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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