UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 10-Q


                                QUARTERLY REPORT


        UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


                       FOR THE QUARTER ENDED JUNE 30, 2002


                           COMMISSION FILE NO. 0-19564


                         FGIC SECURITIES PURCHASE, INC.
                             A DELAWARE CORPORATION
                   IRS EMPLOYER IDENTIFICATION NO. 13-3633082
                    125 PARK AVENUE, NEW YORK, NEW YORK 10017
                           TELEPHONE - (212) 312-3000


         Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during the  preceding  12 months and (2) has been  subject to such  filing
requirements for the past 90 days.


                                           Yes   X        No
                                               ------         -----



                                                           SHARES OUTSTANDING
TITLE OF CLASS                                             AT AUGUST 14, 2002
--------------                                             ------------------

Common Stock (voting), $10.00 par value                            10








Registrant meets the conditions set forth in general instruction H(1)(a) and (b)
of Form 10-Q and is therefore filing this Form 10-Q with the reduced  disclosure
format.


<PAGE>
                                TABLE OF CONTENTS
                                -----------------


                                                                            PAGE
                                                                            ----


PART I.  FINANCIAL INFORMATION


      Item 1.     Financial Statements

                  Balance Sheets                                               3
                  Statements of Income                                         4
                  Statements of Cash Flows                                     5
                  Notes to Unaudited Interim Financial Statements              6


      Item 2.     Management's Discussion and Analysis of
                  Financial Condition and Results of Operations                9



PART II. OTHER INFORMATION

              Item 1       Legal Proceedings                                  10

              Item 2.      Changes in Securities                              10

              Item 3.      Defaults on Senior Securities                      10

              Item 4.      Submission of Matters to a Vote of
                           Security Holders                                   10

              Item 5.      Other Information                                  10

              Item 6.      Exhibits and Reports on Form 8-K                   10




      Signatures                                                              11




                                     Page 2
<PAGE>


ITEM 1.        Financial Statements and Supplementary Data.

<TABLE>
<CAPTION>
                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                                 BALANCE SHEETS

ASSETS                                                                    JUNE 30,                DECEMBER 31,
                                                                            2002                      2001
                                                                     ---------------             --------------
                                                                        (UNAUDITED)

<S>                                                                    <C>                        <C>
Liquidity fees receivable                                              $  2,307,145               $  1,837,773
Due from GE Capital                                                      32,984,076                 29,096,779
Other assets                                                                 85,485                    147,822
                                                                     ---------------             --------------


     Total assets                                                       $35,376,706               $31,082,374
                                                                        ===========               ===========

LIABILITIES AND STOCKHOLDER'S EQUITY

Liabilities:

Deferred liquidity fee income                                          $    904,530               $    865,611
Due to affiliates                                                         1,452,506                    642,137
Commitment fees payable to GE Capital                                       831,258                    700,251
Accounts payable and accrued expenses                                       476,480                    460,951
Taxes payable                                                             1,447,505                    511,913
                                                                        -----------                -----------

Total liabilities                                                       $ 5,112,279                $ 3,180,863
                                                                        -----------                -----------

Stockholder's Equity:

Common stock, par value $10.00 per share;
     10 shares authorized, issued and outstanding                               100                        100
Additional paid-in capital                                                  822,145                    822,145
Retained earnings                                                        29,442,182                 27,079,266
                                                                        -----------               ------------

     Total stockholder's equity                                         $30,264,427                $27,901,511
                                                                        -----------                -----------

     Total liabilities and stockholder's equity                         $35,376,706                $31,082,374
                                                                        ===========                ===========
</TABLE>

See accompanying notes to unaudited interim financial statements.

