GM shares jump after GMAC won bank holding status

Newswire

DETROIT, Dec 26 (Reuters) - Shares of General Motors Corp jumped more than 18 percent on Friday after its auto-finance affiliate, GMAC, achieved eligibility for government loans, easing the risk of a failure that threatened to kill credit for GM dealers and buyers. GMAC, which finances three-quarters of the inventory held by GM dealers, won approval from the Federal Reserve on Wednesday to become a bank holding company, gaining access to government lending programs and staving off ...

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