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                                   EXHIBIT 5.0

                     OPINION OF MULDOON MURPHY & AGUGGIA LLP


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                                 January 9, 2006




Board of Directors
New York Community Bancorp, Inc.
615 Merrick Avenue
Westbury, New York 11590

     Re:   Long Island Financial Corp. 1998 Stock Option Plan, as Amended and
           assumed by New York Community Bancorp, Inc.

Ladies and Gentlemen:

         We have been requested by New York Community Bancorp, Inc. (the
"Company") to issue a legal opinion in connection with the registration of
547,026 shares of the Company's common stock, $.01 par value (the "Shares") on
Form S-8 under the Securities Act of 1933. The Shares may be issued by the
Company under the Long Island Financial Corp. 1998 Stock Option Plan, as amended
(referred to herein as the "1998 Plan").

         In connection with the merger of Long Island Financial Corp. with and
into the Company, effective December 30, 2005 (the "Merger"), the Company
succeeded to and assumed the obligations of Long Island Financial Corp. under
the 1998 Plan. In lieu of the shares of Long Island Financial Corp. common
stock, which would have been issued under the 1998 Plan, the Shares will be
issued in accordance with the exchange ratio set forth in the agreement
governing the Merger.

         We have made such legal and factual examinations and inquiries as we
deemed advisable for the purpose of rendering this opinion. In our examination,
we have assumed and have not verified (i) the genuineness of all signatures;
(ii) the authenticity of all documents submitted to us as originals; (iii) the
conformity with the originals of all documents supplied to us as copies; and
(iv) the accuracy and completeness of all corporate records and documents and of
all certificates and statements of fact, in each case given or made available to
us by the Company or its subsidiaries, New York Community Bank and Long Island
Commercial Bank.

         Based on the foregoing and limited in all respects to Delaware law, it
is our opinion that the Shares have been duly authorized and, upon payment for
and issuance of the Shares in the manner described in the 1998 Plan and the
outstanding option agreements, they will be duly authorized, legally issued,
fully paid and nonassessable.

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Board of Directors
January 9, 2006
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         The following provisions of the Company's Certificate of Incorporation
may not be given effect by a court applying Delaware law, but in our opinion the
failure to give effect to such provisions will not affect the duly authorized,
legally issued, fully paid and nonassessable status of the Company's common
stock:

         (a) Subsections C.3 and C.6 of Article FOURTH which grant the Board the
authority to construe and apply the provisions of that Article and subsection
C.4 of Article FOURTH, to the extent it obligates any person to provide, or
authorizes the Board to demand, complete information concerning beneficial
ownership of the Company's common stock; and

         (b) Article NINTH which authorizes the Board to consider the effect of
any offer to acquire the Company on constituencies other than stockholders in
evaluating any such offer.

         This opinion is rendered to you solely for your benefit in connection
with the issuance of the Shares as described above. This opinion may not be
relied upon by any other person or for any other purpose, and it should not be
quoted in whole or in part, or otherwise referred to or be furnished to, any
governmental agency (other than filed with the Securities and Exchange
Commission as an exhibit to the aforementioned Registration Statement on Form
S-8, in which this opinion is contained), or any other person or entity, without
the prior written consent of this firm.

         We hereby consent to the filing of this opinion as an exhibit to, and
the reference to this firm in, the Company's Registration Statement on Form S-8.

                                          Very truly yours,

                                          /s/ Muldoon Murphy & Aguggia LLP

                                          MULDOON MURPHY & AGUGGIA LLP