By Andrew R. Johnson Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- UBS AG (UBS) will go to trial in the fall of 2013 with the regulator for Fannie Mae (FNMA) and Freddie Mac (FMCC), the first of more than a dozen lawsuits the agency filed against big banks last year to be heard in federal court. Each case will be will be tried individually, U.S. District Court Judge Denise Cote wrote in an order Tuesday. Earlier this month, Cote denied a motion by UBS to dismiss the suit against it, saying the Federal Housing Finance Agency had sufficient standing to bring the suit. The case against UBS alleges Fannie and Freddie incurred losses of more than $1.1 billion on about $6.4 billion of mortgage-backed securities the government-sponsored enterprises bought as investments between 2005 and 2007. The FHFA has filed 18 lawsuits claiming big banks lied about the quality of loans packaged into securities and sold to Fannie and Freddie. The other banks facing lawsuits include Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM), Barclays PLC (BARC.LN), HSBC Holdings PLC (HBC), Citigroup Inc. (C) and Goldman Sachs Group Inc. (GS). -By Andrew R. Johnson, Dow Jones Newswires; 212-416-3214; andrew.r.johnson@dowjones.com --Nick Timiraos contributed to this article.
