U.S. House candidate David Trott made millions in mortgage crisis

U.S. House candidate David Trott made millions in mortgage crisis

In a commercial for his congressional campaign, David Trott tells of joining his mom and dad’s business in 1985 and later taking the helm.

“The business grew from six people to 1,800,” Trott says, as the camera shows him, dressed in an open-collared shirt, in a light-filled room, before shifting to scenes of people working in a warehouse setting and an office. “I’m a job creator.”

Trott never identifies what the family business does. The stock footage used in the political ad shows what appears to be manufacturing or shipping.

In reality, Trott is an attorney and his specialty is foreclosing on homes on behalf of banks and other lenders — as many as 80,000 in Michigan in a single year, by his own count, during the peak of the housing crisis.

His Farmington Hills law firm, Trott & Trott, is Michigan’s largest foreclosure law firm and one of the biggest in the country. Financial disclosure statements he filed in December as part of his congressional campaign show the financial holdings of Trott and his wife, Kathleen, are worth at least $60.2 million and possibly as much as $204.9 million.

Trott became a leader in the foreclosure industry that boomed in 2008 when the housing market went bust by buying up companies needed to complete a foreclosure from beginning to end. And he profits at each step of the process.

Besides his law firm that handles legal work, Trott owns or has a financial interest in the document company that processes paperwork, a newspaper that publishes required legal notices, the title companies that do the deed work, and a large real estate firm that sometimes handles the homes on which his clients have foreclosed.

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