                                     Page 3
<PAGE>

<TABLE>
<CAPTION>
                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                              STATEMENTS OF INCOME
                                   (UNAUDITED)


                                                             FOR THE THREEMONTHS              FOR THE SIX MONTHS
                                                                ENDED JUNE 30,                  ENDED JUNE 30,
                                                            2002          2001                2002            2001
                                                            ----          ----                ----            ----
<S>                                                      <C>              <C>            <C>             <C>
Liquidity fee income                                     $2,010,548       $1,694,392     $4,247,414      $3,321,321
General and administrative expenses                         165,549          251,572         338,538         535,730
                                                      -------------    -------------       ---------      ----------
Income before income taxes                                1,844,999        1,442,820       3,908,876       2,785,591
                                                      -------------    -------------      ----------   -------------
Income tax expense:
   Federal                                                  603,210          469,638       1,272,339         906,710
   State and local                                          129,150          100,997         273,621         194,991
                                                      -------------    -------------    ------------   -------------

         Total income tax expense                           732,360          570,635       1,545,960        1,101,701
                                                       ------------    -------------      ----------      -----------
         Net income                                     $ 1,112,639       $_872,185       $2,362,916     $ 1,683,890
                                                       ============     ===========       ==========     ===========
</TABLE>

See accompanying notes to unaudited interim financial statements

                                            Page 4
<PAGE>

<TABLE>
<CAPTION>
                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

                                                                                 FOR THE SIX MONTHS ENDED
                                                                                             JUNE 30,
                                                                                   2002                   2001
                                                                             -----------              ----------

<S>                                                                           <C>                    <C>
OPERATING ACTIVITIES:

Net income                                                                    $2,362,916             $ 1,683,890
   Adjustments to reconcile net
   income to net cash provided by
   operating activities:
      Change in taxes payable                                                    935,592                 387,067
      Change in due from GE Capital                                           (3,887,297)              5,884,847
      Change in due to affiliates                                                810,369              (7,775,656)
      Change in other assets                                                      62,337                  75,870
      Change in liquidity fees receivable                                       (469,372)               (316,557)
      Change in deferred liquidity fee income                                     38,919                 (38,304)
      Change in accounts payable and accrued expenses                             15,529                   7,153
      Change in commitment fees payable to GE Capital                            131,007                  91,690
                                                                             -----------              ----------

     Cash provided by operating activities                                             -                       -
                                                                             -----------              ----------

 Net change in cash and cash equivalents                                               -                       -
                                                                             -----------              ----------

   Cash and cash equivalents at beginning of period                                    -                       -
                                                                             -----------              ----------

   Cash and cash equivalents at end of period                          $               -         $             -
                                                                             ===========              ==========
</TABLE>

See accompanying notes to uaudited interim financial statements.

                                     Page 5
<PAGE>

                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                 NOTES TO UNAUDITED INTERIM FINANCIAL STATEMENTS
                                  JUNE 30, 2002
                                   (UNAUDITED)


(1)      BUSINESS
         --------

         FGIC  Securities   Purchase,   Inc.   ("FGIC-SPI")  is  a  wholly-owned
         subsidiary of FGIC  Holdings,  Inc. (the "Parent")  which,  in turn, is
         wholly-owned by General  Electric  Capital  Corporation ("GE Capital").
         FGIC-SPI  provides   liquidity  for  certain  floating  rate  municipal
         securities whereby FGIC-SPI will, under certain circumstances, purchase
         such  securities in the event they are tendered by the holders  thereof
         as  permitted  under  the  terms  of the  respective  bond  authorizing
         documents. As of June 30, 2002, FGIC-SPI had approximately $4.8 billion
         (par and interest) of potential obligations under such arrangements. In
         order to obtain  funds to purchase  the  securities,  in the event such
         purchases  are  necessary,  FGIC-SPI  has  entered  into  standby  loan
         agreements  with GE Capital  totaling  $4.8  billion at June 30,  2002,
         under which GE Capital will be  irrevocably  obligated to lend funds as
         needed for FGIC-SPI to purchase the securities.

(2)      SIGNIFICANT ACCOUNTING POLICIES
         -------------------------------

         The unaudited  interim  financial  statements of FGIC-SPI  contained in
         this report reflect all normal recurring adjustments necessary,  in the
         opinion  of  management,  for  a  fair  statement  of  (a)  results  of
         operations  for the three and six months ending June 30, 2002 and 2001,
         (b) the  financial  position as of June 30, 2002 and December 31, 2001,
         and (c) cash flows for the six months ended June 30, 2002 and 2001.

         These  unaudited  interim  financial   statements  should  be  read  in
         conjunction with the financial statements and related notes included in
         the 2001 Annual Report on Form 10-K.

