GMAC, CIT face delay in issuing govt-backed debt - FT


March 31 (Reuters) - GMAC and CIT Group , which converted to bank holding companies to qualify for U.S. government funds, have been unable to issue government-backed debt as regulators have yet to approve their applications, the Financial Times reported. Both lenders confirmed to the paper that their applications were still pending at the Federal Deposit Insurance Corporation (FDIC). The agency does not comment on specific applications. The delay in getting FDIC approval is tightening ...

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