Already, many believe that there is a killing to be made in underpriced mortgage-backed securities. Evidently, one of those investors is PowerShares Capital Management, which has filed two actively managed exchange-traded funds with the SEC. The funds will invest in both prime and alt-a mortgages, but not sub-prime mortgages.

Other seasoned investors are also taking out big bets on mortgage-backed securities, Dow Jones notes, citing the PIMCO Total Return Fund, which has 62% of its assts in MBS, and the TCW Total Return Fund, which has almost all of its assets in mortgage debt.

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