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That represents an 8.8 percent increase over last year, and reflects higher lender fees.
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There was enormous pressure on King, orchestrated by the high lenders, to step in and pump cash into the system.
Mortgage lending was "disappointingly lacklustre" in September, sliding by 10% compared with the previous month when borrowing for home buyers reached a two-year high, lenders said today.
Foreclosures here are at an eight-year high; lenders have repossessed a record 14,000 properties in 2007, 30percentt more than at the same time last year, according to the Council of Mortgage Lenders.
The reality is that there are not enough good jobs for everyone, housing prices are still far too high, lenders are making it increasingly hard to borrow, credit card companies are still being allowed to charge exorbitant interest and no one that I know is saving; every penny goes to keep body and soul together.
Why no Wonga clients, for example – by far the highest profile high cost lender – or QuickQuid or Peachy?
But he's not so friendly to ordinary folk who want to borrow from the high-street lender he controls.
Santander has so far made a good fist of its acquisition of Abbey, a British high-street lender.
Everyday Loans services people with low incomes and poor credit histories and is estimated to be the UK's 11th largest high-interest lender by turnover.
He reminded an audience of business chiefs and policymakers that JP Morgan subsequently bought another struggling US high street lender, Washington Mutual, to help stabilise the financial system.
In addition to charging a higher rate, lenders may require a lower loan-to-value ratio, which is the percentage of a property's value that is mortgaged.
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