1. Shred both cheeses into a large bowl; set aside. In another bowl, stir together olives, pimientos, mayonnaise, vinegar, red pepper, cumin and hot sauce.
2. Pour mixture over cheese and fold gently with a rubber spatula to blend; avoid breaking cheese shreds into small pieces. Refrigerate for at least 1 hour to allow flavors to blend. Serve with crackers and vegetable sticks.