UPDATE 1-GM's debt protection costs hit new record


(Adds bond prices, background) NEW YORK, July 31 (Reuters) - The cost to insure the debt of General Motors Corp hit record highs on Thursday after finance company GMAC LLC reported a $2.48 billion loss for the second quarter and one day before the automaker reports its second-quarter results. GM's benchmark long bonds hit a record low below 50 cents on the dollar, pushing their yields past 17 percent. Five-year credit default swaps on GM's debt jumped to 41.5 percent of the sum ...

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