The company will eliminate 130 of the 207 jobs at the mortgage subsidiary, said Joseph L. Mancino, its president and chief executive.

In 1997, Mortgagebot was formed as the mortgage subsidiary of M&I Bank, a large Midwestern bank.

Last month, Citicorp named Carl Levinson as chief executive of the mortgage subsidiary, with a mandate to clean up the business.

Judy Garfinkel, a spokesman for Homeside Lending, which now owns the Bank of Boston's former mortgage subsidiary, declined to comment on the case.

Alvarez became the Vice President of Operations at a mortgage subsidiary of Lehman Brothers.

The new issue concerned the cash flows from its mortgage subsidiary.

He is also the principal of Lenox Hill Investors, a firm in Hackensack, that operates commercial real estate investment and commercial mortgage subsidiaries.

In May the company added a mortgage subsidiary, yhd Capital.com.

In 2001, First Community had $1.29 billion in assets and a mortgage subsidiary based in Richmond.

In 2004, First Community sold its mortgage subsidiary to Access National Bank.