UPDATE 1-GMAC, CIT face delay in issuing govt-backed debt

Newswire

* Applications to issue debt not yet approved * FDIC seeks additional information - GMAC spokeswoman (Adds comments from GMAC, CIT; changes dateline to New York) NEW YORK, 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. Both lenders said their applications are still pending at the Federal Deposit Insurance Corp. ...

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