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The company, which is asking 126,500 yuan ($21,000) per cadaver, says it is targeting medical schools and scientists, but it requires no documentation and will ship the corpse to your door (within China).Under China's outdated and unenforced regulations on the trade in bodies and body parts, this kind of transaction falls into a grey area of the law.
"We have contact with the public all the time that requires no documentation, no paperwork," he said.
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Many of these loans required no documentation, meaning that borrowers could simply state their income, without providing verification.
For noncredit internships, oversight was usually an afterthought: a majority of colleges require no documentation or evaluation of any kind.
It made all sorts of crazy adjustable rate mortgages that required no documentation of income; its array of products was also well known and disclosed to investors.
And Countrywide waited until Feb. 23 to stop peddling another risky product, loans that were worth more than 95percentt of a home's appraised value and required no documentation of a borrower's income.
And the Consumer Financial Protection Bureau issued guidelines last week aimed at protecting consumers from the types of mortgages — like the ones that offered deceptive teaser rates or required no documentation from borrowers — that contributed to the financial crash.
DealBook » Mortgage Rules Coming From Consumer Watchdog | The New York Times reports: "Banks and other lenders will be prohibited from making home loans that offer deceptive teaser rates or require no documentation from borrowers, and will be required to take more steps to ensure that borrowers can repay, under new consumer protections to be announced on Thursday".
WASHINGTON — Banks and other lenders will be prohibited from making home loans that offer deceptive teaser rates or require no documentation from borrowers, and will be required to take more steps to ensure that borrowers can repay, under new consumer protections to be announced on Thursday.
Faced with losing a lucrative cash cow, financial firms instructed mortgage lenders to change the qualifying rules (permitting borrowers to have lower credit scores, giving high loan-to-value of-home loans, requiring no documentation of income and assets, and permitting a higher ratio of debt payments to income).
The law puts an end to "liar loans" that require no documentation of ability to repay the loan.
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