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, 2000


                          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 8, 2000
--------------                                          ------------------

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 Unaudited Interim Financial Statements          6 - 8


      Item 2.  Management's Discussion and Analysis of
               Financial Condition and Results of
               Operations                                                 8



PART II. OTHER INFORMATION

      Item 1 - Item 6                                                     9


      Signatures                                                          10




<PAGE>


Item 1.        Financial Statements and Supplementary Data.

                        FGIC Securities Purchase, Inc.
              (a wholly-owned subsidiary of FGIC Holdings, Inc.)
                                Balance Sheets



<TABLE>
<CAPTION>



ASSETS                                                   June 30,                December 31,
                                                            2000                      1999
                                                        -----------              ------------
                                                        (Unaudited)

<S>                                                   <C>                         <C>
Short-term investments                                  $         -               $    132,383
Liquidity fees receivable                                 1,548,027                    728,904
Due from GE Capital                                      27,576,251                 25,253,791
Other assets                                                171,127                    339,990
                                                      -------------              -------------

     Total assets                                       $29,295,405                $26,455,068
                                                        ===========                ===========


LIABILITIES AND STOCKHOLDER'S EQUITY

Liabilities:

Deferred liquidity fee income                           $   569,961                $   251,324
Due to affiliates                                                 -                     40,000
Commitment fees payable to GE Capital                       406,313                    320,831
Accounts payable and accrued expenses                       203,921                    326,759
Deferred tax liability                                            -                      1,111
Taxes payable                                             5,396,558                  4,655,157
                                                          ---------                  ---------

     Total liabilities                                    6,576,753                  5,595,182
                                                          ---------                 ----------

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                                        21,896,407                 20,037,641
                                                        -----------                -----------

     Total stockholder's equity                          22,718,652                 20,859,886
                                                        -----------                -----------

     Total liabilities and stockholder's equity         $29,295,405                $26,455,068
                                                        ===========                ===========
</TABLE>









            See accompanying notes to interim financial statements.



                        FGIC Securities Purchase, Inc.
              (a wholly-owned subsidiary of FGIC Holdings, Inc.)
                           Statements of Operations
                                  (Unaudited)

<TABLE>
<CAPTION>




                                                             For The Three Months                For The Six Months
                                                                Ended June 30,                     Ended June 30,
                                                            2000               1999             2000             1999
                                                            ----               ----             ----             ----

<S>                                                    <C>               <C>                  <C>               <C>
Liquidity fee income                                   $1,648,396        $1,625,210           $3,259,704        $3,260,676
Investment income                                                 -             1,477              1,339             2,883
                                                          ---------     -------------       ------------      ------------
Total revenues                                            1,648,396         1,626,687          3,261,043         3,263,559
General and administrative expenses                           2,370           177,964            186,161           365,918
                                                         ----------      ------------        -----------       -----------
Income before provision for income taxes                  1,646,026         1,448,723          3,074,882         2,897,641
                                                        -----------       -----------         ----------        ----------
Provisions for income taxes
   Federal                                                  535,781           471,560          1,000,874           943,182
   State and local                                          115,222           101,411            215,242           202,835
                                                       ------------      ------------        -----------       -----------
Total provisions for income taxes                           651,003           572,971          1,216,116         1,146,017
                                                       ------------      ------------         ----------        ----------
Net income                                                 $995,023          $875,752         $1,858,766        $1,751,624
                                                        ===========       ===========         ==========        ==========


</TABLE>




            See accompanying notes to interim financial statements




<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,
                                                                     2000                   1999
                                                                     ----                   ----

Operating activities:

<S>                                                             <C>                     <C>
Net income                                                      $1,858,766              $1,751,624
   Adjustments to reconcile net
   income to net cash provided by
   operating activities:
      Deferred income tax expense                                   (1,111)                (70,992)
      Change in taxes payable                                      741,401               1,217,010
      Change in due from GE Capital                             (2,322,460)             (3,009,741)
      Change in due to affiliates                                  (40,000)                137,227
      Change in other assets                                       168,863                       -
      Change in liquidity fees receivable                         (819,123)                (87,371)
      Change in deferred liquidity fee income                      318,637                 (15,447)
      Change in accounts payable and accrued expenses             (122,838)                      -
      Change in commitment fees payable to GE Capital               85,482                  80,573
                                                                 ---------               ---------

