So is now the time to jump into distressed mortgage securities? A lot of funds thinks so, but some may have jumped a bit early.  Fortress Investment Group has been lumped into the "a bit early" category. But for Bryan Caisse, an 18-year veteran of the mortgage markets, the time is now. He is launching Huxley Capital Management with backing from a United Arab Emirates-based investor, reports Fortune. Distressed mortgage asset-oriented hedge funds have been one of the few growth areas in a middling industry this year. No fund seems to have hit a home run going long on mortgage bonds. But at some point, a nadir has to be reached. Caisse tells the magazine that others have stumbled on overly aggressive use of leverage, improper hedging and failing to reckon with liquidity issues. Hopefully, he'll fare better. 

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