``The FHFA sued UBS in July 2011 as part of its role as conservator for Fannie and Freddie. The agency alleges that UBS and other defendants falsely asserted that the underlying mortgages complied with certain underwriting guidelines and standards. The suit against UBS concerns $6.4 billion in mortgage-backed securities purchased by Fannie and Freddie in 23 securitizations by the bank.''

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