The U.S. Treasury Dept. said Tuesday it has swapped an $884 million loan it made to General Motors Corp. (GM) late last year for an common equity in GMAC LLC.

The exchange, which had been previously announced, gives the government a 35.4% stake in the lending affiliate of GM, according to a report on the Troubled Asset Relief Program, or TARP.

-By Tom Barkley, Dow Jones Newswires; 202-862-9275, tom.barkley@dowjones.com