         Significant accounting policies are as follows:

         CASH AND CASH EQUIVALENTS

         Cash and cash equivalents are carried at cost, which  approximates fair
         value. For purposes of the statement of cash flows,  FGIC-SPI considers
         all highly liquid investments with original maturities of six months or
         less, which are not with affiliated entities, to be cash equivalents.

         REVENUE RECOGNITION

         Fees are paid up-front and in installments. Up-front fees are earned on
         a  straight-line  basis  over  the  life of the  liquidity  commitment,
         usually five years, and installment fees are earned  straight-line over
         the installment period.

         FAIR VALUES OF FINANCIAL INSTRUMENTS

         The carrying  amounts of  FGIC-SPI's  financial  instruments,  relating
         primarily to short-term  investments,  liquidity fees  receivable,  due
         from GE Capital,  other assets,  deferred  liquidity fee income, due to
         affiliates, commitment fees payable to GE Capital, accounts payable and
         accrued expenses and taxes payable, approximate their fair values.

                                     Page 6
<PAGE>

         SEC REGISTRATION FEES

         SEC registration fees are reimbursable to FGIC-SPI,  as a separate item
         at  the  closing,   by  issuers  of  certain  floating  rate  municipal
         securities, as transactions are consummated. Such fees are deferred and
         included  in other  assets  when paid,  and netted  against the related
         reimbursement as transactions are consummated. Management evaluates the
         recoverability of such deferred fees at each reporting date.

         EXPENSES

         Direct expenses  incurred by the Parent are fully allocated to FGIC-SPI
         on a specific  identification  basis.  Employee  related  expenses  are
         allocated by affiliates  to FGIC-SPI  based on an estimate of time such
         employees  devote to the  activities of FGIC-SPI which will be reviewed
         in the second half of 2002.  For the six months ended June 30, 2002 and
         2001 expenses of $200,000 and $444,887, respectively, were allocated to
         FGIC-SPI.   Management   believes  that  such   allocation   method  is
         reasonable.  Management believes that such expenses, as reported in the
         statement of income,  would not differ  materially  from what  expenses
         would have been on a stand-alone basis.

         COMMITMENT FEES

         The  commitment   fees  are  accrued  on  the   outstanding   liquidity
         facilities.

         RESERVE FOR LOSSES

         It is management's  policy to establish a reserve for losses based upon
         its  estimate  of  the  ultimate   aggregate  losses  relative  to  its
         obligations under the liquidity facility arrangements written.

         At June 30, 2002, management does not anticipate any losses relative to
         such arrangements.

         OTHER COMPREHENSIVE INCOME

         There are no elements of other comprehensive income

(3)      INCOME TAXES

         Under an intercompany  tax-sharing agreement with its parent,  FGIC-SPI
         is included in the consolidated  Federal income tax returns filed by GE
         Capital.  FGIC-SPI  provides  for taxes as if it filed a  separate  tax
         return.

                                     Page 7
<PAGE>

ITEM 2.        Management's Discussion and Analysis of Financial Condition and
               Results of Operations.


               RESULTS OF OPERATIONS

               Liquidity  fees are  received  up-front at the  inception  of the
               contract  and in  installments  over  the  life of the  contract.
               Up-front fees are earned on a  straight-line  basis over the life
               of the  liquidity  commitment,  and  installment  fees are earned
               straight-line over the installment period.

               For the six months ended June 30, 2002, FGIC-SPI earned liquidity
               fees of  $4,247,414  compared  to  $3,321,321  for the six months
               ended June 30, 2001. The increase in earnings is primarily due to
               new deals  written  during  2001  being  fully in effect in 2002.
               FGIC-SPI   incurred   $338,538   and   $535,730  of  general  and
               administrative  expenses  for the six months  ended June 30, 2002
               and 2001,  respectively.  Included in general and  administrative
               expenses were  commitment  fees owed to GE Capital of $131,007 in
               2002 and $91,690 in 2001. The increase in commitment  fees is due
               to the increase in number of outstanding contracts. The remainder
               of general and administrative  expenses is primarily comprised of
               intercompany overhead expense allocations, which decreased due to
               the number of deals  written  in 2002 as  compared  to 2001.  The
               effective  Federal tax rate during 2002 and 2001 was equal to the
               Federal  corporate  tax rate of 35% giving  consideration  to the
               benefit for the deduction of state taxes of 7%.

