GMAC CFO says ResCap's liquidity sufficient

Newswire

NEW YORK, July 30 (Reuters) - GMAC's chief financial officer said on Monday he believes the company's Residential Capital LLC home lending unit will have sufficient liquidity to operate through the current U.S. housing downturn. "Conditions in the market are quite severe," CFO Sanjiv Khattri said on a conference call, discussing GMAC's second-quarter results. "If the pressures continue, we expect ResCap's liquidity and capital position to be sufficient to operate through the cycle." ...

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