UPDATE 1-GMAC profit falls 63 pct as home loans weigh

Newswire

(New throughout) NEW YORK, July 30 (Reuters) - GMAC, the finance company in which General Motors Corp sold a majority stake, posted a 63 percent decline in second-quarter profit on Monday, hurt by losses in its home lending unit. Net income fell to $293 million from $787 million a year earlier. The company's Residential Capital LLC unit posted a net loss of $254 million, compared with a profit of $548 million a year earlier, hurt by what GMAC called "severe illiquidity" in the market ...

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