MOSCOW, December 25 (RIA Novosti) - Russia's federal mortgage agency said on Thursday it had received 60 billion rubles ($2 billion) from the state.
The state-controlled body, known by its Russian acronym AIZhK, received the money as an additional contribution to its authorized capital, increasing it to almost 74.1 billion rubles ($2.6 billion).
"The money will be sent to continue the efforts by the Russian federal mortgage agency to refinance residential mortgage loans and the development of the mortgage securities market," the agency said in a statement.
The money will also go to forming the 5 million ruble authorized capital of the agency's subsidiary for refinancing mortgages. The subsidiary will be created as part of the state program to support private individuals who own mortgaged property but have lost their income due to the current financial crisis.