     Cash provided by operating activities                        (132,383)                  2,883
                                                                  ---------             ----------

 Net change in cash and cash equivalents                          (132,383)                  2,883
                                                                  ---------             ----------

   Cash and cash equivalents at beginning of period                132,383                 126,285
                                                                  --------               ---------

   Cash and cash equivalents at  end of period                $          -                $129,168
                                                              ============                ========

</TABLE>







                  See accompanying notes to interim financial statements.




                        FGIC Securities Purchase, Inc.
              (a wholly-owned subsidiary of FGIC Holdings, Inc.)
                     Notes to Interim Financial Statements
                                 June 30, 2000
                                  (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, 2000, FGIC-SPI had approximately $3.0
         billion (par and interest) of potential obligations under such
         arrangements. In order to obtain funds to purchase the securities,
         FGIC-SPI has entered into standby loan agreements with GE Capital
         totaling $5.0 billion at June 30, 2000, 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 in this report reflect
         all normal recurring adjustments necessary, in the opinion of
         management, for a fair statement of (a) results of operations for six
         months ending June 30, 2000 and 1999, (b) the financial position at
         June 30, 2000 and December 31, 1999, and (c) cash flows for the six
         months ended June 30, 2000 and 1999.

         These interim financial statements should be read in conjunction with
         the financial statements and related notes included in the 1999
         audited financial statements.

         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 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>



         Fair Values of Financial Instruments

         The carrying amounts of FGIC-SPI's financial instruments, relating
         primarily to short term investments and liquidity fees, 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. 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, 2000, management does not anticipate any losses relative
         to such arrangements.

         Income Taxes

         Deferred tax assets and liabilities are recognized for the future tax
         consequences attributable to differences between the financial
         statement carrying amounts of existing assets and liabilities and
         their respective tax bases, on a stand alone basis, as provided in
         SFAS No. 109, "Accounting for Income Taxes". Deferred tax assets and
         liabilities are measured using enacted tax rates expected to apply to
         taxable income in the years in which those temporary differences are
         expected to be recovered or settled. The effect on deferred tax
         assets and liabilities of a change in tax rates is recognized in
         income in the period that includes the enactment date.

(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 in accordance with SFAS No. 109.



Item 2.        Management's Discussion and Analysis of Financial Condition and
               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, 2000, FGIC-SPI earned liquidity fees of
               $3,259,704 compared to $3,260,676 for the six months ended
               1999. The slight decrease in earnings is primarily due to a
               renewal of existing deals at lower basis points offset by six
               new deals written in the first six months of 2000. FGIC-SPI
               incurred $186,161 and $365,918 of general and administrative
               expenses for the six months ended June 30, 2000 and 1999,
               respectively. The decrease in expenses is primarily due to the
               reduction of overall expenses. The expenses incurred primarily
               include fees associated with establishing the liquidity
               facilities.

               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 second
               quarter of 2000, FGIC-SPI earned liquidity fees of $1,648,396
               compared to $1,625,210 for the three months ended June 30,
               1999. The increase in earnings is primarily due to three new
               deals written in the second quarter. FGIC-SPI incurred $2,370
               and $177,964 of general and administrative expenses for the
               three months ended June 30, 2000 and 1999, respectively. The
               decrease in expenses is primarily due to the reduction of
               overall expenses. The expenses incurred primarily include fees
               associated with establishing the liquidity facilities.

<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>


                                  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 8, 2000
           --------------
                                                 ---------------------
                                                 Ann C. Stern
                                                 President (principal
                                                 executive officer)



Date:      August 8, 2000
           --------------
                                                 --------------------
                                                 Rick J. Filippelli
                                                 Treasurer (principal
                                                 financial and
                                                 accounting officer)