WASHINGTON — The conservator of Fannie Mae and Freddie Mac late Thursday announced an $885 million settlement with UBS Americas of charges that the firm misrepresented the quality of private-label mortgage-backed securities Fannie and Freddie bought during the housing boom.

UBS will pay $415 million to Fannie and $470 million to Freddie to resolve claims related to securities sold to the two government-sponsored enterprises between 2004 and 2007, the Federal Housing Finance Agency said.

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