Almost six years after bad home loans crippled the economy, Perry Capital and other big hedge funds are battling the government over the future of mortgage companies Fannie Mae and Freddie Mac, which needed taxpayer bailouts to survive. If the investors prevail in the courts or in Congress, they could enjoy one of the biggest paydays in history. And Todd Westhus, who spearheaded Perry Capital's purchase of Fannie and Freddie preferred shares when they were trading for pennies in 2010, could join the ranks of hedge fund legends George Soros and John Paulson. Other investors getting in on the action include Bruce Berkowitz, the mutual fund manager known for big bets on financial companies. The fate of the two companies are very much up in the air. That's because the US Department of the Treasury decided two years ago that all the companies' earnings must go to the government. If the government decides to put the companies out of business without compensating shareholders, the investments could go to zero.