UPDATE 2-GMAC to sell BofA up to $55 billion in loans

Newswire

(Recasts to add details, analyst's comment) DETROIT, July 26 (Reuters) - The finance arm of General Motors Corp. on Tuesday said it will sell up to $55 billion in car loans to Bank of America over the next five years as part of a "landmark deal" to help secure future financing. General Motors Acceptance Corp. has seen its borrowing costs increase sharply after its debt was downgraded to high-yield or "junk" status, along with GM's earlier this year, and the loan sales help provide access ...

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