[Update 1: adds comment from UBS.] The Federal Housing Finance Agency — conservator for Fannie Mae and Freddie Mac — sued UBS Americas Inc. (UBS) and other defendants Wednesday alleging violations of federal securities laws in the sale of more than $4.5 billion in residential private-label mortgage-backed securities to the government-sponsored enterprises. The FHFA seeks to recover losses and damages sustained by the Fannie and Freddie as a result of their investments in UBS securities. The lawsuit alleges that UBS Americas made numerous material misstatements and omissions about the mortgage loans underlying the private-label MBS, including the creditworthiness of the borrowers and the quality of the origination and underwriting practices used to evaluate and approve such loans. The defendants also failed to conduct adequate due diligence, it alleges. This lawsuit seeks to recoup the losses suffered by the GSEs. "We are reviewing today's complaint and intend to defend ourselves vigorously," UBS said in a written emailed statement to HousingWire. The FHFA said it expects additional lawsuits  to follow. "FHFA is taking this action consistent with our responsibilities as conservator of each enterprise," said FHFA Acting Director Edward DeMarco. "From the issuance of 64 subpoenas last year to the filing of this lawsuit and further actions to come, we continue to seek redress for the losses suffered by the enterprises." Besides UBS Americas, other defendants named are UBS Real Estate Securities, UBS Securities LLC, Mortgage Asset Securitization Transactions Inc. and former UBS executives David Martin, Per Dyrvick, Hugh Corcoran and Peter Slagowitz. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.