               For the  three  months  ended  June  30,  2002,  FGIC-SPI  earned
               liquidity fees of $2,010,548 compared to $1,694,392 for the three
               months ended June 30, 2001. The increase in earnings is primarily
               due to new deals  written  during  2001 being  fully in effect in
               2002.  FGIC-SPI  incurred  $165,549  and  $251,572 of general and
               administrative  expenses for the three months ended June 30, 2002
               and 2001,  respectively.  Included in general and  administrative
               expenses  were  commitment  fees owed to GE Capital of $61,018 in
               2002 and $46,665 in 2001. The increase in commitment  fees is due
               to the increase in number of outstanding contracts. The remainder
               of general and administrative  expenses is primarily comprised of
               intercompany overhead expense allocations, which decreased due to
               the number of deals  written  in 2002 as  compared  to 2001.  The
               effective  Federal tax rate during 2002 and 2001 was equal to the
               Federal  corporate  tax rate of 35% giving  consideration  to the
               benefit for the deduction of state taxes of 7%.

               LIQUIDITY AND CAPITAL RESOURCES

               Liquidity is a measure of the ability to generate sufficient cash
               to meet cash  obligations  as they come due.  FGIC-SPI's  primary
               source of cash is from liquidity fees and investment income. Cash
               outflows primarily relate to general and administrative expenses,
               GE Capital  commitment  fees, and income taxes.  To date FGIC-SPI
               has  not  been  required  to  purchase  securities  (fund  a cash
               outflow) under the liquidity  facilities issued.  Should FGIC-SPI
               be  required  to fund such an  outflow,  the  Company can readily
               access the cash  balances  held by GE Capital  ($33.0  million at
               June 30,  2002) and draw upon the standby  loan  agreement  ($4.8
               billion at June 30, 2002) in the amount of the purchase  price of
               tendered bonds.

               Net cash provided by operating  activities  was $0 and $0 for the
               six months ended June 30, 2002 and 2001, respectively. There were
               no cash flows related to investing and financing  activities  for
               the six months ended June 30, 2002 and 2001, respectively.

                                     Page 8
<PAGE>

               CRITICAL ACCOUNTING POLICIES

               The footnotes to the Company's financial  statements disclose the
               Company's  significant  accounting  policies.  Certain  of  these
               policies are critical to the portrayal of the Company's financial
               condition and results of operations as they require management to
               establish estimates based on subjective judgements. The Company's
               accounting  policy with respect to the recognition of revenue was
               considered a critical accounting policy.

                                     Page 9
<PAGE>

                           PART II - OTHER INFORMATION



Item 1.       Legal Proceedings

                  None.


Item 2.       Changes in Securities

                  None.


Item 3.       Defaults on Senior Securities

                  None.


Item 4.       Submission of Matters to a Vote of Security Holders

                  None.


Item 5.       Other Information

                  None.


Item 6.       Exhibits and Reports on Form 8-K

                    a)     Exhibits

                    Exhibit 99.1 - Certification  Pursuant to 18 U.S.C.  Section
                    1350 As Adopted  Pursuant  to Section  906 of the  Sabanes -
                    Oxley Act of 2002.

                    Exhibit 99.2 - Certification  Pursuant to 18 U.S.C.  Section
                    1350 As Adopted  Pursuant  to Section  906 of the  Sabanes -
                    Oxley Act of 2002.

                    b)     Reports on Form 8-K

                           None.

                                     Page 10
<PAGE>

                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                                             FGIC SECURITIES PURCHASE, INC.
                                             ------------------------------
                                                       (Registrant)



Date:      August 14, 2002                      /s/ Deborah M. Reif
           ---------------------------       ------------------------------
                                                Deborah Mary Reif
                                                President (principal
                                                executive officer)



Date:      August 14, 2002                      /s/ David P. Shea
           ---------------------------       ------------------------------
                                                David Patrick Shea
                                                Treasurer (principal
                                                financial and
                                                accounting officer)

                                     Page 11
<PAGE>