Still, there are many questions about what the big money managers are up to. The Obama Administration has said it wants to wind down Fannie Mae and Freddie Mac as part of its effort to reform the mortgage market. It is also unlikely that politicians in Washington would be keen to reform Fannie Mae and Freddie Mac in any way that would appear to benefit the funds of rich money managers—whether they live in Manhattan or Miami. As Bloomberg credit and mortgage reporter Jody Shenn tweeted, it's unclear why if his plan makes so much sense that Berkowitz wouldn't just start his own new and non-government backed mortgage insurer. The lawsuits the money men have filed against government seem weak.