Institutional investors

Fortress Mortgage Fund Down 30 Percent: Report 

Betting on the bottom of the mortgage mess is proving to be a tough bet, even for the smart money. According to a published report Monday morning, a fund set up by the private-equity and hedge-fund giant Fortress Investment Group LLC [stock FIG][/stock] to take advantage of turmoil in the mortgage bond market has tanked so far, to the tune of 30 percent in just three months after its formation.