UPDATE 1-GMAC gets Fed's OK to become bank holding company

Newswire

(Adds GMAC comment, details) WASHINGTON, Dec 24 (Reuters) - GMAC LCC won U.S. Federal Reserve approval on Wednesday to become a bank holding company, giving it access to government lending programs, after owners General Motors and Cerberus agreed to cut their stakes. GM agreed to reduce its 49 percent stake in GMAC to no more than 10 percent, while Cerberus [CBS.UL], which owns 51 percent, will distribute equity interests to investors to get its control to no more than 14.9 percent of ...

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