Heat oil in Dutch oven over medium-high heat. Add onion, cumin, thyme, bay leaf and dried red pepper and sauté 5 minutes. Add ham hocks, broth, tomatoes and garlic. Simmer until ham hocks are tender, about 1 1/2 hours.
Transfer ham hocks to work surface. Remove meat and cut into bite-size pieces. Discard fat and bones. Return meat to pot. Add hominy and simmer until hominy is just tender, about 15 minutes. Season to taste with salt and pepper. (Can be prepared 1 day ahead. Cover and refrigerate. Reheat until heated through.) Ladle into bowls and serve.