GMAC says ResCap mortgage unit will meet covenants

Newswire

NEW YORK, Jan 17 (Reuters) - Finance company GMAC said on Thursday it expects its struggling Residential Capital LLC mortgage unit will have met its financial covenants at the end of 2007 and that GMAC itself remains adequately capitalized. In a U.S. Securities and Exchange Commission filing, GMAC also said it expects to be profitable in 2008, with "substantially reduced losses" at ResCap resulting from efforts to reduce risk. ResCap lost $2.26 billion in the July-to-September quarter, ...

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