Tanguy de Carbonnières, Associate General Counsel at Fannie Mae for Contracts and Technology — I want you to remember that title — is literally a man without a country these days. The Tan Guy advises Fannie Mae on IP, IT, information security, communications, and oversees the company’s patent portfolio. Prior to joining Fannie Mae in 1998, he was with WilmerHale in their Washington DC office, focusing on cross border transactions and dispute resolution. The Tag Guy practiced law in Paris for six years, litigating real estate and corporate matters. He is admitted to practice in New York, the District of Columbia, and Paris (inactive). The Tan Guy received an LL.M. from American University and a maîtrise en droit from the Paris II Assas. — This is what his Curriculum Vitae would have you believe from the 2010 AIPPI Congress Paris.
The Tan Guy I am going to introduce you to over the next several weeks is a far different person than his Curriculum Vitae would have you believe. Tan Guy is a Frenchman whom came to America and within a brief period of time found himself under investigation in one of the world’s worst financial collapses in history.
With Countrywide-originated loans serving as fuel and Government-Sponsored Enterprises (“GSEs”) Fannie Mae and Freddie Mac acting as a furnace, the alliance of the companies created an enormous fire that eventually consumed the American economy. Many of the people in position to reform the GSEs and extinguish the flames before the danger spread were receiving perquisites from a VIP loan program operated by Countrywide under the supervision of Chairman and CEO Angelo Mozilo.
Countrywide VIP account executive Robert Feinberg testified it was the practice of VIP loan officers to communicate to “Friends of Angelo” they were receiving special pricing and preferential treatment. Documents obtained by the Committee confirm this. VIP borrowers were informed Angelo Mozilo personally priced their loans and they relied on their status as “Friends of Angelo” to guarantee preferential treatment for themselves and others. Borrowers previously processed through the VIP department expected discounts on subsequent refinances. In case a borrower had any doubt about which department was processing a loan, Countrywide loan officers attached business cards to loan documents clearly indicating the officers processing the loan worked in the VIP unit.
How Does A Frenchman Get A Sweetheart Loan Deal From Countrywide?
The answer to that is more simple than you think. Tanguy de Carbonnières, the Frenchman that he is, has a way with the ladies. Mollie Dougherty, Fannie Mae Senior Business Manager, was a lady at Fannie Mae, where Tan Guy was a lawyer. And the rest, as you will soon read, is what we call history — kinda. I laugh out loud when I think of the irony that her name is identical to the name used by many for the designer drug Ecstasy. Our story starts, as most do within the dark and obscene corridors of American finance, with people whom are easily influenced by filthy lucre. Angelo Mozilo, that’s the Chief Fuckstick at Countrywide Mozilo, decided to create a Members Only racket to peddle influence. The Members of this Club were dubbed as Friends of Angelo. Our stage, which I will describe, is nearly identical to that of that of Germany during the hyper inflationism run between 1919 and 1923. Huge private fortunes were amassed during a time of little economic prosperity — two identical traits between America today and Germany then. Success with money today is directly connected with inflation – people no longer are producing as a means of wealth, but rather by purchasing real estate or stocks.
Over the next several weeks, Foreclosurepedia is going to give you a crash course on precisely why Fannie Mae; why Government Sponsored Enterprises (GSE) and their employees like Tanguy de Carbonnières and Mollie Dougherty, pose a clear and present danger to the United States and its financial sector.
Tanguy de Carbonnières wasn’t out there on his own. In fact, his newly acquired American female friend Mollie Dougherty, Fannie Mae Senior Business Manager, was with him every step of the way. So, Tan Guy and Mollie did what any French Foreign National and American whom are Friends of Angelo normally do, they bought a home! They bought a home in 2012 worth more than most people could pay off in a lifetime. Mollie and Tan Guy plopped down ONE MILLION EIGHT HUNDRED AND THIRTY THOUSAND DOLLARS for a home in the upper class American University Park (AU Park). Now, bear in mind, that by 2012, Europe was finally getting a taste of what good ‘ol Uncle Sam had dropped in their lap. To be fair, the Washington DC Tax Assessor’s Office lists only Mollie as paying tax, but the Washington Post clears up the mystery for us by listing Tan Guy.
By accepting discounted loan terms and other preferential treatment from Countrywide, Fannie Mae employees violated the company’s Code of Conduct. The Fannie Mae Code of Conduct for Employees (“Code of Conduct”) prohibits them from accepting gifts or other items of value. The Code of Conduct puts Fannie Mae employees on notice that accepting “inappropriate gifts” is a violation, and may also be a criminal act. The Code of Conduct also explicitly forbids Fannie Mae employees from using their position for personal gain. — 05 July 2012 Staff Report Prepared for Chairman Darrell Issa
So, if the Chairman of U.S. House of Representatives Committee on Oversight and Government Reform, Congressman Darrell Issa, feels comfortable stating that those whom received loans under the Countrywide VIP Program violated Fannie Mae’s Code of Conduct; if Tan Guy and Mollie got a loan and were in the Friends of Angelo Club, I feel pretty comfortable hanging my hat there as well. And that is a problem when dealing with a patent troll like de Carbonnières.
“When Jim realized how much volume Countrywide was taking down, especially in California, he made it his mission to get to know Angelo,” said a Johnson aide. As the business ties between Countrywide and Fannie Mae grew stronger, so too did the personal ties between the two CEOs. When Mozilo ordered discounts and other forms of preferential treatment for Johnson and his friends and family, he frequently reminded staff how important Johnson was to the company. After waiving one and a half points on a loan for Johnson, Mozilo reminded David Kovnesky: “Jim Johnson continues to be a source of many loans for our Company and this is just a small token of my appreciation for the business that he sends to us and for his loyalty to the Company.” He did. Johnson and Mozilo became closely aligned.
So, here is our introduction to how a Frenchman became embroiled in violations of his Canons of Ethics as not only I see it, but apparently the US Congress saw it as well. We are going to make it our Mission here to ensure that this French Frog gets that 15 minutes of fame he seems to be so after when he reached out to us several days ago. And this is a direct and personal message to you Frog, I am not going to let up on the investigations. There will be no corner to dark and no stone left unturned. While you may not like my opinions, in the United States we have a thing the French are unaccustomed to: Free Speech. Foreclosurepedia reached out to the French Frog for comment. He was recalcitrant in providing one at the time of publication.
