During the subprime mortgage crisis, Hudson City was cited as an example of good management. They continued to require a good credit score and down payments of 10 to 20 percent, and avoided "exotic mortgages" allowing no income verification and/or no down-payment. "Forbes" called the bank the "best managed bank of 2007." Hudson City was the largest American bank to refuse federal bailout money, which unfortunately led to its downfall. While initially better off, the other large banks offloaded their bad loans to the government, leaving Hudson City with more debt than their competitors. While not plagued by the credit quality of its loans, by 2012 the bank was weakened as the continued lower mortgage rates encouraged a wave of refinancing to the lower rates.