- Department of Housing and Urban Development (HUD)
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Established in 1965, the Department of Housing and Urban Development (HUD) is a government agency that enforces fair housing laws and controls the Federal Housing Administration, the main insurer of non-conventional mortgage loans. The HUD issues documents that must be included in every real estate transaction in the US. For example, the HUD-1 settlement form is a vital document in the closing process. Prepared by the escrow agent or attorney, the HUD-1 is a detailed list of all the costs of the transaction for both the buyers and sellers.
Last Modified Friday, January 7, 2011