Some may reckon that covenants are no longer necessary. First, they can now sell loans in the secondary market, an option that did not exist 20 years ago.

可能他们认为严格的条款没有必要，首先他们可以在二级市场上交易贷款，这在20年前是不可能的。

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Since banks that specialise in consumer loans usually sell them to other institutions in order to free up capital to make more loans, the secondary market in this form of credit has been growing fast.

由于从事消费贷款的银行通常把贷款卖给其他机构，从新获得资金，放更多贷款，所以这种形式的二级信贷市场成长很快。

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The economy is vulnerable to what economists of the Austrian school of economics terms a "secondary deflation," where Banks call in loans and are stingy about extending credit.

而经济很容易遭受奥地利学派经济学家们所说的“再通货紧缩”(secondary deflation)的冲击，即银行急于收回贷款，紧缩信贷。

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Mortgage companies make loans and then sell them into the secondary market, freeing up capital to make more loans.

FORBES: Magazine Article

The banks then boost their earnings by selling the risk-free portion of the loans on a secondary market.

WSJ: Should the Small Business Administration Be Abolished?

With less paper in the immediate offing, accounts bid up seasoned loans in the secondary and enthusiastically subscribed new syndications.

FORBES: Leveraged loans return 1.16% in July, trailing other asset clases; 5.75% YTD