With California's Orange County real estate and mortgage industry-driven economy in shambles and local home foreclosures on the rise, you might think that our Republican politicians would want to distance themselves from those who are profiting from the misery of Orange County voters who have lost or are about to lose their homes.
The Orange County Business Journal recently featured a glowing cover article on local Republican contributor, fundraiser, and king-maker Dale Dykema, founder and chief executive of Santa Ana-based T.D. Service Financial Corp, which bills itself as “one of the nation’s largest and most successful” foreclosure processing firms.
Not surprisingly, Dykema’s firm is “looking at record profits this year amid the foreclosure wave.”
According to the Business Journal, Dykema has helped lenders foreclose on more than 450,000 homes, and expects the current foreclosure crisis to make this his best year ever, with his company taking in more than $70 million in foreclosure fees.
Dykema also expects his good fortune to continue as the local economy tanks.
As Dykema told the Business Journal, “It takes time for the foreclosures to hit after the economy dropped. I wouldn’t be surprised if we hit a peak next year for this time around.”
The focus of the Business Journal article, however, was not on Dykema’s success as a foreclosure-profiteer or his record profits, but on his role as an Orange County GOP king-maker.
Dykema, the Business Journal explained, “has helped GOP congressmen get elected with money and campaign advice. His beneficiaries include nearly all of the county’s congressional delegation: John Campbell, Ed Royce, Dana Rohrbacher, Ken Calvert, John Lewis, as well as former congressman and Securities and Exchange Commission Chairman Chris Cox.”
According to the Campaign Money website, Dykema contributed $54,450 to Republicans in 2008. He is also responsible for raising many thousands more from others.
Of course, all of the current GOP congressmen on this list voted against the stimulus legislation intended to relieve the economic crisis from which Dykema is profiting.
All of them oppose efforts to help homeowners avoid foreclosure.
And all of them, including former congressman Chris Cox, were instrumental in creating the deregulated mortgage mess that lead to the foreclosure crisis in the first place.
Amidst the rubble of Orange County’s housing market, Dykema and his Orange County Republican cronies can be proud of helping at least one business expand: