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, 2001


                           COMMISSION FILE NO. 0-19564


                         FGIC SECURITIES PURCHASE, INC.
                             A DELAWARE CORPORATION
                   IRS EMPLOYER IDENTIFICATION NO. 13-3633082
                     115 BROADWAY, NEW YORK, NEW YORK 10006
                           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 10, 2001
--------------                                         ------------------

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 Operations                                   4
                  Statements of Cash Flows                                   5
                  Notes to Interim Financial Statements (Unaudited)        6 - 8


      Item 2.     Management's Discussion and Analysis of
                  Financial Condition and Results of
                  Operations9



PART II. OTHER INFORMATION

      Item 1 - Item 6                                                        10


      Signatures                                                             11


                                     Page 2
<PAGE>

ITEM 1.        Financial Statements

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



ASSETS                                                                   JUNE 30,                 DECEMBER 31,
                                                                           2001                       2000
                                                                      -------------              -------------
                                                                        (UNAUDITED)

<S>                                                                   <C>                        <C>
Liquidity fees receivable                                             $   1,206,237              $     889,680
Due from GE Capital                                                      26,952,781                 32,837,628
Other assets                                                                323,739                    399,609
                                                                      -------------              -------------

     Total assets                                                     $  28,482,757              $  34,126,917
                                                                      =============              =============


LIABILITIES AND STOCKHOLDER'S EQUITY

Liabilities:

Deferred liquidity fee income                                         $     506,352              $     544,656
Due to affiliates                                                            10,800                  7,786,456
Commitment fees payable to GE Capital                                       589,569                    497,879
Accounts payable and accrued expenses                                       326,560                    319,407
Taxes payable                                                               928,926                    541,859
                                                                      -------------              -------------

     Total liabilities                                                    2,362,207                  9,690,257
                                                                      -------------              -------------

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                                                        25,298,305                 23,614,415
                                                                      -------------              -------------

     Total stockholder's equity                                          26,120,550                 24,436,660
                                                                      -------------              -------------

     Total liabilities and stockholder's equity                       $  28,482,757              $  34,126,917
                                                                      =============              =============
</TABLE>


See accompanying notes to interim financial statements.

                                     Page 3
<PAGE>
<TABLE>
<CAPTION>

                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


                                                             FOR THE THREE MONTHS                FOR THE SIX MONTHS
                                                                ENDED JUNE 30,                     ENDED JUNE 30,
                                                            2001               2000             2001             2000
                                                            ----               ----             ----             ----
<S>                                                      <C>                <C>                <C>             <C>
Liquidity fee income                                     $1,694,392         $1,648,396         $3,321,321      $3,259,704
Investment income                                                 -                  -                  -           1,339
                                                       -------------     --------------     --------------   ------------
       Total revenues                                     1,694,392          1,648,396          3,321,321       3,261,043
General and administrative expenses                         251,572              2,370            535,730         186,161
                                                       -------------     --------------     --------------   ------------
       Income before provision for income taxes           1,442,820          1,646,026          2,785,591       3,074,882
                                                       -------------     --------------     --------------   ------------
Provisions for income taxes
   Federal                                                  469,638            535,781            906,710       1,000,874
   State and local                                          100,997            115,222            194,991         215,242
                                                       -------------     --------------     --------------   ------------
       Total provisions for income taxes                    570,635            651,003          1,101,701       1,216,116
                                                       -------------     --------------     --------------   ------------
       Net income                                        $  872,185         $  995,023         $1,683,890      $1,858,766
                                                       =============     ==============     ==============   ============
</TABLE>

See accompanying notes to 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,
                                                                               2001                   2000
                                                                        ----------------         ---------------

OPERATING ACTIVITIES:

<S>                                                                           <C>                     <C>
Net income                                                                    $1,683,890              $1,858,766
   Adjustments to reconcile net
   income to net cash used in
   operating activities:
      Deferred income tax expense                                                      -                  (1,111)
      Change in liquidity fees receivable                                       (316,557)               (819,123)
      Change in due from GE Capital                                            5,884,847              (2,322,460)
      Change in other assets                                                      75,870                 168,863
      Change in deferred liquidity fee income                                    (38,304)                318,637
      Change in due to affiliates                                             (7,775,656)                (40,000)
      Change in commitment fees payable to GE Capital                             91,690                  85,482
      Change in accounts payable and accrued expenses                              7,153                (122,838)
      Change in taxes payable                                                    387,067                 741,401
                                                                        ----------------         ---------------

        Cash used in operating activities                                              -                (132,383)
                                                                        ----------------         ---------------

        Net change in cash and cash equivalents                                        -                (132,383)
                                                                        ----------------         ---------------

           Cash and cash equivalents at beginning of period                            -                 132,383
                                                                        ----------------         ---------------

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

See accompanying notes to interim financial statements.

                                     Page 5
<PAGE>


                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                      NOTES TO INTERIM FINANCIAL STATEMENTS
                                  JUNE 30, 2001
                                   (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  indentures.  As of
         June  30,  2001,  FGIC-SPI  had  approximately  $3.1  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  $6.0  billion at June 30,  2001,  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 interim financial  statements of FGIC-SPI containted in this report
         reflect all normal recurring adjustments  necessary,  in the opinion of
         management,  for a fair  statement of (a) the results of operations for
         the  three  and six  months  ended  June  30,  2001 and  2000,  (b) the
         financial  position as of June 30, 2001 and December 31, 2000,  and (c)
         the cash flows for the six months ended June 30, 2001 and 2000.

         These interim  financial  statements should be read in conjunction with
         the financial  statements and related notes included in the 2000 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 three months
         or less 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,  and
         installment fees are earned straight-line over the installment period.


                                     Page 6
<PAGE>

                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                      NOTES TO INTERIM FINANCIAL STATEMENTS
                                  JUNE 30, 2001
                                   (UNAUDITED)

         FAIR VALUES OF FINANCIAL INSTRUMENTS

         The carrying  amounts of  FGIC-SPI's  financial  instruments,  relating
         primarily  to cash and cash  equivalents,  liquidity  fees  receivable,
         amounts  due to and from  affiliated  companies,  accounts  payable and
         accrued expenses and taxes payable, approximate their fair values.

         SEC REGISTRATION FEES

         SEC registration fees are reimbursable to FGIC-SPI,  as a separate item
         at the closing, by issuers, as transactions are consummated.  Such fees
         are deferred 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 the  percentage of time
         such employees devote to the activities of FGIC-SPI. For the six months
         ended  June 30,  2001 and  2000  expenses  of  $444,887  and  $239,518,
         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, 2001, 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.

(4)      CURRENT ACCOUNTING PRONOUNCEMENTS

         The  Financial   Accounting   Standards  Board  ("FASB")  issued,  then
         subsequently  amended,  Statement  of  Financial  Accounting  Standards
         ("SFAS") No. 133,  Accounting  for Derivative  Instruments  and Hedging
         Activities,  which  became  effective  for FGIC-SPI on January 1, 2001.
         Under SFAS No. 133, as

                                     Page 7
<PAGE>

                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                      NOTES TO INTERIM FINANCIAL STATEMENTS
                                  JUNE 30, 2001
                                   (UNAUDITED)

         amended,  all  derivative  instruments  (including  certain  derivative
         instruments  embedded in other contracts) are recognized in the balance
         sheet at their  fair  values and  changes in fair value are  recognized
         immediately in earnings,  unless the  derivatives  qualify as hedges of
         future cash flows. For derivatives  qualifying as hedges of future cash
         flows,  the  effective  portion of  changes  in fair value is  recorded
         temporarily  in equity,  then  recognized  in  earnings  along with the
         related effects of the hedged items. Any ineffective portion of a hedge
         is reported in earnings as it occurs. There was no impact on FGIC-SPI's
         financial statements upon adoption of SFAS No. 133.

                                     Page 8
<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, 2001, FGIC-SPI earned liquidity fees of $3,321,321
               compared to  $3,259,704  for the six months  ended June 30, 2000.
               The slight  increase in earnings  is  primarily  due to new deals
               written  during  2000  and two new  deals in 2001  offset  by the
               renewal  of  existing  deals  at  lower  basis  points.  FGIC-SPI
               incurred  $535,730  and  $186,161 of general  and  administrative
               expenses  for the six  months  ended  June  30,  2001  and  2000,
               respectively.  Included  in general and  administrative  expenses
               were  commitment  fees owed to GE  Capital of $91,690 in 2001 and
               $85,482 in 2000. The increase is due to the increase in number of
               outstanding    contracts.    The   remainder   of   general   and
               administrative  expenses is principally comprised of intercompany
               overhead  expense  allocations  which increased due to an overall
               increase in corporate  expenses.  The effective  Federal tax rate
               during 2001 and 2000 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,  2001,  FGIC-SPI  earned
               liquidity fees of $1,694,392 compared to $1,648,396 for the three
               months  ended June 30, 2000.  The slight  increase in earnings is
               primarily due to new deals written  during 2000 and two new deals
               in 2001 offset by the  renewal of  existing  deals at lower basis
               points.  FGIC-SPI  incurred  $251,572  and $2,370 of general  and
               administrative  expenses for the three months ended June 30, 2001
               and 2000,  respectively.  Included in general and  administrative
               expenses  were  commitment  fees owed to GE Capital of $46,665 in
               2001 and $45,573 in 2000.  The increase is due to the increase in
               number of  outstanding  contracts.  The  remainder of general and
               administrative  expenses is principally comprised of intercompany
               overhead  expense  allocations  which increased due to an overall
               increase in corporate  expenses.  The effective  Federal tax rate
               during 2001 and 2000 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  ($27.0  million at
               June 30,  2001)  and draw upon the  standby  loan  agreement  ($6
               billion at June 30, 2001) in the amount of the purchase  price of
               tendered bonds.

               Net cash  provided by (used in) operating  activities  was $0 and
               ($132,383)  for the six  months  ended  June 30,  2001 and  2000,
               respectively.  There were no cash flows  related to investing and
               financing  activities  for the six months ended June 30, 2001 and
               2000.

                                     Page 9
<PAGE>
                           PART II - OTHER INFORMATION



Item 1.       Legal Proceedings

              FGIC-SPI is not involved in any pending legal proceedings.


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

                       None.

              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 10, 2001
           --------------------------           --------------------------------
                                                      Deborah Mary Reif
                                                      President (principal
                                                      executive officer)



Date:      August 10, 2001
           ---------------------------           -------------------------------
                                                       David Shea
                                                       Treasurer (principal
                                                       financial and
                                                       accounting officer)


                                     Page 11
<PAGE>