Eau Claire mortgage lender can't repay $9 million

By: WEAU 13 News Staff Email
By: WEAU 13 News Staff Email

EAU CLAIRE, Wis. (AP) -- A former state revenue official who owns a mortgage lending company has filed for bankruptcy protection.

Court records show John Torgerson of Eau Claire owes more than 100 creditors about $9.5 million. Torgerson founded Preferred Mortgage in 1979. It bills itself as a "premier low rate mortgage source."

The company's Web site says Torgerson saw a need for a local mortgage banking company to serve the "sub-prime or credit challenged marketplace."

Torgerson reportedly served as deputy revenue secretary under Gov. Tommy Thompson. He was also deputy banking commissioner, deputy secretary of the Department of Health and Social Services and deputy insurance commissioner.

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  • by taxed to death Location: ec on Mar 17, 2010 at 03:05 PM
    HA. This guy got paid by YOUR tax dollars to be the deputy revenue and banking secretary of the state of WI. Shockingly we have budget problems in our state. Folks/citizens it is time to stop being a bunch of sheep and get more angry and active. It is YOUR tax dollars paying these people to get us into the mess we are in and it is YOUR tax dollars that will have to be spent to fix it. In effect YOU, the taxpayer, are these bureaucrats employers so start treating them like the inept employees they are.
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