Booting problem on LOOPback device

I have a 2.2 kernel and use RedHat's "Partitionless installation" - the root is on a loopback device. I've compiled kernel 2.4.17, upgraded modutils and e2fsprogs and the kernel doesn't want to boot properly - the last bootup message is "Can't write to read-only device 7,0", the kernel continues, but the root can't be remounted rw (I've tried it in single-user mode). If I put 'rw' to the kernel command line, it's possible to write to the root device(in single mode). I don't know it for sure right now, but I think that the error message remains.
Please tell me somebody where the problem could be.
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