DFL takes aim at Republican Emmer's personal finances

State DFL leaders Thursday questioned the personal financial history of GOP gubernatorial candidate Tom Emmer, citing a threat to foreclose on his home in 2005 and loans they claim may have exceeded the value of his property.

Emmer on Thursday said he is current on his bills and his mortgage.

"I have a mortgage. I pay my mortgage. I am current, and I will keep paying my mortgage," he said.

As for the threat to foreclose on his home, he said, "Somebody missed something at the bank. And it was taken care of." Emmer declined to disclose the amount currently owed or the value of his home.

Noting that Emmer has called for government to live within its means, DFL chairman Brian Melendez said, "Emmer's slogans and the public record don't match up."

Wright County property records show Emmer bought his home in Delano in 2002 for $425,000 with a $300,000 mortgage, and within two years took out additional mortgages for another $557,000. Melendez said Emmer refinanced six times through 2010 with short-term mortgages, at times borrowing more than the home was worth, and used new loans to pay off some of the old ones.

In 2005, the State Bank of Loretto filed papers to foreclose on a 2004 mortgage of $250,000. Emmer satisfied that loan in early 2006.

Melendez said that despite the refinancing, Emmer's outstanding debt could be higher than the value of the home. The home had a market value for the 2011 tax year of $391,000.

Asked about the number of refinancings, Emmer said, "You know, I am like everybody else, I have a mortgage, I do financing.

"We do what we have to do," he said. "I manage my family, my business, I pay my mortgage and I don't know what's news about that."

He characterized his financial situation as more common to Minnesotans than that of DFL gubernatorial candidate Mark Dayton, a millionaire.

"I have financing that everybody in this state uses, unless they have a large trust account and don't have to worry about that sort of thing," he said.

The finances of Dayton were fodder for GOP criticism earlier in the campaign, when Republicans raised questions about his family trust fund in South Dakota, investments he had in the Caribbean and his settlement of a lawsuit. Dayton replied that he sold the off-shore investments and that he has paid Minnesota income taxes on the trust. He said he will reimburse taxpayers for the lawsuit expense.

Pat Doyle • 651-222-1210