GMAC's ResCap mortgage unit borrows $468 million

Newswire

NEW YORK, April 24 (Reuters) - Residential Capital LLC, the money-losing mortgage unit of finance company GMAC LLC, said on Thursday it borrowed $468 million from its parent to add liquidity until it could arrange longer-term financing to fund operations. In a filing with the U.S. Securities and Exchange Commission, ResCap said its Residential Funding Co and GMAC Mortgage LLC units borrowed the sum on April 18, which they drew from a $750 million credit facility obtained from GMAC the same ...

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