John Paul Reddam

B.A. Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four years ...

M.A. A Master of Arts ( la, Magister Artium or ''Artium Magister''; abbreviated MA, M.A., AM, or A.M.) is the holder of a master's degree awarded by universities in many countries. The degree is usually contrasted with that of Master of Science. Tho ...

Ph.D. A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields. Because it is ...

(born July 28, 1955) is a

Canadian Canadians (french: Canadiens) are people identified with the country of Canada. This connection may be residential, legal, historical or cultural. For most Canadians, many (or all) of these connections exist and are collectively the source of ...

businessman,

Thoroughbred The Thoroughbred is a horse breed best known for its use in horse racing. Although the word ''thoroughbred'' is sometimes used to refer to any breed of purebred horse, it technically refers only to the Thoroughbred breed. Thoroughbreds are c ...

racehorse Horse racing is an equestrian performance sport, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its basic pr ...

owner and a former

professor Professor (commonly abbreviated as Prof.) is an Academy, academic rank at university, universities and other post-secondary education and research institutions in most countries. Literally, ''professor'' derives from Latin as a "person who pr ...

philosophy Philosophy (from , ) is the systematized study of general and fundamental questions, such as those about existence, reason, knowledge, values, mind, and language. Such questions are often posed as problems to be studied or resolved. Some ...

California State University, Los Angeles California State University, Los Angeles (Cal State LA) is a public university in Los Angeles, California. It is part of the 23-campus California State University (CSU) system. Cal State LA offers 142 bachelor's degrees, 122 master's degrees, ...

Biography

Career

Known by his middle name, J. Paul Reddam was born in

Windsor Windsor may refer to: Places Australia * Windsor, New South Wales ** Municipality of Windsor, a former local government area * Windsor, Queensland, a suburb of Brisbane, Queensland **Shire of Windsor, a former local government authority around Wi ...

Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central Ca ...

, Canada, and graduated from the

University of Windsor , mottoeng = Goodness, Discipline and Knowledge , established = , academic_affiliations = CARL, COU, Universities Canada , former_names = Assumption College (1857-1956)Assumption University of Windsor (1956-1963) , type = Public universit ...

with a bachelor's degree in psychology. He then obtained a master's degree in philosophy from the

University of Toronto The University of Toronto (UToronto or U of T) is a public research university in Toronto, Ontario, Canada, located on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution ...

. In 1979, he moved to California to earn his Ph.D. at the

University of Southern California The University of Southern California (USC, SC, or Southern Cal) is a Private university, private research university in Los Angeles, California, United States. Founded in 1880 by Robert M. Widney, it is the oldest private research university in C ...

and made his home in the state. Reddam wrote his Ph.D. dissertation, entitled "Pragmatics and the Language of Belief," in 1982, focusing on "pragmatic theories of belief ascription." In 1995, he established a mortgage lending company, Ditech, and sold the business to

General Motors The General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. It is the largest automaker in the United States and ...

in 1999. '' The New York'' reported that

Governor of California The governor of California is the head of government of the U.S. state of California. The governor is the commander-in-chief of the California National Guard and the California State Guard. Established in the Constitution of California, the g ...

Jerry Brown Edmund Gerald Brown Jr. (born April 7, 1938) is an American lawyer, author, and politician who served as the 34th and 39th governor of California from 1975 to 1983 and 2011 to 2019. A member of the Democratic Party, he was elected Secretary of S ...

characterized Reddam's company's debt collection methods as loan sharking. He now owns CashCall, Inc., another firm specializing in small loans at very high interest rates. CashCall settled a lawsuit against it for $5 million dollars for predatory lending. As of 2020, he is running a successor to Cash Call named Owning.com that specializes in high balance, low LTV loans in California.

Horse racing

As a young man, Reddam became interested in the harness races held at

Windsor Raceway Windsor Raceway was a standardbred harness racing track located in Windsor, Ontario. The track was 5/8 of a mile in length. The facility closed August 31, 2012. The inaugural race took place on October 22, 1965, with ''Castle Direct'' driven by F ...

that eventually led to his involvement as an owner while working as a university professor in

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...

. He used to have

Standardbred The Standardbred is an American horse breed best known for its ability in harness racing, where members of the breed compete at either a trot or pace. Developed in North America, the Standardbred is recognized worldwide, and the breed can trace i ...

horses competing at Windsor Raceway (has since closed down) and at Cal Expo in

Sacramento, California ) , image_map = Sacramento County California Incorporated and Unincorporated areas Sacramento Highlighted.svg , mapsize = 250x200px , map_caption = Location within Sacramento C ...

