UPDATE 1-GMAC's bonds tumble after plan to exchange debt

Newswire

(Updates with credit default swaps) NEW YORK, Oct 31 (Reuters) - Bonds of ailing auto finance and mortgage provider GMAC LLC fell as much as 6 points on Friday after the company said it would offer to exchange much of its debt, a deal that could leave bondholders with an investment loss. GMAC's 7.75 percent notes due in 2010 fell to 75 cents on the dollar, down from 81 cents on Thursday, according to MarketAxess. Its 8 percent bonds due in 2031 fell to 46 cents on the dollar, down from ...

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