modern banks reduced loan decisions to arm’s-length algorithms based on credit scores and asset values, biasing them towards homogeneous loans such as residential mortgages.

现代银行将贷款决策蜕变成冷冰冰无人情的、以信贷评分和资产价值为基础的公式， 是银行更偏向于均一同质的贷款，比如住宅按揭。

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Asset-based lenders extend loans that are backed by marketable securities, equipment, inventory, accounts receivable and other business assets.

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