WRAPUP 1-GM shares up, GMAC may be eyeing $6 bln loans

Newswire

By Soyoung Kim and Karen Brettell DETROIT/NEW YORK, Dec 26 (Reuters) - Shares of General Motors Corp jumped on Friday after its auto finance affiliate GMAC won access to government lending programs, while analysts estimated GMAC might be seeking loans of more than $6 billion. The Federal Reserve approved GMAC's status as a bank on Wednesday, giving the troubled finance company access to the Treasury-run financial bailout package, which may help GMAC avoid bankruptcy and continue ...

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