UPDATE 1-Mexico's Infonavit plans debt issue for Nov

(Adds quote, background on credit crisis)

MEXICO CITY, Oct 2 (Reuters) - Leading Mexican mortgage lender Infonavit hopes to issue 3 billion pesos ($267 million) of mortgage-backed debt in November, despite recent chaos on Wall Street, a senior official said on Thursday.

The government-run lender depends on contributions from Mexican employers for almost all its financing, but in recent years it has begun to dabble in mortgage-backed bond issues on the local market.

"As the date draws near, depending on market conditions, we'll make a decision," Jose de Jesus Gomez, who runs Infonavit's debt program, told Reuters by telephone from New York, where he was visiting a bond rating agency.

The U.S. economy is in the midst of its worst crisis since the Great Depression as banks saddled with dubious subprime mortgage loans struggle to stay afloat.

In Mexico, Infonavit, as well as banks owned by international players like Citigroup (C.N) and BBVA (BBVA.MC), have largely avoided turmoil from the credit crisis since their focus has been on traditional lending, not dabbling in risky subprime niches or unpredictable derivatives.

"Infonavit's finances are very, very strong," Gomez said.

In recent years, Infonavit, banks and specialized lenders in Mexico have begun selling mortgage-backed debt. But the market for that debt remains small and has yet to attract significant interest from big foreign investment funds.

Since its first mortgage-backed debt issue in 2004, Infonavit has sold more than $2 billion worth of home loans.

($1 = 11.215 pesos) (Reporting by Noel Randewich, editing by Richard Chang)