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.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:

Read Comments

The comment sections of our web set are designed for thoughtful, intelligent conversation and debate. We want to hear from the viewers but we are not obligated to post comments we feel inappropriate or violate our guidelines. Here are some of the criteria you should follow when posting comments:

Comments cannot be profane or vulgar. Children and families visit this site. We will delete comments that use profanity or cross the lines of good taste.

We will delete all comments using hate speech. Slurs, stereotypes and violent talk aren’t welcome on our web site.

Comments should not attack other readers personally.

We will delete comments we deem offensive, in bad taste, or out of bounds. We are not obligated to post comments that are rude or insensitive.

We do not edit user-submitted comments.

As a host WEAU 13 News welcomes a wide spectrum of opinions. However, we have a responsibility to all our readers to try to keep our comment section fair and decent. For that reason WEAU 13 News reserves the right to not post or to remove any comment.
  • 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.
WEAU 13 NEWS 1907 S. Hastings Way Eau Claire, WI 54701 By Phone: Main Number (715) 835-1313 and (715) 832-3474. Tip Line (715) 839-WEAU - (715) 839-9328 Sports Line (715) 852-1537
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 88204222 - weau.com/a?a=88204222
Gray Television, Inc.