. In 1988 he acquired his first Thoroughbred and has expanded his involvement to a current forty-horse racing stable plus twenty

broodmare A mare is an adult female horse or other equine. In most cases, a mare is a female horse over the age of three, and a filly is a female horse three and younger. In Thoroughbred horse racing, a mare is defined as a female horse more than four ...

s for his own

breeding Breeding is sexual reproduction that produces offspring, usually animals or plants. It can only occur between a male and a female animal or plant. Breeding may refer to: * Animal husbandry, through selected specimens such as dogs, horses, and rab ...

operations through arrangements with breeding farms in California and

Kentucky Kentucky ( , ), officially the Commonwealth of Kentucky, is a state in the Southeastern region of the United States and one of the states of the Upper South. It borders Illinois, Indiana, and Ohio to the north; West Virginia and Virginia to ...

. Widely respected in the industry for his strong support of Thoroughbred racing, Reddam's first major success came in 2004 with a win by 75%-owned Wilko in the

Breeders' Cup Juvenile The Breeders' Cup Juvenile is a Thoroughbred horse race for 2-year-old colts and geldings raced on dirt. It is held annually in late October or early November at a different racetrack in the United States or Canada as part of the Breeders' Cup ...

and his next in 2006 with

Red Rocks Red Rocks Amphitheatre (also colloquially as simply Red Rocks) is an open-air amphitheatre built into a rock structure in the western United States, near Morrison, Colorado, west of Denver. There is a large, tilted, disc-shaped rock behind th ...

in the

Breeders' Cup Turf The Breeders' Cup Turf is a Weight for Age Thoroughbred horse race on turf for three-year-olds and up. It is held annually at a different racetrack in the United States or Canada as part of the Breeders' Cup World Championships. The race's current ...

. His Thoroughbred racing stable is led by head trainer

Doug O'Neill Douglas F. O'Neill (born May 24, 1968) is an American Thoroughbred horse trainer. He was born in Dearborn, Michigan, and resides in California, where he trained the 2012 Kentucky Derby and Preakness Stakes winner, I'll Have Another, and 2016 Kent ...

, with several horses being conditioned by

Craig Dollase __NOTOC__ Craig may refer to: Geology *Craig (landform), a rocky hill or mountain often having large casims or sharp intentations. People (and fictional characters) *Craig (surname) *Craig (given name) Places Scotland *Craig, Angus, aka Barony of ...

. His greatest achievement came when his colt

I'll Have Another I'll Have Another (foaled April 1, 2009) is a champion American Thoroughbred horse racing, racehorse who won the 2012 Kentucky Derby and 2012 Preakness Stakes, Preakness Stakes. He was bred in Kentucky, owned by Canadian businessman J. Paul Re ...

, from 19th position, won the 2012 Kentucky Derby and the 2012

Preakness Stakes The Preakness Stakes is an American thoroughbred horse race held on Armed Forces Day which is also the third Saturday in May each year at Pimlico Race Course in Baltimore, Maryland. It is a Grade I race run over a distance of 9.5 furlongs () on ...

. ''

The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...

'' reported that the trainer used by Reddam was suspended for drug violation. His horse Nyquist won the Kentucky Derby in 2016. Nyquist and

were both trained by

and won the 2012 and 2016 Kentucky Derby races with jockey Mario Gutierrez.

Controversies

Reddam resigned from Ditech in May 2000 after three of his top managers were indicted for extortion. Gregory Kenneth DeLong, Vincent Pozzuoli and Jay David Marx were arrested for allegedly soliciting kickbacks from a Pittsburgh company that provided services for Ditech. Reddam sued GMAC Mortgage Corp in 2000, alleging that the company failed to pay $200 million that it owed after acquiring Ditech. In 2013, Reddam was sued by the Consumer Financial Protection Bureau for violating consumer protection laws in a case related to Cashcall and other companies he was involved in.

References

{{DEFAULTSORT:Reddam, J. Paul 1955 births Living people University of Windsor alumni University of Toronto alumni California State University, Los Angeles alumni California State University, Los Angeles faculty Philosophy teachers American financial businesspeople American racehorse owners and breeders Owners of Kentucky Derby winners Owners of Preakness Stakes winners Businesspeople from Ontario Canadian racehorse owners and breeders People from Windsor, Ontario