MKP Capital, an investment company that has hedge funds focused on mortgage-backed and asset-backed securities, bet the market would fall apart and its investors have profited handsomely. MKP Credit, one fund, is up 7.3 percent for July and 22.3 percent for the year, while a distressed fund, MKP Credit II, is up 5.5 percent for July and 13.1 percent for the year, according to a person briefed on the fund’s results. "

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