest rates, combined with the government-sponsored enterprises' participation in the mortgage market, persist and make it difficult for us to profitably grow our business in the same manner as we have in the past,’ says Denis Salamone, acting CEO.
